A seniors reverse mortgage can be a huge help for cash-strapped seniors who want to stay in their own homes but are besieged by ever growing expenses. It is believed there are over half a million seniors reverse mortgages out there, a huge increase from 2005, when there were around 100,000. Reverse mortgages first came…
Is a Reverse Mortgage for Seniors for You?
Unfortunately, many senior homeowners have seen large chunks of their retirement disappear, making a reverse mortgage for seniors something they may need to consider. Of course the shaky economy has hit people from all walks of life, but often seniors on a fixed income who may be unable to find work are hit the hardest….
Senior’s Reverse Mortgage Alternatives
One of the hottest topics among retirees appears to be a senior’s reverse mortgage. Assuming you are at least 62 years old and owe little to nothing on your home, you are likely eligible for a reverse mortgage which comes through the FHA and is typically known as an HECM, or Home Equity Conversion Mortgage….