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Reverse Mortgages
Is a reverse mortgage right for me?
The answer depends on a number of variables, including whether you’ve exhausted other lending options. Just bear in mind that reverse mortgages can be an extremely expensive way to borrow.
A reverse mortgage is a loan, paid to you either in installments or a lump sum, for which you use your home as collateral. The loans are typically available only to people age 62 and up, and they generally don’t have to be repaid until you die or sell your house.
A reverse mortgage may be the right choice if most of your wealth is tied up in your house — but they have major drawbacks. In particular, critics complain that high upfront fees can make these loans exorbitantly expensive. Alternatives to consider include home equity loans and lines of credit.
The following links can help you understand reverse mortgages and decide whether one makes sense for you.
Editor's Pick
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AARP’s Guide to Reverse Mortgages
An in-depth analysis of reverse mortgages, their risks and alternatives.
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Questions and Answers
Ten things you should know if you are thinking about a reverse mortgage.
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Reverse Mortgage Calculator
Estimate the funds that may be available if you decide to take out a reverse mortgage.
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Tips for Consumers
Know the three types of reverse mortgages and how to be a savvy consumer.
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It’s Not for Everyone
The reverse mortgage isn’t a one-size-fits-all solution. In some cases, it may not be the best option.
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Reverse Mortgage Brokers Are No Angels
A few days ago, I put up a spoofy post called "Five Jobs for Lousy Times and No Talent Necessary." One of my top picks was reverse mortgage broker. My reasoning:Â As the population ages and taps out any retirement savings left after the financial crisis, reverse mortgages, which are available...
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Should I Take a Reverse Mortgage?
Dear Ali: I'm retired and some of my stocks have suffered all this financial trouble we've been having, so my banker mentioned a reverse mortgage to me. What do you think, is that worth looking into, or is there a catch? I can't tell if they're scams or not. A: They're not scams, but the...
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How to Know If a Reverse Mortgage Is Right for You
If you’re of the right age, short on cash, and sitting on hundreds of thousands of dollars in home equity, reverse mortgages can be a sweet deal. But these loans aren’t sure things. Here’s how to know if a reverse mortgage is right for you. 1. How much...
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