Reverse Mortgage Information Shows How Heirs are Affected by a Reverse Mortgage

Whenever making a big financial decision, it is good to consider what will happen in the long run. Many reverse mortgage borrowers worry about how their actions now will affect their heirs in the future. This perception has fueled a lot of fear and bad press associated with reverse mortgage information. This article will explore the three main options available to reverse mortgage heirs.

What is a Reverse Mortgage?

In order to be eligible for a reverse mortgage, the borrower(s) must be at least 62 years of age and own their home. If they meet these requirements and use the home as a primary residence, they will have the opportunity to convert a portion of their equity into usable cash. Continue reading…

California Aims to Keep Reverse Mortgage Users on Track

New government research shows that more than 30,000 U.S. homeowners are in default on their reverse mortgages and are at risk of losing their homes. Homeowners cannot afford to pay their property taxes and insurance which is causing an overwhelming amount of homeowners to be at risk of losing their homes. To help with this potential foreclosure disaster, organizations have teamed up with the government to help reverse mortgage defaults from increasing.

Non-Profit Organizations Counsel California Reverse Mortgage Holders

From now until April, a non-profit housing counseling organization called CreditAbility is working with the government to provide free counseling to California reverse mortgage borrowers who are at risk of going into default. Continue reading…