Reverse Mortgages

If you're having financial troubles, or if you need to free up a large sum in a short period of time, a reverse mortgage is a great way to get the money you need without having to take on new debt or make monthly payments. When you apply for a reverse mortgage - also known as a home equity conversion mortgage - you're essentially borrowing money from the equity you've built up in your house. The great advantages of a reverse mortgage are that you don't need to make any loan payments until you decide to move out of the…

If you're nearing retirement, you're likely starting to think about your savings and retirement plan and how you can ensure a financially secure retirement. With your peak income-earning years largely behind you, you'll need to work with what you have in order to ensure a livable retirement income. That's where a reverse mortgage may be a sensible option. How does a reverse mortgage work, and how can it help you to have a more financially secure retirement? Here's what you need to know. A Reverse Mortgage Is Tax-Free And Saves Your Social Security Benefits Social Security benefits offer a basic…

If you're considering applying for a reverse mortgage, you'll want to ensure you understand certain critical factors. One such factor is the principal limit. The principal limit will have a strong influence on your finances, which is why you'll need to ensure you know – before applying for your reverse mortgage – what your principal limit is. So how does a principal limit work, and how can you find out what yours is? Here's what you need to know. Principal Limit: The Maximum Amount You Can Borrow Simply put, the principal limit is the maximum amount of money that you…