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  1. help.aarp.org › s › articleReverse Mortgages - AARP

    Jan 11, 2024 · A reverse mortgage is a loan that allows older home-owners to convert the equity in their homes into cash: Borrowers are not required to make monthly or other periodic payments to repay the loan. Instead, the loan balance increases over time.

  2. www.aarp.org › money › credit-loans-debtAsk 7 Questions Before Taking a Reverse Mortgage Loan - AARP

    • Is this your forever home? Reverse mortgages are expensive (see the third question). If you or your spouse would want to move later on — or if your home isn't suitable for aging in place — you're better off selling and downsizing.
    • How much can you borrow? Your maximum loan size is based on your home equity, your age (the older you are, the more you can borrow) and interest rates.
    • Do you know what it will cost? Mortgage insurance is 2 percent of the appraised value of the home or the federal loan limit, whichever is lower. Closing costs are similar to those of a traditional mortgage.
    • What will you do with the proceeds? After you've sweated years to accumulate equity in your home, it's courting disaster to get your hands on the money without a clear plan for it.

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  4. www.aarp.org › money › budgeting-savingRising Rates Hit Reverse Mortgage Payouts - AARP

    Apr 11, 2024 · Reverse mortgage loans let people 62 or older use the equity in their homes as a source of income, without having to move out. Whatever they borrow against the principal has to be repaid with interest when they sell the house or die.

  5. www.kiplinger.com › real-estate › reverse-mortgages10 Things You Should Know About Reverse Mortgages

    Jun 24, 2024 · A reverse mortgage is a way to borrow against the value of your primary residence for extra retirement income. “It’s a personal financial management tool that enables homeowners to convert...

  6. www.advisoryhq.com › articles › reverse-mortgageHow to Find the Best Reverse Mortgage Calculators - AdvisoryHQ

    Reverse Mortgage Alert: This is one of the few free AARP reverse mortgage calculators available that does not require you to input any personal information. Another advantage of this calculator is the step-by-step guide at the bottom of the website that walks you through how to use the calculator.

  7. www.aarp.org › info-02-2011 › reverse-mortgagesReverse Mortgages Explained by Liz Weston - AARP The Magazine

    Feb 15, 2011 · A reverse mortgage is a loan against your home equity that you don't have to pay back as long as you live there. Assuming you have enough equity in your home, you could use a reverse mortgage to pay off your existing mortgage.

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  9. www.kiplinger.com › article › retirementHow to Size Up a Reverse Mortgage - Kiplinger

    Apr 16, 2008 · Golden Gateway Financial, a reverse-mortgage broker, has an online calculator that uses AARP's model to let you compare loans.

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