Reverse mortgage borrowers can receive funds in one of three ways — a lump sum, monthly payments or a line of credit — or a combination thereof. The amount a homeowner can borrow depends on their home ...

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 ...

Over the past couple of months, proprietary reverse mortgage activity has been expanding. The HECM market leader has rolled out a new product, leading lenders in the space are singing the praises ...

Like a reverse mortgage, a HELOC lets you access cash by borrowing against the equity in your home. It's a revolving line of credit, so you can borrow only what you need during the draw period ...

Reverse mortgage expert George Vrban practices what he preaches, using a reverse mortgage as a strategic tool for long-term retirement planning—not out of financial need.

The Moneyist I’m 75 and have a reverse mortgage. Should I pay it off with my $200K savings — and live off Social Security instead? ‘I could live on my Social Security alone, as I wouldn’t ...

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 ...

Most reverse mortgage loans are government-backed Home Equity Conversion Mortgages (HECMs) that come with certain requirements from the Federal Housing Administration (FHA).

The primary requirements for a reverse mortgage include: Being at least 62 years old; Owning your home outright or having a low mortgage balance that can be paid off with the reverse mortgage proceeds ...

Longer debt: Refinancing your home equity loan will reset the repayment term. Unless you specifically choose a shorter loan, it will extend the debt. If you sell the home, it could mean a bigger bite ...

You have a substantial amount of home equity and need to supplement retirement income. If you own your home outright and find Social Security isn’t enough to meet your needs, a reverse mortgage ...