REAL ESTATE NEWS

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Until recently, though, there’s been a practical problem for anyone who,
like you, plans to use a reverse mortgage primarily as a line of credit
Reverse mortgage that could be drawn upon when and if needed, versus taking out a large amount for some immediate need (renovating a home, replacing a car.

Even with these lower costs, advisers say older homeowners should be cautious about reverse mortgages because the loans can use up the value of their homes, and because, in some cases, salespeople have persuaded them to put the loan proceeds into unsuitable investments.

The new loan, called the Home Equity Conversion Mortgage Saver, charges an upfront insurance premium of 0.01 percent of the value of the home – a fraction of the 2 percent charged for the traditional Home Equity Conversion Mortgage. Both HECMs are insured by the Federal Housing Administration, which backs most reverse mortgages.

At the same time, many of the private lenders that make these loans have sliced their origination fees, Bell said. While in the past, they charged origination fees totaling thousands of dollars – on top of the insurance premiums – many lenders have now cut or waived the origination fees. They have been able to do that because investors are paying a premium for securities backed by reverse mortgages

But you’ll still want to take a close look at what you’re being charged
upfront and decide if that amount makes sense given the likely amount
you’ll be borrowing.

No matter how enticing getting money on the house might seem, remember,
a reverse mortgage isn’t something you should take on lightly. As part
of the deal, you’re required to pay homeowners insurance premiums and
property taxes. You must also maintain the property in good condition.

Fail to do so, and you could be forced to repay the loan even if you’re
still living in the house. If you don’t have other resources to do that,
you would have to sell. So before signing up for a Reverse mortgage,
consider whether there are other options for you and your spouse.

In some cases, retirees can be better off tapping a cash-value life
insurance or freeing up their home equity by downsizing to smaller or
less expensive digs that have lower ongoing maintenance and utility
costs.