You're never too old for a reverse mortgage

By Marcie Geffner -

The minimum age for homeowners to take out a reverse mortgage loan is 62. But what about the maximum age? Is anyone ever too old for this type of home loan?

Formally called home equity conversion mortgages, or HECMs, reverse mortgage loans allow borrowers to tap the equity in their home. No payments are required until the borrower sells the home, moves out for 12 months or longer, or dies. Then, the loan becomes due in full.

Common motivations to get a reverse mortgage include wanting to stretch retirement income or needing money for medical treatment or in-home care.

"People's retirement portfolios aren't as large, generally speaking, as they were in the previous generation and/or people have higher expectations for their retirement income than they did previously," says Rick Wills, branch manager at Open Mortgage in Silver Spring, Maryland.

A reverse mortgage loan "can be a means to supplement their retirement portfolio," he says.

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Securing a small business loan

By Marcie Geffner - Dun & Bradstreet

Some business owners can choose when to seek financing. Others must seek and secure loans and credit lines even when the timing isn’t ideal so they can sustain their businesses’ fast upward trajectory. A deliberate decision to avoid borrowing and keep a company smaller can sometimes kill momentum and result in lost opportunities. Or sometimes a business is faced with an unexpected challenge that puts a strain on the company’s cash flow.

A bank line of credit or short-term loan can be a good way to manage cash flow, purchase inventory or take advantage of seasonal demand. A short-term loan typically would be repaid within nine to 12 months while a credit line or business credit card can be tapped, repaid and tapped again.

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