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There are several areas of confusion out there about reverse mortgages. Does the bank own the home if borrowers obtain a reverse mortgage? If the loan balance grows bigger than the home value, is the borrower required to pay the difference? Are reverse mortgages just a loan of last resort? ...
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A reverse mortgage can be a tool to provide cash in retirement, but it's important to review several factors before jumping in. A reverse mortgage allows borrowers to borrow against the equity they have built up in their home. In doing so, they are able to supplement their income and remain in their current home. ...
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A recent Housing Wealth in Retirement Symposium, held March 23 in Washington, DC, took a broader look at housing wealth and retirement security. A constant theme was the role of reverse mortgages under the Home Equity Conversion Mortgage (HECM) program, sponsored by the federal government. ...
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A bear market would make reverse mortgages smarter, two experts contended Friday at a symposium on housing wealth in retirement.
If retirees pay their bills in part by gradually selling, and the market declines, a reverse mortgage can preserve their portfolio until prices rebound, experts said....
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