Home Mortgage Tips , ,

What Fees Are Involved With a Reverse Mortgage? Let’s Take a Look

Investing in a home may be one of the most significant purchases you'll make in your lifetime, but many people forget that there are a number of other costs associated with buying a home. If you're considering a reverse mortgage and want to be clear on all of the fees involved, here are a few things you can expect to come across. Initial Home Appraisal Fee In order to ensure that you qualify for a reverse mortgage, you'll need to spend a lump sum up front to determine the market cost of your home. While the amount of this fee…
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Home Mortgage Tips , ,

Three Tips to Ensure That a Reverse Mortgage Makes Sense for Your Financial Situation

If you're having financial troubles, or if you need to free up a large sum in a short period of time, a reverse mortgage is a great way to get the money you need without having to take on new debt or make monthly payments. When you apply for a reverse mortgage - also known as a home equity conversion mortgage - you're essentially borrowing money from the equity you've built up in your house. The great advantages of a reverse mortgage are that you don't need to make any loan payments until you decide to move out of the…
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Home Mortgage Tips , ,

3 Completely False Myths About Reverse Mortgages That Need to Be Debunked

Are you a senior or retired individual older than 62 who is looking to supplement their retirement income? If so, you may have heard about a unique financial product known as a reverse mortgage. In today's blog post we will explore three myths about reverse mortgages and share why they need to be debunked. Let's get started. Myth #1: Reverse Mortgages Are Expensive The first myth we will debunk is that reverse mortgages are costly financial products that are full of fees. In fact, nothing could be further from the truth. It's true that there are closing costs attached to…
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