no comments We had a “unique” caller leave us a message this weekend who questioned us on an endorsement we had received from Jack Guttentag, known to many as the Mortgage Professor. Seems she felt that this was a scam and she contended that Guttentag meant good day in German and that this meant that it could not be Jack’s real... Read Full Article
7 comments Those who are 62 and older who are looking to supplement their retirement income through a reverse mortgage should also consider the implications this decision could have on their eligibility for Medicaid or Supplemental Security Income (SSI). An important and common factor that Medicaid and SSI share is asset level limits, and depending on which payment route a borrower chooses... Read Full Article
no comments How would capital gains tax and California’s Proposition 13 affect my ability to get a reverse mortgage for purchase? Prop 13 and the Reverse Mortgage for Purchase A Home Equity Conversion Mortgage (HECM) for Purchase, sometimes called an “H4P,” is a product that allows a borrower that’s at least 62 years of age to take out a reverse mortgage in... Read Full Article
99 comments It seems that one of the most popular questions we get is what happens with my reverse mortgage and my home after death. The reverse mortgage is intended to be the last loan that borrowers will ever need, so this is a question many homeowners and their heirs have on their minds as many of them intend to keep the... Read Full Article
no comments The plain and simple answer is a little bit, but not really. Dave Ramsey does a hit piece on reverse mortgages in which he does point out some of the less popular aspects of reverse mortgages, but he has no problems either exaggerating or just shows his ignorance about the product. Souce: https://www.daveramsey.com/blog/how-reverse-mortgages-work Is Dave Right About Reverse... Read Full Article
2 comments The American Association of Retired Persons (AARP) is a large, independent, nonprofit organization dedicated to helping people ages 50-plus to achieve independence—including financial independence. While the organization, which serves 37 million older Americans and counting, doesn't offer reverse mortgage products directly, it does weigh in on them in some very important ways. Here’s where AARP comes into play for retirees who may... Read Full Article
6 comments Across the reverse mortgage lender landscape, there are a variety of company types: banks and non-banks; large national lenders; and small regional ones. Over time, many large banks have exited the reverse mortgage business, while independent non-bank lenders today comprise most of the reverse mortgage volume. Still, there are changes that take place within the lender landscape from... Read Full Article
4 comments I am 87 and received a HECM Loan, maximum claim $250,000 on June, 2006. Credit limit due to age and other factors was due to reach maximum claim in 2012.Withdrawals were denied beginning in June 2010, when the balance was around $225,000 and no withdrawals have been allowed since The server has been getting compound interest each month and HUD... Read Full Article
2 comments If I do a reverse mortgage, can I pull all the money up front as a lump sum or do I have to have a line of credit, and is there cost to pulling out all the money up front? Hi David, HUD changed the program a little while back so that borrowers are capped at what they can pull... Read Full Article
8 comments CAN YOU HAVE A CONTRACTOR BUILD A BRAND NEW HOME FOR YOU AND FINANCE IT WITH A REVERSE MORTGAGE UPON COMPLETION ? THANK YOU -BOB Good Afternoon, The short answer to your question is, yes you can. However, there are several things that you really need to keep in mind when you undertake such an action and... Read Full Article
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