One of the many advantages of reverse mortgages is that you do not need good credit to qualify. In fact, although there are requirements to obtain a reverse mortgage, having a good credit score is not necessarily a determining factor. The Federal Housing Administration (FHA) insures almost all reverse mortgages, which … [Read more...]
Can I Get A Reverse Mortgage If I Already Have A Mortgage?
Looking for a way to unsaddle yourself from mortgage payments? If you are a homeowner 62-years of age or older, you may be able to qualify for a reverse mortgage, even if you have an existing mortgage on your home. Reverse mortgage loans, formally called home equity conversion mortgages, are based on the equity that is … [Read more...]
Does A Reverse Mortgage Enable The Bank To Take My Home?
With the flood of foreclosures in recent years, it is understandable to be concerned about losing your home if you have a mortgage. However, with a reverse mortgage, your home is protected from foreclosure or repossession by the bank as long as you meet the criteria of the loan. The good news is that is that these … [Read more...]
What Is The Difference Between A Reverse Mortgage And A Regular Mortgage?
Many people have heard of a reverse mortgage and may be wondering what the advantages of these loans are compared to a regular mortgage. Although both loans are labeled mortgages as they use a home as collateral, there are distinct differences between the two. While a regular mortgage has certain credit requirements … [Read more...]