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alternatives to reverse mortgages

Equity Key: Reverse Mortgage Alternative. Contact Shary or Mary at 1-888-248-7650

Introducing a new and innovative way of putting your commercial and residential property to work. If you are 65-85 years old discover an easy way ...

Can You Refinance a Reverse Mortgage?

Types of Reverse Mortgages

A few kinds of reverse mortgages are available:

Home Equity Conversion Mortgages, also known as HECMs, are insured by the Federal Housing Administration. HECM for Purchase mortgages are also available and can help you buy a new home .

[ Read: How to Find the Best Reverse Mortgage Lender ]

Proprietary reverse mortgages are similar to HECMs, but they do not have government backing.

Single-purpose reverse mortgages are used for one specific purchase.

How a Reverse Mortgage Refinance Works

Regardless of your reason for wanting a reverse mortgage refinance, knowing what the process involves is helpful.

Refinancing a reverse mortgage is similar to refinancing a conventional mortgage, says Chris Downey, president of Harbor Mortgage Solutions, a Boston-area residential mortgage company.

Essentially, you’re replacing your reverse mortgage with a new and ideally better one. The new loan may carry a different interest rate or offer a different monthly payout, depending on the terms of refinancing.

9 Alternatives To A Reverse Mortgage: Other Ways to Meet Retirement Expenses

A reverse mortgage allows you to convert the equity in your home to cash that you can use for other purposes. Essentially, you're selling your home back to a lender in increments.

It's a popular method for seniors to supplement living expenses. Repayments don't begin until the owner permanently moves out of the home, passes away, or transfers ownership – as long as the home is maintained and property-related bills (taxes and insurance) are paid.

However, reverse mortgages have downsides, including equity-reducing fees and potential financial burdens to heirs – not to mention running out of equity before you run out of expenses. Consider these alternatives to a reverse mortgage before you commit.

1. Selling/Downsizing –  Instead of selling in increments, why not sell all at once? You'll probably receive more of your equity and can use some of those funds toward  alternate housing .

2. Selling to a Family Member –  If a family member is willing and financially capable, you can work out an arrangement to sell your home to that family member while they allow you to stay in the home. Put the terms in writing, or risk family arguments and confusion about obligations.

Are there any alternatives to Reverse Mortgages?

My gram is 63 and is paying her mortgage every month but doesn't have much else left over. She owes $179,000 on a house worth $210,000 in this market. Is there any alternative to a reverse mortgage where she wouldn't have to make a monthly payment?


sell the house and move into a senior apartment that she can afford. she'll have SS income when she retires. she should put the proceeds from the sale of the house into an investment vehicle appropriate to her age, need for cash, etc.

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