reverse mortgage - Articles

Reverse Mortgages: New Rules Make Them Safer for Homeowners

Shutterstock The promises of a reverse mortgage -- never having to pay a mortgage bill again and using your home's equity to finance retirement -- can sound too good to be true. It almost was too good to be true during the Great Recession, when more borrowers were withdrawing most of their home equity at closing and the... Continue Reading »

Reverse Mortgages Pose Big Risks for Seniors, Warn Attorneys and U.S. Officials

By Jim Avila and Serena Marshall Linda and Jim McMahan said that they could not believe their luck in 1993 when they found their dream house. "We loved it," she said. "It wasn't a huge house, but it was a nice size. ... It had the big trees in the yard. And we have deer in the yard every day, and wild turkeys. What... Continue Reading »

What You Should Know About Reverse Mortgages

A reverse mortgage is a type of loan that enables older borrowers to convert their home equity into cash, often serving as a source of supplemental income for retired homeowners. Unlike all other mortgages, in which borrowers pay their lenders, reverse mortgages flip the money flow: They pay the borrower, either in the... Continue Reading »

Reverse Mortgage: What the AARP Suit Means for You

Seniors who took reverse mortgages are being pushed into foreclosure by HUD, according to a lawsuit filed by the AARP. Are all seniors who took a reverse mortgage at risk? No, only those who decided to put only one spouse on the reverse mortgage. Why would a couple decide to leave a spouse off the reverse mortgage? Peter... Continue Reading »

When to Refinance

A woman in her seventies called Clearpoint Credit Counseling Solutions because she could no longer afford her mortgage at a 6.75 percent rate and her house was underwater. The woman wanted to take advantage of the lower interest rates but couldn't refinance because she had no equity in the home. Karen Metoyer, a housing... Continue Reading »

AOL RealEstate on Facebook