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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
8 comments
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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This financial assessment process is conducive to making the Home Equity Conversion Mortgage (HECM) an even safer loan product. If a potential borrower can swallow such an absurdity he need not be concerned about who this financial assessment (FA) is making the product safer for! The FHA wants .50% insurance and will only allow 60% loan to value and now... Read Full Article
25 comments
My fiance (age 68) has a reverse mortgage on his home. I believe it was signed in 2017. We live in WA state and have a de facto marriage 9 years now but are going to legally marry this year. What rights do I have to stay in the home should he die? I am 61. You have... Read Full Article
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Are you planning to use a Reverse Mortgage Purchase? The following tips will be handy... The sale must be an “Arm’s Length Transaction, " meaning you must buy from a totally unrelated third party. Purchases involving family members are not eligible. Has the property recently sold? The property cannot have been sold less than 6 months prior to this... Read Full Article
14 comments
With a reverse mortgage, am I applying for both a loan and a line of credit? Where does the possibility of any cash equity affect me? I had been told this would be a simple transfer of my home to the company, with no further mortgage payments from me for the rest of my life. Upon my passing, the bank... Read Full Article
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For several years, adjustable-rate reverse mortgages used a variety of indexes that determined a benchmark interest rate, which, when added to a margin set by the lender, would determine the final interest that borrowers would accrue on their loan. The rules for the choice of an index is that it had to be out of the lender’s control and had... Read Full Article
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For some existing reverse mortgage borrowers – particularly borrowers who have a Home Equity Conversion Mortgage (HECM) sponsored by the Federal Housing Administration (FHA) – a number of factors may lead them to ask if it is both possible and/or beneficial to potentially refinance their existing loan into an offering with more advantageous terms. The short answer to this is... Read Full Article
126 comments
ATTENTION: This website is NOT affiliated with Novad. To contact Novad servicing, call HUD’s FHA Resource Center at (877) 622-8525 My mother passed in Oct. of 2018 in a nursing home. Prior to her death as POA I surrendered the home by registered letter to Novad, a HUD management company, requesting a Deed in Lieu of Foreclosure. As of March 2020 they... Read Full Article
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If you have decided that you’d like to use a reverse mortgage to tap into your home equity while remaining in your home, there are several considerations that will help you determine how to make the most out of your loan. A reverse mortgage can be an excellent way for some households to boost their cash flow in retirement, establish... 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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