Reverse Mortgage

FHA Home Equity Loan & Reverse Mortgage Loan – Serving Borrowers From Their First House to Their Last

Most first time home owners start with Federal Housing Administration (FHA) home equity loan. As they get old, their needs change. They may not know that the reverse mortgage could serve them in different ways in their golden years. Nearly 40% single-family homes were sold to first-time home-buyers during the first quarter of 2017, according to Genworth’s First-Time Homebuyer Market …

Telling Adult Children about Reverse Mortgage

Telling adult children about getting a reverse mortgage

Bringing your adult children on the same page as you are considering a reverse mortgage Many adult children expect to receive their parent’s home free of any burden upon the parent’s death. Taking a reverse mortgage out of your house meaning your heirs will need to pay off the loan on your behalf when you die by either selling the …

Reverse Mortgage for Divorce Financing

Ensure Retirement Security for Silver Divorce through Reverse Mortgage

Later-in-life divorce, sometimes called silver divorce, is on the rise in the US. The divorce rate among couples 50 and older has roughly doubled since the 1990. According to the Pew Research Center,  silver divorcees are most likely to be less financially secure than married and widowed adults. Silver divorce couples face different financial challenges as they go through the division …

Cost of Aging: Plan for later Years

We would like to share this informational webinar “Planning for the Costs of Aging” by the American Society on Aging and the National Reverse Mortgage Lenders Association. It features nationally recognized gerontologist Barbara Howard, leading retirement researcher Jamie Hopkins, and author Dan Hultquist, who also chairs NRMLA’s Education Committee. What you will learn from this webinar: The costs that senior …

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What is a reverse mortgage?

What is a reverse mortgage? You might know what a mortgage is. The reverse mortgage works in the reverse direction of a traditional forward mortgage, which is where the term “reverse” comes from.  A reverse mortgage is a home loan available to homeowners 62 years or older that allows borrowers to convert part of the equity in their homes into …

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Looking for ways to eliminate costs in retirement?

There are many costs you can eliminate or minimize during your golden years such as: Commuting expenses A Second car Professional clothing Paying for full price Peak travel cost The biggest of all is to pay off your mortgage to eliminate your biggest monthly bills. You can achieve this by getting a reverse mortgage. While you will still have to …

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Missed the window to apply for LTC insurance? Reverse Mortgage is an alternative!

As America’s aging population continues to grow, the need for advanced senior care planning becomes increasingly dire. Yet long-term care insurance isn’t always an option for todays aging Americans.. “Clients over age 60 may have missed the window to purchase affordable long-term care insurance,” notes FA magazine, adding that each year after age 60 premiums become “extraordinarily high” and it becomes …

When to Consider a Reverse Mortgage

Chron.com: When to consider a Reverse Mortgage

When it comes to who is eligible for a reverse mortgage, age is the first factor that matters. Homeowners must be 62 or older to take advantage of a reverse mortgage, and they have to occupy the property as their primary residence. A reverse mortgage makes sense if you: Don’t plan to move. Can afford the cost of maintaining your …

Mortgage Banker John Hanson and His Wife Kathy

Welcome to Reverse Mortgage Blog!

Welcome to Reverse Mortgage Blog! I am John Hanson. I have been a mortgage banker for over 30 years. I am a classic baby boomer. Just like many Seniors, I was taught to treat our homes like a piggy bank, depositing into every month and never withdrawing from it. In order to protect my wife, we decided to take a reverse mortgage. …