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Summer is here in California; the grand-kids are getting out of school and the beaches and parks are beginning to fill up. Many families wait until the summertime to move causing an increase in demand and pushing home values to rise sharply this time of year, during the winter holidays…
Can a person lose their home today from a Reverse Mortgage?
The first known reverse mortgage loan was done in 1961 by Deering Savings & Loan in Portland Maine. Nellie Young was the widow of the high school football coach and it helped her stay in her home even though she lost her husband’s income. By the 1970’s several private banks…
How is my Reverse Mortgage cash out figured?
Reverse Mortgages (RM) are becoming an essential tool to fund retirement. A RM allows those 62 and older to access a percentage of home equity to primarily eliminate a mortgage payment and secondarily have access to cash. Money can be received in a lump sum payout, monthly payout, it can be left in…