Reverse Mortgages – useful, but not the only answer to help you stay home
Reverse mortgages are non-recourse loans in which the lender provides funds for the homeowner’s use now, but unlike a conventional mortgage, the loan doesn’t have to be repaid until the homeowner dies or vacates the premises. At that point, the property is sold and the loan is repaid along with the deferred costs and points. AARP has an excellent, easy-to-understand booklet about...
Reverse Mortgages and Real Estate Taxes
Yesterday, the Secretary of the US Department of Housing and Urban Development (HUD) announced a new policy designed to help reverse mortgage borrowers who are behind on their real estate taxes.
http://portal.hud.gov/hudportal/HUD?src=/press/press_releases_media_advisories/2011/HUDNo.11-001
With a conventional mortgage, your monthly mortgage payment typically includes an amount which the...