The other unique features of a reverse mortgage are best explained by a comparison to traditional forward mortgages. In a forward mortgage, the borrower makes monthly payments to the lender, gradually reducing the loan balance and building equity. read more
About one in five reverse mortgage foreclosures from 2009 through 2017 were caused by the borrower’s failure to pay property taxes or insurance, according to an analysis by Reverse Mortgage Insight. The Bottom Line. A reverse mortgage can be a helpful financial tool for senior homeowners who understand how the loans work and the trade-offs involved. read more
A reverse mortgage is a loan available to homeowners, 62 years or older, that allows them to convert part of the equity in their homes into cash. read more
Reverse mortgages are often considered a last-resort source of income, but they have become a great retirement planning tool for many homeowners. The first federally-insured reverse mortgage — also known as a home equity conversion mortgage, or HECM — was introduced in 1989. read more