Both can help alleviate financial stress. Here's how to determine which makes sense for you, according to experts.

Retirees have options, but which income tool should you choose? Here's what to know before locking in a strategy.

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 ...

Important considerations Now don't get it twisted—a reverse mortgage is not free money. It's still a loan that must be repaid eventually. Your debt increases over time. Think of it like this ...

In the brief, the CFPB takes the position that a home equity contract counts as a residential mortgage, and it often corroborates that perspective with comparisons to reverse mortgages.

Richelle Hopkins of Mutual of Omaha Mortgage has been a reverse mortgage professional for 20 years, moving to Arizona in 2006. In 2020, a colleague approached her about establishing a Phoenix ...

Since a reverse mortgage must be the first mortgage on the property, their existing mortgage balance of $200,000 would be paid off, eliminating their principal and interest payment of $2,500.

For example, if a reverse mortgage made $216,000 available and $200,000 was used to pay off an existing mortgage, the remaining $16,300 becomes a line of credit that grows over time.

So, here’s a $500,000 home, and the reverse mortgage would make $200,000 available, as an example. So, we subtract that. So, their down payment of $300,000 gets them into a $500,000 home.

Chris Bruser, a reverse mortgage specialist with Mutual of Omaha in Tampa, notes, “A divorced person may have had their net worth cut in half in divorce. The HECM helps preserve those investment ...

And with a reverse mortgage, you continue to own your home, which means you're still responsible for property taxes, homeowners insurance, home repairs and maintenance, and so on.