Rates depend on the term, location, the loan type and your qualifications. Here’s a link to current reverse mortgage, HELOC and mortgage rates.
Reverse mortgages require no payments until the applicants leave the home. You do have to pay the home maintenance costs, property taxes and home insurance. If you don’t, your reverse mortgage could be called in. A Seniors HELOC allows you to borrow more money, as [Read more]
Funds you receive from a reverse mortgage, Seniors HELOC or Seniors Mortgage are not taxable income. If you use the funds to generate income, you might even be able to write off the interest on your income tax return. Speak to a licensed financial advisor [Read more]
If you already have a mortgage and: Want a reverse mortgage: You must use part of the reverse mortgage proceeds to pay off the existing mortgage Want a Seniors HELOC: You must use part of the Seniors HELOC proceeds to pay off the existing mortgage [Read more]
Reverse Mortgages Good credit is not required for a reverse mortgage but if your credit score is under 630, you’ll be required to prove that you have sufficient income to pay your property taxes, maintenance, and home insurance. Seniors HELOC Excellent credit is required for [Read more]