New Reverse Mortgage Product Has Lower Upfront Costs

A new mortgage product is making “reverse” mortgages more affordable. Reverse mortgages typically have high fees, but the new Home Equity Conversion Mortgage (HECM) Saver allows borrowers to get a reverse mortgage with lower upfront costs as long as they are willing to borrow a smaller amount. A reverse mortgage allows homeowners who are at [...]

Share
Posted Under: Elder Law,Estate Planning,Real Estate
This post was written by Michael on March 1, 2011 Comments (0)

What are Reverse Mortgages and How Can They Help Me?

Banks have been touting the virtues of so-called “reverse” mortgages for many years as a way for cash-strapped seniors to tap into the equity in their homes to meet their expenses, whether simply for day-to-day living or to pay for the increased costs of home care. The basic concept of a “reverse” mortgage is that [...]

Share
Posted Under: Elder Law,Estate Planning,Real Estate
This post was written by Michael on January 18, 2011 Comments (0)