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A reverse mortgage is a type of loan that allows homeowners ages 62 or older to convert part of their home equity into cash. generally speaking, these loans are set up as lines of credit that make it possible for the borrower to access cash as they need it.
If you own your home and want to tap into your equity to get cash, you might be considering two options: taking out a home equity line of credit (HELOC) or getting a reverse mortgage.Below you can learn more about home equity lines of credit and reverse mortgages, along with the upsides and downsides to these two types of loans.
Before I get to some of the Qs and As, a definition: A reverse mortgage is a loan that lets homeowners age 62 and older convert their home equity into cash. It becomes due when the borrower moves,
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too — and not one who sells reverse mortgages. (You can look for a fee-only one at www.napfa.org.) Alternatives to consider include dividend-paying stocks, annuities, or perhaps a home equity loan.
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For many Americans, a home equity loan or home equity line of credit (HELOC) is the answer. However, older Americans who qualify can compare those options to an a different product geared at senior citizens – the reverse mortgage.
Like a home equity loan, a reverse mortgage gives you a certain amount of money based on the equity in your property. However that’s where the similarities end. With a reverse mortgage you stop making your monthly mortgage payments (if you still owe) and receive money from the bank instead.
A Home Equity Conversion Mortgage (HECM) may also be known as an FHA reverse mortgage. This is a home loan that allows borrowers age 62 and older to access the equity in their homes for supplemental funds.
Some home equity lenders allow you to borrow up to 80% of the value of your home (including your current mortgage, if you have one). Comparing a home equity loan vs reverse mortgage, the maximum amount you will be able to borrow with a reverse mortgage is 55% of your home’s value.
Seasoning Requirements For Cash Out Refinance The FHA cash-out refinance option allows homeowners to pay off their existing mortgage, and create a larger home loan that provides them with extra cash. The amount of money that can be borrowed depends on the amount of equity that’s been built up in the home’s value.