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Reverse Mortgage Statement - Explanation of Terms: 1. Statement Date: The period that the statement represents. The sample statement displays all of the loan activity that occurred during October. 2. Payment Plan: This is the current payment plan type that has been selected. The borrower selected a “Line of Credit” payment plan option in the sample statement. 3.... Read Full Article
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The reverse mortgage industry in the United States has had to wrestle with some issues related with some new regulatory rules handed down by the U.S. government in 2017 and 2018, and for some companies that had formerly offered loans in the space, the issues that stemmed from these changes to the federally-insured Home Equity Conversion Mortgage (HECM) program caused... Read Full Article
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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 time to... Read Full Article
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I am 68 years of age, married my wife about three years age. I had my house before I got married. My wife is 54, can I still do a reverse mortgage? And if so how will it affect her? Her name is not on the deed. -Gregory N. Firstly, let me say that as of August 4, 2014,... Read Full Article
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Updated 9/17/2025 When it comes to reverse mortgages, a crucial step in the process is the financial assessment – a set of guidelines developed by HUD (the U.S. Department of Housing and Urban Development). This assessment is more than just a formality; it's a safeguard designed to protect both the borrower and the government, which insures most of these loans.... Read Full Article
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Taking out a reverse mortgage on a property in conservatorship takes a few steps, but it can be done. Conservatorships are established when a court deems a person incapable of making certain decisions and can encompass two categories: for a person or a person's estate. Some conservatorships cover both aspects. They are generally put into effect when someone petitions the... Read Full Article
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Hello Arlo, I obtained a reverse mortgage on home I purchased in 2011. Paid $170,000 for house in down market now appraised at well over $300,000. I moved my girlfriend in at the time of purchase - still with me ;) Question - how can I protect her from getting thrown out of "our" home if I go daisies up... Read Full Article
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My parents have a reverse mortgage with a line of credit that has run out of money. It was very helpful to them for many years. One parent is in a long-term care facility and on Medicaid. My other parent is living in the home, and my understanding is that I can live there for as long as I am... Read Full Article
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Here is what has happened to me regarding the appraisal. Applied on May 1, credit report/income/assets fine, credit score of 800, appraiser came on May 8, loan officer was calling me on May 15 to say appraisal came in at same figure we estimated, everything is looking good, as soon as underwriting approves it, we can schedule closing, blah blah.... Read Full Article
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Does the property have to be 5 acres or less? Wow, I wish I could answer this question in as few words as you asked! Unfortunately, though, this is going to take a little longer. Because if I had to answer it in just a couple of words, I would have to say, "it depends". We get this question often,... Read Full Article
This material has not been reviewed, approved, or issued by HUD, FHA, or any government agency. All Reverse Mortgage, Inc. is an independent company and is not affiliated with, acting on behalf of, or endorsed by HUD/FHA or any government agency. This content is for educational purposes and is not tax advice. Reverse mortgage programs may not be available in all states.
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