We’re thinking about taking out a reverse mortgage and using it as a line of credit. where you live and the market value of your home, check out AARP’s reverse mortgage calculator.) No matter how.
The Federal Trade Commission, HUD and the AARP all have information on reverse mortgages. The FTC’s toll free number is 877-FTC-HELP (877-382-4357).
Consumer information provided so you can work your way through a basic primer on reverse. Read articles from AARP's Reverse Mortgage Spotlight.
Reverse mortgages are increasing in popularity with seniors who have equity in their homes and want to supplement their income. The only reverse mortgage insured by the U.S. Federal Government is called a home equity conversion mortgage (hecm), and is only available through an FHA-approved lender.
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A reverse mortgage might not be the best option for you, but there are several alternatives that might be a better fit for your finances.
Not understanding your obligations under a reverse mortgage can lead to serious. For free information, visit HUD.gov or AARP.org.
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"The important thing about these mortgages that people really need to remember is that they are loans, and as with any loans they come with a set of obligations," says Lori Trawinski, a policy adviser.
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Do you have any suggestions about where we can find reliable information. The American Association of Retired People (AARP) website, www.aarp.org/, has several articles about reverse mortgages.
You should also check out AARP’s “Borrowing Against Your Home” guide, which HUD actually links to from its reverse mortgage information home page.) In a regular mortgage, you pay the bank. With a.
Reverse mortgages are suppose to help elderly homeowners keep their home while maintaining their lifestyle but the AARP filed a lawsuit against the.
collaborate with AARP to develop strategies that include supporting aging in.. Additional information on the characteristics of reverse mortgage borrowers.
A reverse mortgage, also known as the home equity conversion mortgage (HECM) in the United States, is a financial product for homeowners 62 or older who have accumulated home equity and want to use this to supplement retirement income. Unlike a conventional forward mortgage, there are no monthly mortgage payments to make.