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There's a lot of misinformation about reverse mortgages -- and Tom Selleck can only answer so many questions in 30-second TV spots for AAG. Reverse mortgages can be a lifeline to seniors who are...
How to qualify for a reverse mortgage. To qualify for a reverse mortgage, you must meet the following requirements: Age 62 or older. Outright ownership of your home or a low-balance mortgage
Risks: Victims can lose their homes, or be subject to excessive fees. Helpful resources: The Consumer Financial Protection Bureau has issued a consumer advisory about the dangers of reverse mortgages.
Home equity is a valuable financial resource. By definition, it’s the difference between your home’s value and how much you owe on your mortgage. For example, if your home is worth $500,000 ...
A reverse mortgage is a mortgage loan, usually secured by a residential property, that enables the borrower to access the unencumbered value of the property. The loans are typically promoted to older homeowners and typically do not require monthly mortgage payments.
Key takeaways If you’re a homeowner aged 62 or older, a reverse mortgage can help you obtain tax-free income, allowing you to stay in your home, pay bills, supplement your income and more.
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