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Posts Tagged ‘homeowners’

The Average Age Of Reverse Mortgage Borrowers is Decreasing.

The average age of reverse mortgage borrowers is dropping, according to a recent report issued by MetLife. As many are aware, reverse mortgages come with risks, and likely more so for younger borrowers. Reverse mortgages allow homeowners who are at least 62 years of age to obtain a line of credit linked to their primary residence. The homeowner receives the ability to draw on this line of credit for the balance of their ownership of the residence, based largely on the value of the house, age of the borrower, and current interest rates. The borrow does not have to take…

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New Reverse Mortgage Product Has Lower Upfront Costs

A new mortgage product is making "reverse" mortgages more affordable. Reverse mortgages typically have high fees, but the new Home Equity Conversion Mortgage (HECM) Saver allows borrowers to get a reverse mortgage with lower upfront costs as long as they are willing to borrow a smaller amount. A reverse mortgage allows homeowners who are at least 62 years old to borrow money on their houses. The homeowner receives a sum of money from the lender, usually a bank, based largely on the value of the home, the age of the borrower, and current interest rates. The loans do not have…

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