Sign up for our monthly Lifestyle newsletter for entertainment news, healthy living tips and more. Paula and Dennis Arntz were having trouble staying afloat. But she'd heard horror stories about reverse mortgages — a wife forced to move after her husband died, heirs shut out of their family home. Should they? First, the basics. The most common type of reverse mortgage is a federally insured one known as a home equity conversion mortgage HECM.
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How to Use Reverse Mortgages to Secure Your Retirement by Wade Pfau PhD CFA
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The great news is the answer is yes. If a borrower chooses to change their mind about a reverse mortgage, they only have to alert their lender in writing within the allowable three business days from signing. It is not common for borrowers to use their right of rescission. The government-insured and regulated Home Equity Conversion Mortgage HECM reverse mortgage itself has developed into a safe mortgage loan for seniors, so they can enter into this loan with confidence.
An unprofitable and unpredictable housing market has driven several major banks out of the reverse mortgage business recently. While this move might raise eyebrows, it's not necessarily bad news for consumers or investors. Reverse mortgages have their pros and cons , but in the right circumstances, they can be a welcome way to help fund a retirement. They help older homeowners turn their home equity into cash. Banks and other lenders provide money, typically either in monthly payments or a lump sum, based on the value of your home and your expected longevity.