by kramoltz@hotmail.com | Mar 1, 2022 | Mortgages + Lending
With the new year comes a change in reverse mortgage programs. As before, you must live in the home as your primary residence and must complete a financial assessment. But the maximum loan amount has risen from $822,375 to $970,800 as of January 1, 2022. The loan...
by kramoltz@hotmail.com | Dec 28, 2021 | Home Ownership, Mortgages + Lending
Reverse Mortgages. Reverse mortgages are an ideal tool for the retired or soon to be. I have written several times about this option, the most recent in Should You Get a Reverse Mortgage? A reverse mortgage is available to those 62 and older and typically results in a...
by kramoltz@hotmail.com | Jul 16, 2020 | Home Ownership, Mortgages + Lending
Reverse mortgages are a way for homeowners 62 and older to convert the equity in their homes into cash. These loans create cash flow to pay financial obligations when the owner doesn’t want to sell the home. The amount of a reverse mortgage is based on the equity or...
by kramoltz@hotmail.com | Feb 28, 2015 | Mortgages + Lending
A reverse mortgage usually pays a lump sum and is not used to acquire a property. Because these characteristics differ from the type of loan used to buy a home that we are all used to, it has been given the “reverse” moniker. Typically a reverse mortgage borrower uses...