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   What happens if you get a reverse mortgage loan?

   • When you applied for your reverse mortgage loan, your lender evaluated whether your home met HUD‘s property requirements. Now that you have the reverse mortgage loan, you must keep your home in good condition. Your lender or servicer may inspect your home’s condition if they give you notice and specify the purpose of the inspection.

   You have a reverse mortgage - Consumer Financial Protection Bureau

   files.consumerfinance.gov/f/documents/cfpb_reverse_mortgage_rights_responsibilities.pdf

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   Is a reverse mortgage right for You?

   • It allows you to tap into your home’s equity without needing to make monthly loan payments or sell your home. But a reverse mortgage does come with drawbacks, such as the need to keep up with home maintenance, homeowners insurance premiums, and property tax payments.

   What Is a Reverse Mortgage? Types, How They Work, Pros & Cons

   www.investopedia.com/what-is-a-reverse-mortgage-8620150

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   Can You Lose Your Home with a reverse mortgage?

   • Yes, you can lose your home with a reverse mortgage if you don’t abide by the loan’s terms. A lender might foreclose on your home if you fail to keep up with property tax payments, homeowners insurance premiums, or home maintenance requirements. Can I Use the Funds From a Reverse Mortgage for Any Purpose?

   What Is a Reverse Mortgage? Types, How They Work, Pros & Cons

   www.investopedia.com/what-is-a-reverse-mortgage-8620150

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   What happens if you sell a home with a reverse mortgage?

   • If you decide to sell your home while you have a reverse mortgage loan, you will have to pay back the money borrowed, plus interest and fees. As shown in Table 3, the amount you receive from the sale of your home will determine how the loan is paid back. TABLE 3: HOW YOUR REVERSE MORTGAGE IS PAID IF YOU SELL YOUR HOME Your home Money from the sale

   You have a reverse mortgage - Consumer Financial Protection Bureau

   files.consumerfinance.gov/f/documents/cfpb_reverse_mortgage_rights_responsibilities.pdf

   See all results for this question

2. www.bankrate.com › mortgages › reverse-mortgage-guideWhat Is A Reverse Mortgage? | Bankrate

   www.bankrate.com › mortgages › reverse-mortgage-guide

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   Apr 9, 2024 · A reverse mortgage is a type of loan that allows homeowners ages 62 and older to borrow against their home’s equity for tax-free payments. The reverse mortgage lender makes these payments...

3. www.investopedia.com › mortgage › reverse-mortgageReverse Mortgage Guide With Types and Requirements - Investopedia

   www.investopedia.com › mortgage › reverse-mortgage

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   Nov 4, 2022 · A reverse mortgage is a type of home loan for seniors ages 62 and older. Reverse mortgage loans allow homeowners to convert their home equity into cash income with no monthly mortgage...

4. www.investopedia.com › what-is-a-reverse-mortgageWhat Is a Reverse Mortgage? Types, How They Work, Pros & Cons

   www.investopedia.com › what-is-a-reverse-mortgage

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   Apr 1, 2024 · Key Takeaways. A reverse mortgage lets you convert some of your home equity into cash, but they are designed for older homeowners. Eligibility for a reverse mortgage is based on factors...

5. Videos

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     Reverse Mortgage Explained

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     Reverse Mortgage Guide With Types and Requirements

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6. www.forbes.com › taking-out-a-reverse-mortgage15 Things You Should Know Before Taking Out A Reverse Mortgage

   www.forbes.com › taking-out-a-reverse-mortgage

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   Dec 21, 2023 · With a reverse mortgage, you don’t need a qualifying income and there’s no need to make payments until you sell the home or the owner dies.

   • What are alternatives to a reverse mortgage?

     A home equity line of credit is an alternative to a reverse mortgage, but you need to provide proof of income to qualify. If you’re a senior who ne...
   • What’s the difference between a home equity loan and a home equity line of credit?

     Both a home equity loan and a home equity line of credit (HELOC) are secured by the equity in a borrower’s home. A home equity loan comes with fixe...
   • What is the downside to a reverse mortgage in Canada?

     With a reverse mortgage, the equity in your home decreases while the interest and size of the loan increases over time. There will be less equity i...
   • Does your credit have to be good for a reverse mortgage?

     Your credit score is a consideration with a reverse mortgage. However, unlike a conventional mortgage, you typically don’t need a great credit scor...
   • Is a reverse mortgage a good idea in Canada?

     Like any loan, there are risks to a reverse mortgage. However, much of the bad press about reverse mortgages comes from the U.S. A country that has...
   • How can I use the money that I get from a reverse mortgage?

     There are no rules when it comes to how you spend the money from a reverse mortgage. You can use it to pay for renovations, daily expenses or a vac...
   • Can I owe more than the value of my home when I sell?

     No. Both HomeEquity Bank and Equitable Bank have guarantees that you will never owe more than the value of your home.

7. www.consumerfinance.gov › ask-cfpb › what-happens-myWhat happens to my reverse mortgage when I die?

   www.consumerfinance.gov › ask-cfpb › what-happens-my

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   Aug 4, 2014 · What happens to the reverse mortgage will depend on several factors, including: Whether you have a co-borrower on the reverse mortgage loan, When you took out the reverse mortgage, and. Whether you were married when the loan documents were signed and continued to be married up until your death.

8. www.investopedia.com › mortgage › reverse-mortgageHow to Avoid Outliving Your Reverse Mortgage - Investopedia

   www.investopedia.com › mortgage › reverse-mortgage

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   Jun 11, 2022 · Unfortunately, if you outlive the proceeds from your reverse mortgage, you will have to figure out ways to increase your income—which is unlikely in retirement—or reduce your expenses.

9. files.consumerfinance.gov › f › documentsYou have a reverse mortgage - Consumer Financial Protection ...

   files.consumerfinance.gov › f › documents

   Unlike a traditional mortgage, a reverse mortgage loan is repaid when the borrowers no longer live in the home. Because interest and fees are added to the loan balance each month, the amount you owe goes up—not down—over time. As your loan balance increases, your home equity decreases. Your reverse mortgage responsibilities.