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Reverse Mortgage

How Does a Reverse Mortgage Work?

  As homeowners age and retire, income often becomes unsustainable, and the largest asset they have is the equity that they have accrued on their home over the length of their mortgage. However, with a reverse mortgage, it is possible to receive money from a bank in exchange for a portion of the equity on a house. This process can relieve financial stresses for elderly homeowners, but it does not …Read More

Pros and Cons of Reverse Mortgages

By Jason Alderman Over the last decade, reverse mortgages have been aggressively pitched in TV ads as an easy way for seniors to cash in their home equity to pay for living expenses. However, for many, improper use of the product – such as pulling all their cash out at one time – has led to significant financial problems later, including foreclosure. In actuality, there are some cases where reverse …Read More

Reverse Mortgages Aren’t for Everyone

By Jason Alderman Senior Director, Global Financial Education, VISA You can scarcely turn on the TV without seeing ads for reverse mortgages. They’re touted as a great tool for cash-strapped seniors to tap their home equity to pay off bills while remaining in their homes with no monthly mortgage payments. Although that may be true for some people, these complicated and costly loans aren’t right for everyone, so it pays …Read More

Reverse Mortgage Could Be The Right Answer For Cash-Strapped Seniors

Many older Americans find themselves house rich and cash poor. They own their home, or at least have significant equity in it, yet struggle to make ends meet each month. They could sell their home, but are not inclined to move and leave their memories behind. A reverse mortgage may be the answer they seek. A reverse mortgage is a loan against your home that you do not have to …Read More

Poll Shows No Improvement In Consumer’s Ability to Afford Mortgage Loan Down-Payment

Many say that housing led America into the economic downturn, thus housing will need to lead the way out. If true, the NFCC May online poll provides little hope. Compared to the identical questions posed in May 2010, the 2011 results show very little movement between the years, with each poll revealing that close to half of the respondents would never be able to save enough money for a down-payment …Read More

NFCC Receives Grant to Participate in HUD Pilot Program to Further Assist Seniors

The National Foundation for Credit Counseling (NFCC) is the recipient of a Housing and Urban Development (HUD) program grant to assist seniors who have taken out a Home Equity Conversion Mortgage (HECM) and who are delinquent on their property charges, such as taxes and insurance, thus putting their home in danger of foreclosure. The HECM product, also known as a reverse mortgage, allows seniors age 62 and above to tap …Read More