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Choosing the best reverse mortgage for seniors depends on a lot of factors. The first one has to be type of a reverse mortgage loan to pick. A HECM, proprietary reverse mortgage, HECM for purchase, or a single-purpose reverse mortgage. On deciding the type of mortgage, you will have to factor in the cost of these loans and then map out the addition

A reverse mortgage for seniors essentially helps the senior to keep their home equity as well a maintain their lifestyle without compromises on many fronts. Apart from having access to cash through their home equity, they also dont have to pay any monthly mortgage payments and can maintain ownership of their home without giving up social security o

Retirement plans are important because they serve as a guide for your life after retirement. After retirement, people begin to cut on their necessities. However, a good retirement investment plans can help them to lead their life without compromising with their budget and preferences after retirement. It is a good way to estimate your income and pl

A reverse mortgage for seniors is granted to those aged 62 years or above, and the property being used for the loan should be the applicant's primary place of residence. There should also be no or very low mortgage pending on the property and the senior should have the financial means to pay off any potential future housing costs. Other requirement

One do need a credit score as part of the process of being eligible for a home mortgage loan. Apart from the eligibility criteria, the credit score helps the lender's to determine the interest rate that one would be paying on loan amount. If applicant have a good or fair credit score, the interest rates would be lower while it increases if one have

Each lender sets out a list of eligibility requirements that have to be met in order for the borrower to be eligible for the loan. These include checking of your credit history and credit score, an analysis of your last two pay stubs, two years of both W-2s and tax returns, bank statements for the past two to three months, investment statements, pr