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What is a Reverse Mortgage? Simply put, a reverse mortgage is just a loan designed for homeowners age 62 and older that provides access to a portion of equity without the burden of taking on monthly mortgage payments. Like any other mortgage loan, you receive monthly statements showing the amount of interest that accrues, but with the option to defer... Read Full Article
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A browser Kathleen Tracy has sent the following question(s) in the ask experts blog. Husband & Wife, both over 70-years-old, occupied principal residence in California for many, many years and have no other home. Husband had a fall in late 2016 and was discharged from the hospital to a board & care facility to recover. Husband had been at board... Read Full Article
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The reverse mortgage line of credit is still the most popular option for senior borrowers when choosing how to access their funds with their reverse mortgage. According to AARP, borrowers have recognized this choice at about 66% of the time when obtaining a reverse mortgage as being the right choice for them. The credit line option allows borrowers a... Read Full Article
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New Consumer Guides Walk You Through the Reverse Mortgage Process More than one million American homeowners have been served by Federal Housing Administration-backed reverse mortgages via the Home Equity Conversion Mortgage program. Now in its 27th year, the HECM program continues to enhance its consumer protections as lenders strive to improve the customer experience for both reverse mortgage borrowers and... Read Full Article
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How to Tell if You Need a Reverse Mortgage LESA Qualifying for a reverse mortgage today is a different process than it was in the past. As underwriting standards have tightened considerably in recent years, becoming eligible for a reverse mortgage now requires a more complex analysis of the loan applicant’s financial circumstances. As a prospective borrower, it... Read Full Article
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How Credit History Can Delay the Reverse Mortgage Loan Process Court judgements and outstanding state or federal tax liens can blemish your credit history and make it difficult to borrow money. These derogatory marks on your credit report can also hinder your ability to get a reverse mortgage. A reverse mortgage allows homeowners age 62 and older to borrow against... Read Full Article
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Applying for and taking out a reverse mortgage loan is an important decision for senior homeowners, and it’s one that deserves time and research. Reverse mortgages enable homeowners 62 years or older to supplement their retirement income by converting a portion of their home’s equity into accessible cash flow. Reverse mortgages are powerful financial tools, but they are not... Read Full Article
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In the world of mortgages, one term is a must-remember for senior homeowners: Home Equity Conversion Mortgage, also known as a HECM, or “heck-um.” A breakdown of HECM loans and how they work reveals just how helpful they can be for qualified senior homeowners who are 62 years of age or older. Here are some common questions and answers... Read Full Article
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All Reverse Mortgage® is going to pull back the curtain and let you see how the reverse mortgage really works. We are a little unique for a reverse mortgage lender in that we don't believe that the reverse mortgage is right for every borrower. That's right, we actually believe that there are many folks who should not get a reverse... Read Full Article
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I can almost hear it now... “This is an article written by a guy who does reverse mortgages, there probably won’t be any cons!” As passionate as we are about the reverse mortgage program, there are some drawbacks in some instances and we make certain that we point out the pros and cons to all reverse mortgage applicants. As... Read Full Article
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