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aarp reverse mortgages

AARP sues HUD over Reverse Mortgages: What is a reverse mortgage

netitle.net ttp hughfitzpatrick.com In this video, real estate attorney hugh Fitzpatrick from Tewksbury Massachusetts discusses the lawsuit ...

Can a reverse mortgage help save an underfunded retirement?

What if you’re close to retirement (or retired) and the bulk of your net worth is tied up in the value of your home?

Such a situation is what experts call being “house rich, but cash poor.”

For many seniors, their largest retirement asset is their home. And so, of course, the financial institutions found a way for folks to tap that money. It’s called a reverse mortgage, which allows people who are 62 or older to borrow against their home’s equity.

Unlike a traditional home loan, with a reverse mortgage the borrower doesn’t have to make monthly payments. The lender doesn’t collect until the homeowner moves, sells or dies. When the home is sold, any equity that remains after the loan is paid off is distributed to the person’s estate. If heirs want to keep the home, they have to pay off the mortgage. At least the loan is limited to the market value of the home.

The loan size depends on the borrower’s age, how much equity is in the home and the current interest rate. The loan can be disbursed as a line of credit, a lump-sum payment, fixed monthly payments or a combination of those.

Is Filing For Bankruptcy In Retirement A Good Thing?

The number of people filing for bankruptcy protection in retirement has soared in recent years — even before the recession.


Filing for bankruptcy would not include long term care since you have to pay monthly for assisted living or nursing care. You are correct that those are out of pocket costs unless you are on Medicaid.

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