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A reverse mortgage is sometimes called a deferred payment loan, and for a very good reason. Instead of paying off the home loan as you borrow money, the payments are put off (deferred).
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Reverse mortgages are a helpful financial tool for seniors nearing retirement.. According to American Association of Retired Persons (AARP) research, nearly.
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Reverse mortgages are for homeowners 62 and older who have a significant amount of equity built up in their house. They can borrow against that equity – taking the cash in a lump sum, as a monthly income stream or a line of credit they can tap when needed. The money doesn’t have to be repaid until the owner moves, sells the house or dies.
HUD Reverse mortgage calculator HUD – Housing Urban Development does not have a calculator available on their website for consumers. Searches related to reverse mortgage calculator: reverse mortgage aarp calculator AARP reverse mortgage calculator reverse mortgage AARP calculate calculate hecm aarp aarp reverse mortgage loan calculator
AARP columnist Jane Bryant Quinn had a change of heart about reverse mortgages. We share some interesting parts of her interview with Reverse Mortgage Daily. The History of Reverse Mortgages
This calculator is an example of those hosted on reverse mortgage lenders’ websites, and it’s a little more detailed than AARP’s. Consumers are asked to enter their zip code, mortgage balance (if any), home value, name, and date of birth for themselves and any co-owners.
When you have a regular mortgage, you pay the lender every month to buy your home over time. In a reverse mortgage, you get a loan in which the lender pays you. Reverse mortgages take part of the equity in your home and convert it into payments to you – a kind of advance payment on your home equity. The money you get usually is tax-free.
Check out AARP’s free, 45-page booklet "Home Made Money" that describes costs, alternatives and details of reverse mortgages. Call 800-209-8085, or access information online at www.aarp.org/ revmort.
The AARP Foundation publication Reverse Mortgage Loans: Borrowing Against Your Home is an an easy-to-understand guide for older adults who are considering such a mortgage refinance for their home (PDF).