July 7, 2025

loan proceeds

Home loan proceeds
Mortgage

I’m 69 with a $250K reverse mortgage hanging over my head — should I use up most of my nest egg to pay it off?

  • July 1, 2025

Imagine this scenario: Samantha is retired at 69, but a few years back she took out a reverse mortgage. Now, she’d like to be done with it, especially since the loan comes with a hefty interest rate of 6.75%. She currently has about $375,000 in home equity while her reverse mortgage loan is close to

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Mortgage

What are the pros and cons of a reverse mortgage?

  • April 3, 2025

As a homeowner, there are lots of ways to access your home equity. You can take out a home equity loan or HELOC, apply for a cash-out refinance, or — if you’re a senior — get a reverse mortgage. Reverse mortgages are a unique option because they require no monthly payments. Instead, you receive payments

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