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Reverse Mortgage Information
Reverse Mortgage Help and Resources at Bills.com
Are you curious about a reverse mortgage? Are you nearing retirement and looking for a way to get a steady cash stream?
A reverse mortgage, also known as a Home Equity Conversion Mortgage (HECM) is a relatively new product. A reverse mortgage provides unique benefits for its target market: someone over 62 who lives in his/her primary residence, who has substantial equity in his/her home, and who has little or no income. A reverse mortgage is a loan against the equity in your home that you do not need to pay back for as long as you live in the home. Eligibility for a reverse mortgage is set by the Federal Government; The Federal Housing Authority (FHA) tells HECM lenders how much they can lend you, based on your age and your home's value.
To see if you will qualify for a reverse mortgage, to learn more about them, or to find a lender who can speak to you about reverse mortgages, use Bills.com's 'Savings Center' an select 'Reverse Mortgage.' Bills.com is your one-stop online resource for all of your reverse mortgage needs.
Bill's Expert Advice
Reverse Mortgage Success Stories
Read a personal story about going a reverse mortgage and gain a better understanding of what's involved.
Reverse mortgage success story
Reverse Mortgage FAQS
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What is a reverse mortgage?
A reverse mortgage is for homeowners facing retirement who want to borrow money against the equity in their home and receive cash in tax-free payments. A reverse mortgage is different from other types of loans because repayment, including accrued interest, is not required until the homeowner passes away or decides to sell the home. To get a reverse mortgage, you have to be over the age of 62, and usually there can be no existing liens against the home. Check with your lender for specific terms. -
How do I know how much I can borrow with a reverse mortgage?
If you are considering a reverse mortgage and want to know how much you can borrow, it is always best to check with your lender. There are many factors that are specific to you that can affect the amount of your reverse mortgage, including your age, where your home is located, interest rates and more. -
What does "TALC" stand for?
TALC is the "Total Annual Loan Cost" of a reverse mortgage. It takes all of your reverse mortgage costs and reflects them in a single annual rate, which makes TALC extremely helpful in comparing reverse mortgages against each other.
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Glossary of Reverse Mortgage Terms
Federally Insured Reverse Mortgage: also known as a Home Equity Conversion Mortgage (HECM), this reverse mortgage is insured by the Federal government and backed by the US Department of Housing and Urban Development (HUD).
Deferred Payment Loan (DPL): a reverse mortgage offered by local governments for low-income homeowners who need to make repairs to their home.
Acceleration Clause: a clause typically found in mortgages that allows the lender to declare the loan due and payable in full in certain situations, such as failing to make payments.
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Average Mortgage Rates
| program | apr |
|---|---|
| 30 Yr Fixed | 4.54% |
| 15 Yr Fixed | 4.05% |
| 30 Yr Fixed Jumbo | 5.7% |
| 15 Yr Fixed Jumbo | 5.22% |
| 3/1 ARM | 3.56% |
| 5/1 ARM | 3.59% |
| 7/1 ARM | 3.82% |
| 10/1 ARM | 4.18% |
| 3/1 ARM (I/O) | 5.25% |
| 5/1 ARM (I/O) | 3.68% |
| 7/1 ARM (I/O) | 4.06% |
Reverse Mortgage Articles and Advice
Choosing the Right Reverse Mortgage for You
Understanding what a reverse mortgage is will help you choose the right reverse mortgage for you and your needs.
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Understanding What a Reverse Mortgage Is
What is a reverse mortgage? Understand what one is and learn the benefits of getting one.
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A Reverse Mortgage and Your Fears
Calm your fears about reverse mortgages (a.k.a HECMs) by beefing up your knowledge and understanding them better.
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Reverse Mortgage Scams -- What to Look For
Reverse mortgage scams are on the rise. Know what to look for so you can protect yourself.
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Know Your Reverse Mortgage Fees
Understand what fees apply on a reverse mortgage and how they affect you.
Reverse mortgage loan fees
Discover How a Reverse Mortgage Works
Find the answers you need about how a reverse mortgage works.
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Need More Reverse Mortgage Information?
Read about the top 5 reasons people get reverse mortgages and be more informed.
Reverse mortgage information
How Does the Reverse Mortgage Process Work?
With your retirement on the horizon, make sure you understand the entire reverse mortgage process.
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Answers to Your Reverse Mortgage Questions
Find the answers to your questions with these reverse mortgage FAQs.
Reverse mortgage FAQs
Reverse Mortgage Terminology
Are you feeling confused by all of the reverse mortgage terms out there? Learn what they mean to better understand the process.
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Reverse Mortgage Provider Profile
What can you tell me about One Reverse Mortgage? Where can I go to learn more about reverse mortgages?
One Reverse Mortgage review
Reverse Mortgage Provider Profile
Equitable Reverse Mortgage Company in Chicago is one of the top twenty ranked reverse mortgage companies in the country.
Equitable Reverse Mortgage review
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