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Can the loan balance grow beyond the value of the house? I thought there was a cap of 60% of the value of the house? There is no "cap" on the amount of interest that can accrue. In many cases, especially if the value of the home declines as they have done in recent years, the balance of the... Read Full Article
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Are the rules for all reverse mortgages the same? Not all rules are the same in the same states let alone from state to state. There are more than one reverse mortgage programs available but the main program being originated today is the HUD Home Equity Conversion Mortgage (HECM or "Heck-um"). The HECM accounts for the vast majority of all the reverse... Read Full Article
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Why am I allowed such a small amount (60% of the value of my home) on a Reverse Mortgage? Hi Shirley, The reverse mortgage program is meant to allow you to live in your home, payment free for the rest of your life. The equity in the property is always yours. So while you are allowed 60% now, the other... Read Full Article
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Question #1 HOW MUCH INTEREST IS ACCUMULATED ON A $100,000 REVERSE MORTGAGE AT THE END OF 10 YEARS TO PAY BACK.. Question #2 WHAT IF YOUR HOUSE PROPERTY DEVALUES WAY BELOW AMOUNT GIVEN AND YOU HAVE NO WAY TO ECONOMICALLY PAY BACK..EA.HOUSING SLUMP.... Question #3 HOW DOES A REVERSE MORTGAGE WORK FOR MY HEIRS? IS IT POSSIBLE TO PUT ONE... Read Full Article
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My husband is 63 and I am 60 - would reverse mortgage be a good option for us? - Patricia Hi Patricia, I'm afraid you have not given me much information. You are not yet old enough to be on a reverse mortgage (all borrowers must be 62 years of age or older) and so you would have to... Read Full Article
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Our stick built home is on 3 acres and is valued at about $375,000. In 2001 we added a manufactured home on the same property. It is on a permanent foundation, is permitted, has its own separate utilities and address. It is presently a rental and is valued at about $150,000. In checking with two different lenders both indicated that... Read Full Article
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We understand to do a reverse purchase mortgage have to put at least 51% down. Using 100k as example, wife understands we can get back some of the 100k...if so, when? - Art Hello Art, Firstly, the amount you put down depends on your age and the value of the home as it relates also to the HUD maximum... Read Full Article
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The population of older Americans is growing and will continue to grow for the next two decades. By 2035, it is projected that one out of every three households in America will be headed by someone age 65 or older. But among the older adults, the percentage of those with low incomes will grow. In 2015, 15 million older adults... Read Full Article
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ALERT: Oct. 2017 HUD to Lower Benefits/Raise Costs Under President Trump-Sec. Carson 2017! Does that sound as odd to you as it does to me? Seems like it was only yesterday that HUD finally lifted the county by county limits on the HECM program and we went to a national limit of $417,000 that was raised just a year later to... Read Full Article
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What is a Reverse Mortgage & How Does It Work? Over the past several years there have been a number of television commercials with spokesmen pitching reverse mortgages. However, it is still not a term that is very well understood by most people for a very good reason. Mortgages come from lenders and are what people use to purchase homes,... 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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