Archive for March 2012

Using a Reverse Mortgages to your Advantage

When lending institutions began to offer Home Equity Conversion Mortgages (HECM) in 2000 many seniors were skeptical of the program. The HECM loans, also called “Reverse Mortgages” were aimed at allowing seniors aged 62 and over to draw cash against the equity in their homes, either as a line of credit, a one-time payment or [...]

HECM Options

If you’ve made your decision to apply for a Home Equity Conversion Mortgage (HECM), one of your first decisions must involve the type of Reverse Mortgage that you need. There are several options from which to choose and you will want to ensure that your Reverse Mortgage will fulfill your needs while providing you with [...]

Important Things to Remember when you are Ready to Take out a Reverse Mortgage

Seniors who are considering taking out a Home Equity Conversion Mortgage (HECM) on their home should review the terms and conditions of the loan carefully before signing for the mortgage. The HECM, also called a “Reverse Mortgage” is a federally-insured loan that allows seniors aged 62 and older to take out a loan based on [...]

Borrowers are Obtaining HECM Mortgages at Younger Ages

Financial advisors suggest that individuals applying for Home Equity Conversion Mortgages (HECM mortgages) review the terms of the mortgages as they consider when and under which circumstances to take out the loan. Lenders are now seeing increasing numbers of younger seniors who are exploring the possibilities that Reverse Mortgages offer. The AARP, an organization that [...]

Financial Planning for Seniors

As you prepare to finalize your 2011 Income Tax statements, this is the time to do some serious financial planning for the future. Taking a close look at the previous year’s finances is a prime opportunity for you to review the income and expenses of the year and consider your budgeting potential for the coming [...]