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The economic downturn has taken its toll on many American households and especially on retirees. In fact, one study from Wider Opportunities for Women indicates that more than half of older households have incomes that don’t cover their basic living expenses. To help, many baby boomers are turning to the equity they’ve built up in their homes to help by... Read Full Article
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Reverse Mortgages Can Be a Solution to Major HELOC Resets. There will soon be significant changes for many Home Equity Line of Credit (HELOC) borrowers, which could result in considerable increases in payments. But a solution may also be available for those who qualify: a reverse mortgage line of credit. In the next few years, many homeowners who have taken... Read Full Article
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Under the old reverse mortgage rules, non-borrowing spouses of reverse mortgage borrowers did not have the same rights borrowers did. In fact, in some cases where both spouses were living in the house but only one was named on the home title, those non-borrowing spouses were left without many options after the borrower spouse died. These cases have been... Read Full Article
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My mother has a reverse mortgage and I've been reading and trying to understand it all. Basics... her house was appraised at 390,000 back in 2007, she owed 113,000 on a previous loan. "Original principal limit" 234,000 minus the 113,000 leaves 121,000. Her payment plan was the line of credit which was 99,000. First question; where does or who the... Read Full Article
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The U.S. Department of Housing and Urban Development has made several changes to the Home Equity Conversion Mortgage (HECM) program to strengthen the FHA Mutual Mortgage Insurance Fund (MMI or Fund) and protect the viability of the reverse mortgage program. The changes affect the following requirements: Initial disbursement limits New Single Disbursement Lump Sum payment option Initial mortgage insurance premiums... Read Full Article
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[arlo_toc] How Credit History Can Affect Your Reverse Mortgage Eligibility Court judgments and outstanding state or federal tax liens can blemish your credit history and make borrowing difficult. 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 their home equity,... Read Full Article
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We bought our home 11 months ago. According to what I understand the loan must be more than 12 or older. We will need 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 a good opportunity to let the community see the answer... Read Full Article
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I usually write articles based on the current situation in our industry or the feedback I'm getting from customers. It seems that now more than ever, I'm getting online blog requests and calls from borrowers telling me they are feeling a lot of sales pressure from loan originators on their reverse mortgage requests. Some of these folks are quite concerned... Read Full Article
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First off, I absolutely LOVE this site! So informative as it relates to reverse mortgages. Thank you for helping us navigate this reverse mortgage world. My parents had a RM. Mom passed away last year; dad this past June. They had a Living Trust and will. Their house was in the Trust with instructions to sell it and distribute assets... Read Full Article
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My mother and I were listed as Trustees on the Deed and title of the home she was living in. I was named executor of her irrevocable trust. The house was paid in full, but she had an equity loan and medical bills for approximately $27,000. She told me she wanted to take out a Reverse Mortgage to pay for... Read Full Article
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