If you’re a homeowner nearing retirement age, you’ve probably seen the TV commercials about reverse mortgages. Tom Selleck offers a friendly explanation of reverse mortgages and how people use them. How accurate is what he and … [Read more...]
Print This PageHas COVID-19 Changed Reverse Mortgages?
January 21, 2022 by
Q. My husband, Steven, and I have lived in Northern Virginia for nearly 40 years, and we have no plans of moving. We are original owners of our home, and our mortgage has been paid off since 1998. Our children all live close by, … [Read more...]
Print This PageReverse Mortgages: Yes or No?
April 21, 2017 by
Q. I retired last year at the age of 64, and my wife has been a homemaker for quite a while. We are glad that I am retired and we are free to do what we want (we have quite a lengthy bucket list!), but we came to realize that, … [Read more...]
Print This PageCritter Corner: Do Reverse Mortgages Affect Medicaid Eligibility?
April 20, 2017 by
Dear Ribbit,My wife and I are considering a reverse mortgage, since we have a lot of equity in our home and very little cash flow. She is in the early stages of dementia. Would the reverse mortgage affect Medicaid eligibility, … [Read more...]
Print This PageAttitudes Are Changing About Reverse Mortgages
June 24, 2016 by
Q. My mother-in-law, Rita, owns a home in Vienna that is valued at $675,000 and the amount owed on her mortgage is still around $300,000. When she retires next year, the monthly mortgage payment will be unaffordable for her, but … [Read more...]
Print This PageNon-Borrowing Spouses Can Still Face Eviction Due to Previous Reverse Mortgage Rules
March 18, 2015 by
Amy (59) and her husband, Frank (66), decided to get a reverse mortgage, sometimes known as an HECM (Home Equity Conversion Mortgage), last summer to supplement Fred's Social Security. Amy was left off the reverse mortgage, due to … [Read more...]
Print This PageNew Reverse Mortgage Rules are in Effect this Week
August 8, 2014 by
Q. My husband, Rick, and I are considering moving after a stroke limited his mobility, because our home is not completely accessible for him. However, our house is in good repair, completely paid off, and in close proximity to our … [Read more...]
Print This PagePlanning for Long-Term Care (Part 1)
October 9, 2012 by
Are you one of the millions of Americans over age 50 who has not yet started planning for long-term care?As financially responsible adults, most of us are prepared for some unexpected disasters – we pay for health and property … [Read more...]
Print This PageThe Reverse Mortgage Saga Part 5: “How the Farr Law Firm is Helping Clients Stay at Home”
June 1, 2012 by
“Presume not that I am the thing I was,” wrote William Shakespeare in the play, 2 Henry IV, reminding us that nothing stays the same.On the personal side, we all change over time; our families and our other assets grow and … [Read more...]
Print This PageSenior Homeowners: When does a Reverse Mortgage Make Sense?
March 13, 2012 by
For many seniors the equity in their home is their largest single asset, yet it is unavailable to use unless they use a home equity loan. But a conventional loan really doesn't free up the equity because the money has to be paid … [Read more...]
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