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Questions tagged [reverse-mortgages]

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Home Equity Conversion Mortgage (Reverse Mortgage) Available Line of Credit - pros and cons to drawing from it

An elderly relative currently has a Reverse Mortgage (HECM), received no lump sum in the beginning, and receives a modest fixed amount of cash every month. I have reviewed the statement and it is a ...
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How much money could we get with a reverse mortgage?

My wife (67) and I (72) are retired with an income of $70k/year and a savings of $30k. We have a loan of $300k with a mortgage payment of $1,786/month on a single family home valued at $600k. We spend ...
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How do private reverse mortgages work?

In the next few years, my elderly mother will likely need access to the equity in her house in order to continue to keep up with expenses and property taxes. She owns her house outright. A reverse ...
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2answers
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How long can you collect reverse mortgage payments?

I understand that a reverse mortgage can be paid out in two ways: A lump sum and monthly payments. I figure that if you take the lump sum, eventually, the bank wants you to start paying it back. I ...
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1answer
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Can I get a loan on my home by mortgage I am a pensioner and son is in states

I am looking at a loan of Rs 15 lakhs on my home. I own a property in Kalyan. I am a pensioner. My son will repay he is in United States
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How does a reverse mortgage affect the owner's children, after death?

Note: Questions are bolded for clarity. So the history is that my Dad just passed away recently, and I've had to do some research on how a reverse mortgage is going to affect things. So I understand ...
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5answers
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How does the lender benefit from offering a Reverse Mortgage?

It is always a good idea before entering into any financial arrangement to understand what benefit the person on the other side of the deal is getting to fully understand whether the deal is equitable ...
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What is a reverse mortgage?

What is a reverse mortgage? I hear these advertise often but don't understand how they are different from a regular mortgage! Can somebody explain please what they are and when they would be useful? ...