Reverse mortgages are complex, often confusing financial products. If you or an elderly relative are even considering one, it’s important to know all of the risks and pitfalls beforehand. With that in mind, we’ve created this list of facts to help you understand what can really happen if you take out one of these loans.
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· Although the minimum age to qualify is 62, consumers will benefit more from a reverse mortgage loan if they apply for it later in life. Since age is one of the factors that determines how much money a borrower gets, getting a reverse mortgage after.
HUD was ordered by a federal judge to revise its policies to address this problem after AARP and the Mehri & Skalet law firm sued. It did so in in January, but even HUD’s new reverse mortgage policy.
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.
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AARP’s efforts to help educate the public about this type of loan includes several fact sheets, a comprehensive consumer guide, video tapes and this glossary of reverse mortgage terms. AARP long term care insurance report. aarp offers consumer tips about how to shop and compare prices and features for long term care insurance.
It’s another reminder that reverse mortgages – which take part of the equity in your home and convert it into payments to you – are complicated. Misunderstandings can be costly. Know the facts: Allen.
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The American Association of Retired Persons (AARP) is a large, independent, nonprofit organization dedicated to helping people ages 50-plus to achieve independence-including financial independence. While the organization, which serves 37 million older Americans and counting, doesn’t offer reverse mortgage products directly, it does weigh in on them in some very important ways.
Nevada Reverse Mortgage Purchase and HECM Loan Specialist, Maggie. You will learn how the program works, understand the misconceptions and go away with facts about reverse mortgages.. AARP, The Magazine-November 2011
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