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Tag Archives: reverse mortgage

Should We Take Money Out of Retirement to Pay Off Mortgage?


Question: Dear Steve, I am 63 years old. Retired. 401 $300,000 + plus pension & SS. Wife 62 retired drawing SS small 401 $45,000. We are retired and need to have more disposable income. We only owe $17,000 on our house with an interest rate of 5 3/4. If I took out money from 401 to pay off house we ... Read More »

    Consumer advisory: Three steps you should take if you have a reverse mortgage


    Feb 9 2015 By Nora Dowd Eisenhower Reverse mortgages are a type of loan that allows homeowners, 62 and older, to borrow against the accrued equity in their homes. Reverse mortgages can help some older homeowners meet financial needs in retirement. Most reverse mortgages today are federally insured through the Federal Housing Authority’s (FHA) Home Equity Conversion Mortgage (HECM) program. ... Read More »

      State of Washington Seniors Warned to Watch for Fake Reverse Mortgage Sales People

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      The Washington State Attorney General’s Office is joining the Washington State Departments of Veterans Affairs and Revenue in warning consumers about complaints they’ve received from seniors who say they’ve received calls from solicitors posing as state agents for a senior property tax relief program. The Department of Revenue learned Washington seniors are complaing that they have been contacted by solicitors ... Read More »

        I’m a Colon Cancer Survivor With No Work, No Savings and a Leaking Roof

        Ready to Collapse

        “Dear Steve, I am a 72 year old woman…. With a reverse mortgage and a roof that is leaking into my bedroom of my town home where I have lived for 19 years. I owe $112,000 on my home that is now worth $60,000 maybe. I get $8,000 a year, $725 a month, I am unable to work and have ... Read More »

          I’d Like a List of Reverse Mortgage Counselors to Help Me. – Pat

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          “Dear Steve, 70 years old, unemployed for 2 1/2 years, unemployment run out. 14 months left on mortgage, 3 credit cards in collections, 8 medications, medicare d which is going up, 2 strokes, little damage to self. have money from teaching pension going into account to pay mortgage and irs, state taxes, property, home, life, car insurance; want to look ... Read More »

            All About Cambridge Credit Counseling Corp.

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            Company Name Cambridge Credit Counseling Corp. Owners/Managers Christopher A. Viale, President & CEO Thomas W. Hebert, Chief Financial Officer Tracy Guay, Clerk Of the Corporation Physical Street Address 67 Hunt Street Agawam, MA 01030 Contact Information 1-800-CAMBRIDGE (1-800-226-2743) [email protected] Website Description of Services Provided Cambridge Credit Counseling Corp. is a 501(c) 3 non-profit credit and housing counseling agency. All ... Read More »

              I Have 43 Credit Cards. Can I Lose My House For Credit Card Debt? – Greg

              Ready to Collapse

              “Dear Steve, Can i lose my house for credit card debt. i’m 67 can’t work anymore. my house is worth 300k and i owe 162k from a reverse mortgage. i get $756 in s.s. and two rental units in house pays the house expenses. i’m single i got $1500.00 from the reverse and i gave my sister $110k the rest ... Read More »

                I Am a 63 Year Old Senior And Struggling to Make Ends Meet. – Carol

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                “Dear Steve, I am a 63 year old single woman who has been living in a condo that I have been paying a mortgage on for almost 27 years. I am presently collecting social security and have a small part time job. I have very little savings which I am using to pay bills. I am struggleing. In April of ... Read More »

                  Home Equity Conversion Mortgage (HECM) Reverse Mortgage Fraud to Watch For

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                  Here is an alert out today about Home Equity Conversion Mortgage (HECM) fraud. The HECM program, which allows seniors age 62 and older to withdraw some of the equity in their homes, is the only reverse mortgage program insured by the U.S. government (through the FHA). “The most troubling aspect of HECM fraud is that it takes advantage of senior ... Read More »

                    FTC Tries to Protect Consumers From Getting Screwed With a Reverse Mortgage

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                    Federal Trade Commission staff has filed comments with the Federal Financial Institutions Examination Council (FFIEC) supporting a measure designed to protect consumers from deceptive claims and to help them make better-informed decisions about whether to obtain a reverse mortgage. Reverse mortgages, typically available only to borrowers age 62 or older, allow them to “spend down” the equity in their home ... Read More »

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