Who Benefits From a Reverse Mortgage?

Answer A reverse mortgage is a home-loan option available for senior homeowners. The reverse mortgage is generally repaid with the home equity that has built up when you sell your home, move out or pass a... Read More »

Top Q&A For: Who Benefits From a Reverse Mortgage

How do I get a release from a reverse mortgage?

Cancel the Reverse MortgageCheck the terms of the mortgage for cancellation rules. If the cancellation period has not expired, send a written request to cancel to the lender via registered mail to ... Read More »

Can you have a second mortgage included with a reverse mortgage?

A borrower who is 62 or older can purchase a reverse mortgage to pay off any and all debt on their primary residence, including a first and second mortgage debt.SignificanceA reverse mortgage pays ... Read More »

Can you pay off a mortgage with a reverse mortgage?

A reverse mortgage is a type of loan, specifically for borrowers ages 62 and older, that allows a borrower to use the equity in her home to refinance a current mortgage or pull cash out for expense... Read More »

Is reverse mortgage safe?

On One Hand: Federal BackingMost reverse mortgage are backed by the Federal Housing Administration (FHA) or the Federal National Mortgage Association (Fannie Mae), making them a safe way for senior... Read More »