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HUD to Require Second Appraisal on Some Reverse Mortgages (2025 Update)

March 21, 2022 15 comments

What’s New in 2025 — FHA Simplifies Second Appraisal Rules Updated March 2025 — HUD refined its second appraisal rules for reverse mortgages, removing the 2024 borrower-initiated appeal system and simplifying the review process. A second appraisal may still be required if the first appraisal contains material deficiencies that affect value. All FHA-insured reverse mortgages must continue to meet HUD’s...
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How to Use a Reverse Mortgage Repair Set-Aside

March 21, 2022 10 comments

Hello ARLO, My mom's house is in Martinsville, IN. During a healthy economy, the house was worth around $200,000. It requires some repair. Who pays for the appraisal to determine the home value? And, are there arrangements where if repairs are required as a condition of the loan approval, can proceeds from the loan be placed towards the repair? In...
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AAG – Nations #1 Reverse Mortgage Lender Sells Loan Portfolio

January 7, 2022 6 comments

For several years I had had borrowers tell me that this was the last-ditch pitch they received from a loan originator from a well-known competitor. When that company could not match or beat the rate and fee structure, we offered the client their reverse mortgage transaction. They argued with the borrower that they should close a loan with their company...
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No Closing Cost Reverse Mortgage Options are BACK!

December 28, 2021 5 comments

Understanding No-Closing Cost Reverse Mortgages Reverse mortgages, like HUD’s Home Equity Conversion Mortgage (HECM), are often associated with high upfront fees, such as a 2% mortgage insurance premium based on the property value or lending limit (whichever is lower). This reputation for high costs can deter potential borrowers. However, no-closing cost reverse mortgages offer a more affordable alternative. How do...
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How Lower Interest Rates Drive Larger Reverse Mortgage Amounts

December 1, 2021 no comments

If You’ve Looked at a Reverse Mortgage in the Past, You May Want to Look Again! If you have ever investigated a reverse mortgage or have thought about it, especially in the past 24 months and didn’t think the numbers worked for your needs, it may be time to check again. The reason we say this is because one...
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The Wait is Over: Reverse Mortgage for Age 55 is Here!

October 27, 2021 12 comments

[arlo_toc] Reverse mortgage programs are now available starting at age 55 Reverse mortgage opportunities are now opening up for individuals as young as 55, marking a significant shift in the industry. Historically, proprietary or private reverse mortgages, often referred to as jumbo reverse mortgages, were primarily utilized for high-value properties exceeding HUD's lending limits. Initially, these private options were less...
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HELOC Resets Create ‘Perfect Storm’ For Reverse Mortgages

October 20, 2021 3 comments

Senior homeowners may be looking at a combination of events that could equate to the perfect storm brewing that doesn't even appear on most of their horizons. There is a combination of events, those that have already happened, those that are going to happen, and those likely to happen, that could leave many senior homeowners in a real bind. So...
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Wells Fargo Reverse Mortgage Review (2025 Update)

October 6, 2021 22 comments

Many years ago, some of the biggest banks in the nation offered reverse mortgages. Among them, Wells Fargo was one of the largest lenders in the U.S. Home Equity Conversion Mortgage (HECM) market. Today, that is no longer the case. Wells Fargo was at one time the largest reverse mortgage lender in the country. It was only a short time...
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Financial Freedom Reverse Mortgage Review (2023 Update)

October 6, 2021 52 comments

At one time, there were quite a few major bank lenders offering reverse mortgages. In fact, in the early 2000s, the majority of reverse mortgage loans were closed by national banks. One of the large bank lenders was Financial Freedom, which most recently operated under the parent company CIT Group, and previously was owned by OneWest Bank and IndyMac. At...
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Kosher Reverse Mortgage for Veterans by Jack Guttentag

September 29, 2021 2 comments

We had a “unique” caller leave us a message 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 name or that...
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