A reverse mortgage can help by giving you access to a lump sum of cash or a line of credit you can tap when needed for these types of costs. This can be especially valuable for covering out-of ...

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 ...

HELOC vs. reverse mortgage: What seniors should consider now Eligible senior homeowners who are considering borrowing against their home's values can look into a home equity line of credit or a ...

Leaders at major reverse mortgage lenders express their commitment to further bolster forward mortgage partnerships in the new year January 3, 2025, 12:00pm by Chris Clow News > Reverse ...

Not all reverse mortgages are scams, but people exploring them should be extremely wary. Many reverse mortgage scams — carried out by unscrupulous parties from financial advisors to contractors ...

If your reverse mortgage balance is relatively low, you could pay it off by taking out a loan. Some lenders offer personal loans up to $100,000, although the interest rate will typically be higher ...

If you do have a reverse mortgage, your heirs will have to either come up with the money to pay back the loan or sell the home. If leaving your home without any conditions is a priority, you may ...

It’s an unfortunate thing that many seniors reach retirement age with very little savings. So if you get to that point and need money, you may be inclined to sign up for a reverse mortgage. In ...

To apply for a reverse mortgage, you must be 62 years or older and have equity in the home. The home must be the primary residence and remain in good condition.

I took out a reverse mortgage, and my current interest rate is 6.75%. I have about $325,000 equity in my home currently, with a reverse-mortgage payoff amount of around $200,000.

A home equity conversion mortgage, or HECM, is the most common type of reverse mortgage. It is backed by the Federal Housing Administration and, in 2025, is capped at $1,209,750.

With a reverse mortgage, seniors can transform the equity in their home into cash, but without the same monthly payment obligations as a HELOC. However, each loan product has pros and cons.