Reverse Mortgage

Avoid Selling At Market Lows with a Reverse Mortgage

A reverse mortgage is a loan available to seniors over the age of 62 which allows them to convert equity in their home into cash. These loans were created to give seniors access to cash for expenses such as home improvements, unexpected medical costs, and in-home care by utilizing the accumulated equity in their homes. Click …

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Life Expectancy Set Aside and Your Financial Assessment

The Life Expectancy Set Aside, also known as LESA, is a guideline implemented by the government to require some reverse mortgage borrowers to set aside funds from the reverse mortgage to cover taxes and insurance for the life expectancy of the youngest borrower.  The LESA can be an important aid for some borrowers who may have …

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Tenure Vs Term

Of the many ways a borrower may receive their funds, there are advantages and disadvantages to receiving funds by either tenure or term. First, let’s look at receiving your money with tenure.  If the borrower selects to receive the proceeds from the HECM loan with the tenure option, he or she will receive the monthly tenure payment …

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