If you’ve ever discussed reverse mortgages with friends or family, you’ve probably heard some version of “the bank takes your house” or “it’s only for people who are broke”. I hear myths like this constantly, and most of them are out of date or simply not accurate. Reverse mortgages have changed a lot over the years and can be very beneficial for seniors who are sitting on significant home equity and who want to stay in their homes. With that said, reverse mortgages may not be the right choice for everyone.
My goal with this post is to help clear up the most common misconceptions I run into and put reverse mortgages in context with other mortgage options available for people who are 62 and older. As always, I like to provide as much information as possible to help you make informed decisions about your finances. [Read more…]
Editor’s note: This post was inspired by a recent HousingWire interview with Cameron Carter, CEO of Rosarium Health, on why aging in place is shifting from a lifestyle preference to a financial necessity. You can read the 
Property values across King County have climbed for years—great news if you’re building equity, but a real problem if you’re a senior on a fixed income watching your tax bill climb right along with them. Every year, longtime homeowners get priced out of the houses they’ve lived in for decades, not because they can’t afford the mortgage, but because they can’t keep up with rising property taxes. 
Editor’s Note: This post has been updated to reflect current guidelines. While Fannie Mae and Freddie Mac no longer use the specific “Family Opportunity Mortgage” name, the expanded occupancy guidelines that allow this type of financing are still fully available and actively used today.
