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One question we often get from potential clients is: Can I take a reverse mortgage out on my second home? The short answer is no, not anymore. Prior to the financial crisis, some lenders did offer a private product that allowed borrowers to obtain a reverse mortgage on their second home. But today, most reverse mortgages are through the Federal... Read Full Article
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If you’re looking for a new way to finance your retirement, the range of options available to you through a reverse mortgage is worth exploring. Most people start with the question: "How much can I get?" It's a good place to start, and it’s important to know that there are several factors that will determine the maximum amount you can... Read Full Article
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An estimated 99% of of reverse mortgages offered today are insured by the Federal Housing Administration (FHA), according to the agency. While the government does insure these reverse mortgage products, it does not offer the loans directly to consumers. Since they are insured by the federal government, the vast majority of reverse mortgages come with additional benefits that you won’t... Read Full Article
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My interest and Mortgage insurance are adding $1,100.00 to my principal each month because my rate has gone up 2% in the last year---my Line of credit has $60,000 and grows by $245.00 a month. I would like to start putting my prepayments on the unpaid principal. My loan states that I can specify if I want to have the... Read Full Article
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Borrowers are still asking, "Which is better, a Home Equity Line of Credit from our Bank or a Line of Credit on a Reverse Mortgage?". And there is not just one answer the works for everything when comparing the Home Equity Line of Credit or HELOC to the Home Equity Conversion Mortgage (HECM or "Heck-um") when accessed as a line... Read Full Article
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ALERT: HUD Announces Condo Changes Effective October 15, 2019! We have just read with interest the benefits of reverse mortgage to an applicant on your website. You also mention benefits to the Condo Associations. However, our experience as an Association in Florida has been negative. We have recently had a problem in our condominium unit in Boca Raton,... Read Full Article
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How would you characterize the average reverse mortgage lender's maintenance requirements? Do they tend to be stringent, moderate, or relatively lax? I have read one account of a reverse mortgage lender requiring very burdensome maintenance requirements that the average retiree wouldn't be much concerned with...such as those necessary for maximum resale value, but largely cosmetic (repaint the entire house inside and... Read Full Article
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Looking into a Reverse Mortgage? Here are the questions you should ask: What exactly is a reverse mortgage? A reverse mortgage is a loan insured by the federal government that allows you to convert a portion of the equity you’ve built up in your home into tax free single lump sum disbursement, line of credit or monthly payout. Read... Read Full Article
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What Rising Interest Rates in 2018 Mean for Reverse Mortgage Borrowers Interest rate increases impact reverse mortgage borrowers differently from how they impact forward mortgage borrowers. While gains in short-term rates have a minimal effect on the amount of loan proceeds reverse mortgage borrowers may be eligible to receive, hikes in longer-term rates can significantly reduce their borrowing power over... Read Full Article
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..one originator’s observations about the undiscussed reasons for problems with the MMI fund. We heard from Brian Montgomery at the annual NRMLA meeting that he envisions further changes coming down the road for the HUD HECM program. Jessica Guerin at The Housing Wire (Housing Wire on Brian Montgomery) tells us that Montgomery outlined the “fixes” attempted by HUD and that... 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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