Reverse Mortgage
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A reverse mortgage can be a practical alternative that provides additional income, allows the retiree to remain in the home, and does not require monthly payments to repay the loan. Available only to seniors age 62 or older, a reverse mortgage is an agreement between the homeowner and a reverse mortgage lender, whereby the lender agrees to make payments to the homeowner for life or for a fixed number of years.
Note: More seniors are turning to reverse mortgages to supplement their retirement savings, which in some cases have been decimated by stock-market losses. At the same time, more seniors now qualify for a reverse mortgage since Congress in February raised the maximum home value that seniors can borrow against to $625,500 from $417,000. The bill also capped reverse-mortgage origination fees at 2% on the first $200,000 and 1% on any amount over that, with fees not to exceed $6,000. Other upfront costs include an insurance premium and closing costs.
Reverse Mortgage Information
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