Sentence examples for using a reverse mortgage from inspiring English sources

For young first-time buyers, people with modest down-payment cash or seniors who want to tap their equity using a reverse mortgage, it's a growing problem: They cannot use Federal Housing Administration financing in condominiums.

There has been a lot of talk in the news lately about using a reverse mortgage for retirement - something that could be a feasible way to tap into wealth for persons who have not been able to save as much as they needed for their retirement.

They may use a reverse mortgage to dig themselves out of a financial hole, or even to help prevent foreclosure, so long as they have enough equity in the property.

Seniors who own homes, however, have a valuable option: They can use a reverse mortgage to reduce the risk of outliving their money.

In addition, seniors wishing to downsize or relocate may make a large down payment on a new home and then use a reverse mortgage to finance the rest, thereby avoiding the minimum income and credit score requirements of traditional mortgages and eliminating the need for paying two sets of closing costs.

People need to consider all sources of income before making a decision about Social Security, including the use of a reverse mortgage that are growing more popular.

The evidence shows that homeowners of a certain age have no qualms about using the likes of a reverse mortgage.

Unfortunately, the article finds that "[c]onsumers described 'lifestyle enhancement' as the primary use for reverse mortgage proceeds", but a reverse mortgage should only be used as a last resort because "homeowners can lose their home if they fail to meet the loan terms".

The scenario differs, somewhat, when a reverse mortgage is used to buy a new home.

More knowledgeable homeowners and those with peers who have a reverse mortgage express greater intention to use such a product.

A reverse mortgage has been a long used tool by older Americans and retirees as a way to utilize a portion of their existing home equity to help fund their retirement and assure a decent quality of life.