Author Archives

California Reverse Mortgage Counseling Rule Change of 2017

August 22, 2017 by All Reverse Mortgage

Purpose The purpose of this bulletin is to restate and update new California requirements regarding required disclosures, counseling, timing for when certain fees may be incurred on the borrower’s behalf, and when other activities related to the origination and processing of a loan may be performed. Implementation These requirements are effective for all California reverse mortgages with applications taken...
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HOA Payment History Can Affect Your Eligibility for Reverse Mortgages

August 22, 2017 by All Reverse Mortgage

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It was disappointing experience for my Husband and I. We live in an area with an HOA we had a dispute with them that was settled but that has come back to bite us big time. We have excellent credit have paid our insurance, taxes and mortgage on time but apparently it is not enough to satisfy HUD according to our...
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Reverse Mortgage for Purchase: Down Payment Requirements

August 20, 2017 by All Reverse Mortgage

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Save up to $6,000 on your reverse mortgage down payment when selecting All Reverse Mortgage's ZERO Origination Fee HECM Purchase Plans. 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...
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How the Appraisal Process, Laws & Appeals Work

August 1, 2017 by All Reverse Mortgage

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One thing you should know if you are contemplating a reverse mortgage is that your home will have to undergo an appraisal by an FHA-approved appraiser. This will be a very extensive appraisal in which the appraiser should inspect your entire property, should do a head and shoulders inspection of the attic (pop his/her head up and take a look...
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🇺🇸 What the Trump Administration Means for Reverse Mortgages

July 26, 2017 by All Reverse Mortgage

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Why Trump's Policies Could Increase Reverse Mortgage Demand No matter your political stripe, presidential transitions mark a time of change and uncertainty—after eight years of policies shaped by one administration, another one comes along with a different perspective and plan for governance. If you’re nearing retirement, that anxiety could be amplified: What would a new administration mean for your future...
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Buying Home & Seller Has a Reverse Mortgage – Now What?

July 24, 2017 by All Reverse Mortgage

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We are looking to buy a home, and signed a contract for sale for $730,000. The house appraised for just over that amount. Afterwards, we learned that the seller owes more than that ($760,000) on a reverse mortgage. Does HUD/FHA need to approve the sales price before we can close? It seems that because the sales price is within 95%...
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A Look Into The Reverse Mortgage Process and Timeline to Closing

July 11, 2017 by All Reverse Mortgage

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I understand there are many variables involved in 'how long' it takes, some of them due to applicant errors and misunderstandings.... but I would appreciate an average of start to finish for a reverse mortgage loan? I assume when the quotes arrive they will include 'next step' but what is the typical processing time to complete this type of transaction?...
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Reverse Mortgage Occupancy Requirements Explained

June 14, 2017 by All Reverse Mortgage

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We live with my mother in law and were present throughout the process of her getting a reverse mortgage. The broker is fully aware that we live there with her and help keep up the property and pay living expenses. He told us if she ever needed to go to a nursing home, as long as she is on the...
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Reverse Mortgage Meaning: Common Terms Explained

May 31, 2017 by All Reverse Mortgage

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Reverse Mortgage Meaning Video When it comes to exploring reverse mortgages and how they could be helpful to your situation you first should have an understanding of the terms that will be used throughout the process. These terms will help you fully understand how a reverse mortgage works. Here are a few terms that may be helpful in...
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New Appraised Value Under 12 Months Ownership? No Seasoning Required.

May 24, 2017 by All Reverse Mortgage

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We bought our home 11 months ago so obviously our mortgage was done last June. According to what I understand the loan has to be more than 12 more than old. We will have to wait a few months to do a reverse mortgage? Hi Lowell, You and I also traded emails on this issue but I thought this was...
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Author Archives

California Reverse Mortgage Counseling Rule Change of 2017

HOA Payment History Can Affect Your Eligibility for Reverse Mortgages

Reverse Mortgage for Purchase: Down Payment Requirements

How the Appraisal Process, Laws & Appeals Work

🇺🇸 What the Trump Administration Means for Reverse Mortgages

Buying Home & Seller Has a Reverse Mortgage – Now What?

A Look Into The Reverse Mortgage Process and Timeline to Closing

Reverse Mortgage Occupancy Requirements Explained

Reverse Mortgage Meaning: Common Terms Explained

New Appraised Value Under 12 Months Ownership? No Seasoning Required.

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