Author Archives

2020 Reverse Mortgage Changes: New Limits, New Programs!

December 13, 2019     10 comments

What’s New and Exciting for 2020 Reverse Mortgages? It seems that reverse mortgage borrowers have been getting nothing but bad news for the past 7 years. HUD has implemented more restrictions, lowered amounts available to borrowers, increased eligibility requirements that borrowers had to meet and overall, reverse mortgage borrowers have had little to be happy about for a while. Don’t...
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2020 Reverse Mortgage Limits Officially $765,600

December 4, 2019     2 comments

BREAKING: 2023 Reverse Mortgage Limits Reach All-Time High $1,089,300! HUD just announced that the current reverse mortgage loan limit for the HUD Home Equity Conversion Mortgage (HECM) will be raised from $726,525 to $765,600 effective January 1, 2020.  The HUD Mortgagee Letter announcing the increase, can be found on the HUD website here: https://www.hud.gov/sites/dfiles/OCHCO/documents/19-20hsgml.pdf . After the limits remained...
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Reverse Mortgages: Remaining Principal Limit After 12 Months

November 16, 2019     4 comments

My father recently passed away and left his duplex to my brother and I, It is paid for and all taxes are current. I have lived in one side for over 25 years and my brother lives 100 miles away. I would love to keep this place and have my daughter move in next door with a reduced rent. I...
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Reverse Mortgages for Purchase in Texas Now Approved!

November 16, 2019     2 comments

As the last state in the union to approve it, Texas voted in early November to allow the reverse mortgage for purchase product to be offered to its residents and those moving to the state. Texas has lagged behind other states that have long offered this type of reverse mortgage loan due to longtime homestead laws that place certain barriers...
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MetLife Reverse Mortgage Review (2023 Update)

September 22, 2019     2 comments

Today, most reverse mortgages are closed by non-bank mortgage lenders across the U.S. But going back a few years, most reverse mortgage volume was conducted by big, national banks.  Among those lenders was MetLife Bank, which used to be operated by the large national insurance provider MetLife. In fact, at one time, MetLife was the largest Home Equity Conversion Mortgage...
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HUD Announces Condo Changes to Take Place October 15, 2019

August 16, 2019     4 comments

HUD Announces Condo Rules with Changes to Take Place October 15, 2019 Since we last wrote, HUD has finally announced that they are bringing back the single-unit approvals for condominiums! HUD just announced that they will once again begin allowing unit owners to obtain FHA-insured loans on individual units in condo projects that have not gotten the entire project...
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Having Problems with Celink Reverse Mortgage – Please Help!

July 12, 2019     47 comments

My father passed away at 91 years of age. He divorced his second wife of 12 years in 2007. She has since returned to her home country of Mexico and has had no further family contact since then. She quitclaimed her interest in the property in exchange for a $70,000 financial settlement with funds obtained from their reverse mortgage line...
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How Capital Gains and Proposition 13 affect Reverse Mortgages

June 19, 2019     6 comments

How would capital gains tax and California’s Proposition 13 affect my ability to get a reverse mortgage for purchase? Prop 13 and the Reverse Mortgage for Purchase A Home Equity Conversion Mortgage (HECM) for Purchase, sometimes called an “H4P,” is a product that allows a borrower that’s at least 62 years of age to take out a reverse mortgage in...
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How to use a Reverse Mortgage for Home Purchase

May 14, 2019     8 comments

How to use a Reverse Mortgage for Home Purchase Many borrowers and real estate professionals have never used a reverse mortgage to purchase a home or been involved in a transaction where one was used. This promotes a bit of uncertainty on the part of real estate professionals, sellers and some buyers when it seems that the whole process is...
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Reverse Mortgage Solutions Bankruptcy & Effects on Seniors

May 13, 2019     24 comments

What if my reverse mortgage with Reverse Mortgage Solutions (RMS) files chapter 11 bankruptcy? - Hilda Hello Hilda, I believe you are referring to the letter that went out to all customers of Reverse Mortgage Solutions, Inc. (RMS) and their affiliates. We cannot give you legal advice so this is a quick reminder of how the reverse mortgage works...
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