Arrowhead Title, Inc.

So, your family member is considering a reverse mortgage. What does this mean for them and for you? Well, reverse mortgages involve a lot of detail - too much for a simple blog post. Details (and accuracy) are essential to the team at Arrowhead Title, Inc. , however, and we’ve collected the answers to questions most frequently asked about reverse mortgages here for you. This post answers questions one through five - check back next week to get the answers to the remaining five questions! 1. How Will This Affect Any Inheritance? While tapping into their equity, your parents’ home may  be appreciating in value, which could allow for some equity left at the end of the loan. They are also able to live comfortably without having to depend on family members to support them. 2. What Happens If The Loan Balance Becomes Greater Than The Value Of The Home? The Home Equity Conversion Mortgage (HECM) is a non-recourse loan, which means that the borrower can never owe more than what...

Home equity is a valuable asset for multiple reasons. As one example, homeowners are able to turn their equity into cash via second mortgages. Also called reverse mortgages or home equity loans, these loans essentially enable you to borrow money against your house, so you can take advantage of your equity without having to sell your home. Last week, our blog featured answers to some frequently asked questions about reverse mortgages . This week, we're here to finish the conversation with answers to a few more common questions. Reverse Mortgage FAQ (Part 2) 8. Am I Responsible For Paying My Homeowners Insurance & Property Taxes Taking out a second mortgage does not change any of your other responsibilities associated with homeownership; you will still be required to keep your insurance and property tax current at all times. In some situations, lenders can impound your taxes and insurance and pay them for you when they become due. 9. Does My House Have To ...

You spend years of your life paying off your mortgage loan and building equity in your home - but what can you do with all that equity? Equity can be used for a number of different things, such as going towards the down payment on your next home, funding your retirement, or taking out a reverse mortgage. A reverse mortgage (also called a "second mortgage" or a "home equity loan") is a loan you take out that allows you turn your home equity into cash you can use for home improvements, buying land around your home, or any number of other possibilities.  Reverse mortgages tend to be varied and complex. You should talk to a mortgage lender to get all the information you need before officially deciding whether or not to take out a second mortgage, but the team at Arrowhead Title, Inc. is here to help you get the ball rolling. Reverse Mortgage FAQ (Part 1) 1. How Do I Qualify For A Reverse Mortgage? In order to be eligible for a reverse mortgage, you have to me...