Tag Archives: mortgages

Generally speaking, the uses of reverse mortgages are endless.  And, you get to choose the best way to manage or spend the money from the loan. Most seniors use a reverse mortgage to help close a gap between their retirement expenses and their retirement income.  Reverse mortgages eliminate monthly mortgage …

Reverse mortgages are loans — a type of home equity loan. You are borrowing your own home equity while retaining home ownership but unlike a traditional home equity loan, there are no monthly mortgage payments. The money you borrow and interest accumulated is repaid when you no longer reside in …

According to AAG, the first reverse mortgage was issued to a widow in Portland, Maine.  The banker, Nelson Haynes of Deering Savings Loan designed the loan to help the wife of his beloved former high school football coach. The idea behind these loans has always been to help seniors in …