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Hello ARLO, Husband & Wife, both over 70-years-old, occupied principal residence in California for many, many years and have no other home. Husband had a fall in late 2016 and was discharged from the hospital to a board & care facility to recover. Husband had been at board & care facility for 4 months when husband & wife applied... Read Full Article
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Fixed Rate Reverse Mortgages – which is right for you? Many senior borrowers have been raised on the idea that a fixed rate loan is the “only way to go”. Still others remember back to the early 80’s when interest rates climbed as high as 18%. Some borrowers experienced rising interest rates from adjustable rate loans (or knew others who... Read Full Article
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[arlo_toc] Tax Benefits of Reverse Mortgages: What’s Deductible? Similar to a conventional mortgage, some costs associated with a reverse mortgage are tax-deductible, as are interest payments a borrower chooses to make. Joe Diaz, owner of American Essential Services, a tax preparation company in Kissimmee, Florida, explains that borrowers can claim origination fees, broker fees, and even “discount points” if a... Read Full Article
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BREAKING: 2023 Reverse Mortgage Limits Reach All-Time High $1,089,300! 2021 Reverse Mortgage Limits Officially $822,375! The U.S. Department of Housing and Urban Development (HUD) just announced that the reverse mortgage lending limit for the Home Equity Conversion Mortgage (HECM) program will be raised from $765,600 to $822,325 effective January 1, 2021. The HUD Mortgagee Letter announcing the increase, can... Read Full Article
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I am still confused about debt after I sell. My wife and I have a current reverse mortgage debt of $300K on a Seattle (98146) house valued by Zillow at $310K. At time of reverse mortgage award it was appraised at $380K. We took out the reverse mortgage about 15 years ago thinking it would be our home until death.... Read Full Article
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The decision to take out a reverse mortgage may stem from a variety of reasons, whether it’s a desire to stay in your home or the need for extra cash flow. When facing the decision to take out a reverse mortgage or sell your home, there are a few factors to weigh. Each option has its own pros and cons and... Read Full Article
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Hi ARLO, my mom passed away, I have inherited her home with a reverse mortgage on it. Can I still try and refinance the loan or home, or do I have to get a home loan myself? The reverse mortgage becomes due and payable when the last borrower on the loan is no longer living in the property. If mom... Read Full Article
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The troubled economy, pandemics and social unrest have made the idea of retirement very uncertain for many seniors who are now struggling to come up with ways to securely finance their futures. What most senior homeowners don’t realize is that getting a line of credit through a reverse mortgage can help them preserve their equity from inflation, as it will... Read Full Article
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The HUD HECM program limits the youngest borrower to the age of 62 or older to be eligible for the reverse mortgage program. If there is a spouse of a borrower who is not yet 62, the older spouse can still get a reverse mortgage and the younger spouse can remain on title and would be known as an “eligible... Read Full Article
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If I do a reverse mortgage, can I pull all the money upfront as a lump sum, or do I have to have a line of credit? Is there a cost to pulling out all the money upfront? HUD changed the program a little while back so that borrowers are capped at what they can pull from home based... 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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