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Reverse Mortgage Credit History: How Will a Lender Examine My Credit History and What Do I Need to Know? Whether you’re looking to supplement your retirement income, make repairs to your home or buy a new house altogether, a reverse mortgage can help. But there will soon be a few additional steps to taking out a reverse... Read Full Article
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The decision to take out a Home Equity Conversion Mortgage (HECM) is a big one, and you may be wondering how safe this government-insured loan program is. While reverse mortgages aren't right for everyone, the HECM program has several built-in protections designed to keep borrowers safe. Safeguard #1 - Federal guarantee One of the program’s biggest protections is that... Read Full Article
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If you’re applying for a reverse mortgage for the first time, you will be subject to a new financial assessment that applies to all borrowers. The financial assessment for a reverse mortgage is a lot like the process for getting a traditional or “forward” mortgage. It’s a way for the lender to get a sense of your financial... Read Full Article
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You’ve made the decision to pursue a reverse mortgage and now you’re meeting with a loan officer for the first time. Though you may understand the basics of a reverse mortgage, there are certain questions you may want to bring with for your first meeting to clarify some of the details that could potentially catch you off guard down the... Read Full Article
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There are several closing costs borrowers are required to finance when getting a reverse mortgage. What many people don’t know is that some of the costs vary by lender and the area in which the borrower lives. It is in the borrower’s best interest to shop around and compare prices when considering a reverse mortgage. Some of the... Read Full Article
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Wondering what a reverse mortgage is, and whether it can be used in the purchase of a new home? It sure can, in a process called a Home Equity Conversion Mortgage Purchase. Basically, a new home is bought at the same time a reverse mortgage is taken, and the transaction is rolled into one. The Reverse Mortgage Purchase is an... Read Full Article
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It's funny when you hear someone with a definite opinion, one way or the other about reverse mortgages that is the same no matter who you're talking about or what the circumstances are. The choice of whether or not to get this loan isn’t universally a “good idea” or “bad decision" - there are a lot of different factors that need... Read Full Article
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If you’re the owner of a manufactured home and you’re wondering about your eligibility for a reverse mortgage, here’s the short answer: you may be eligible. Now for the longer answer. As with any prospective borrower, you must be aged 62 or older, you must legally own the home, it must be your primary residence, and you must be... Read Full Article
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A reverse mortgage can be a very viable solution for the right homeowner—one who is primarily seeking a way to effectively age in place. Available to people who are age 62 or older and have built up a substantial amount of equity in their homes, reverse mortgages allow borrowers to wipe out their mortgage payments and can also serve as... Read Full Article
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There are many instances when borrowers consider refinancing their reverse mortgage, but it really would not make sense for them. HUD and investors have guidelines in place that prohibit lenders from refinancing reverse mortgages when the loans do not meet certain targets for borrowers and when they are too recently closed. There are some instances that we will discuss,... Read Full Article
Ask ARLO™ offers real-time answers to your important questions on reverse mortgage loans covering all topics from basic
eligibility to heirs and loan maturity.