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age for reverse mortgage

Reverse Mortgage Tips - Coming of Age TV

Reverse mortgages are a hot topic among retirees these days, as well as those thinking about retirement. But beware, a reverse mortgage is not for ...

Michigan seniors learn they CAN lose their home on a reverse mortgage

At the risk of asking an obvious question (again), exactly what business is it of the federal government to get involved with something that it didn't have the authority to involve itself in the first place?

People think that the CRA and the resulting housing market collapse that directly resulted from it, was the federal government's first major disaster in handling things that it had no business being involved in.

It wasn't.

The federal government giving money to people who had no expectation of ever paying it back (or even giving others the green light to do the same), has been going on for longer than people realize.

People might be surprised to learn that the federal government essentially burned large piles of money back in the 1970' s via mismanagement & corruption with another housing scandal (and also involving HUD).

It was also a major contributor in the large number of abandoned homes/vacant lots that you have today.

Reverse mortgages can be useful, but take care

Homeowners considering a reverse mortgage need an informed assessment of the benefits and pitfalls. CPA Australia’s Third Age Network has prepared a paper to help members give clients the advice they need.

“There is a significant number of retirees in Australia who are asset-rich, usually as owners of their house, but are cash-poor,” says Professor Louise Kloot, of Swinburne University’s Faculty of Business and Law and a key figure in the CPA Third Age Network . 

“For these people, if they do not want to sell their house outright, a reverse mortgage can be a very useful tool.”

She warns, however, that reverse mortgages and equity releases have traps and pitfalls, and says accountants and financial advisers have a responsibility to understand what these are and explain them to clients.

Types of reverse mortgage

The most common form of reverse mortgage is a loan from a bank or other financial institution that allows the retiree to borrow money using the equity in their home as security.

can a disabled person apply for reverse mortgage at age 55?

I'm 55 years old and physically disabled from the waist down, mortgage payments are difficult to meet and I would like to apply for a reverse mortgage, Is this possible?

disability is not a criteria for qualifying for a reverse mortgage; only age. currently, everyone on title must be 62 years old by the time the loan closes.

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