A good time to get a reverse mortgage is when you are about to retire or retired already. You must be 55 years or older and own a home that has some equity and is your principal residence. At the same time you might be cash strapped at the end of each month or simply...
People often ask “Is CHIP Reverse Mortgage A Good Idea?” This is not a simple Yes answer type of question because it depends on your situation and what you want. However, to make an informed decision, it is worth having a few true facts about CHIP Reverse...
If you pass away with a Reverse Mortgage the home is sold and the Reverse Mortgage is paid out from the sale proceeds. If you have a surviving spouse, they remain in the home until they decide to move or they pass away, at which time the property is sold and the...
This question “are there closing costs with a Reverse Mortgage”, pops up frequently. And the answer is yes, there are closing costs on a reverse mortgage just like there are closing costs on a traditional mortgage or on a line of credit. The reason for...
Other family members such as your children even though they may be adults they are not eligible to apply for a reverse mortgage or be on title of your reverse mortgage if they do not meet the minimum age requirement of 55. If you happen to pass away and your property...
