Homeowners shouldn't rush into a reverse mortgage application before considering these four timely dos and dont's.

A reverse mortgage can be a powerful way to supplement Social Security income and give your retirement budget a little more ...

Fact checked by Betsy Petrick Older adults face distinct financial challenges as they approach their retirement years, especially if their income declines. Fortunately, if they've gained equity in ...

Boomers, your reverse mortgage could drain generational wealth—learn smart strategies to pay it off and protect your family’s financial future.

The loan would have to be paid in full, if they decide to keep the home. If they instead decide to sell, “they must repay the ...

For instance, if you’d pay $10,000 in prepayment penalties but save $50,000 in interest overall, it still might make financial sense to pay your mortgage off early.

4. Mortgage premiums When you put a reverse mortgage in place, you need to pay an initial mortgage premium to the Federal Housing Administration.

By Quentin Fottrell 'I could live on my Social Security alone, as I wouldn't have a house payment if I paid off the reverse mortgage' Dear Quentin, I am a retired and divorced 75-year-old woman ...

I've dreamed of owning my home outright I've lived with a mortgage payment almost continually since I bought my first house for $35,000 in 1989. Given today's real estate market, I realize that is ...

Michael S. Rosenbaum is a mortgage loan originator at First California Mortgage Company in San Diego. He says the American dream is to take out a mortgage on a home, pay it off and retire.