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is reverse mortgage safe

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A reverse mortgage is a loan for senior homeowners that allows borrowers to access a portion of the home’s equity and uses the home as collateral. The loan generally does not have to be repaid until the last borrower no longer occupies the home as their primary residence. 1 At that time, the estate has approximately 6 months to repay the balance of the reverse mortgage or sell the home to.

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HomeSafe REVERSE MORTGAGE recognizes both the benefits and challenges of retirement. Your financial security and potential health issues are big concerns during your retirement years. Since most of us will be living longer, more of a nest egg is needed to live comfortably and ensure that any health problems won`t devastate you financially. It`s time to consider how prepared you are to handle.

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“In order for them to stay in their homes as they age, families and caregivers must plan ahead to ensure the elderly have all the resources they need to be safe, independent and financially secure.”.

Reverse mortgages are quite safe as it does not require the borrower to repay the loan so long he occupies the home. It is repaid only when the borrower dies, sells the property or permanently vacates it.

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Eligibility For a Reverse Mortgage. To be eligible for a HECM reverse mortgage, the Federal Housing Administration (FHA) requires that the youngest borrower on title is at least age 62. If the home is not owned free and clear, then any existing mortgage must be paid off using the proceeds from the reverse mortgage loan at the closing.

However, if the owner fails to pay insurance and property taxes, the reverse mortgage is deemed in default and the owner is in danger of foreclosure. Success, and failure. For many retirees, such as 73-year-old Robert Lee White of Fort Lauderdale, Fla., a reverse mortgage can be nothing short of a lifeline.

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People entering, nearing, or in retirement are all wondering how they are going to make their retirement nest eggs last as long as they do. Studies show that the.