MHQ - Mortgage HeadQuarters

Your parents could live the remainder of their years not paying a mortgage* and maybe even getting a monthly check as long as they live in their home. Really? Really. Your parents may be eligible for an FHA Reverse Mortgage if they are 62 or older, meet financial requirements and have sufficient equity in their home. They will need to live in the home as their principal residence, maintain it, and pay taxes and insurance. How It Works: Proceeds from a reverse mortgage first pay off the current mortgage on the home, if applicable. Your parents can access additional funds through a lump sum payment, a line of credit or monthly installments. The amount available depends on the amount of equity they have in their home, settlement costs, interest rates, and their ages. In some cases, funds to pay taxes and insurance are set aside at closing or withheld from regular disbursements. Points to Remember: A reverse mortgage is a loan. Loan costs include interest, FHA Mortgage Insurance...

Retirement is the ultimate goal for many people as they consider their futures. What many people don't consider is how they'll continue to afford the cost of living once they retire. While you may have a retirement plan in place, it may not be enough to supplement your current income for an extended period. Thankfully, if you own a home, you may have a built in safety net. If you’re 62 or older – and want money to pay off your mortgage, supplement your income, or pay for healthcare expenses – you may consider a reverse mortgage. Here are a few things you need to know about reverse mortgages and your options. What is a Reverse Mortgage? When you have a regular mortgage, you pay the lender every month to buy your home over time. In a reverse mortgage, you get a loan in which the lender pays you. Reverse mortgages allow you to convert part of the equity in your home into cash without having to sell your home or pay additional monthly bills. A reverse mortgage is a financial...