Author Archives

Reverse Mortgage Condo Changes Allow for Spot/Single Unit Approval

November 1, 2016     8 comments

ALERT: HUD Announces Condo Changes Effective October 15, 2019! UPDATE: 9/3/2017 It is our unfortunate duty to inform all owners of condominium units located in projects that are not currently HUD approved that HUD released a statement today that HUD has decided not to alter the condo approval requirements/process at this time.  There had been so many rumblings...
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Hurricane Alert – 5 Tips if You Have a Reverse Mortgage

October 7, 2016     9 comments

HECMs and Hurricanes As Floridians and East Coast residents brace for Hurricane Matthew, the strongest system to threaten the United States since Katrina in 2005, we asked two knowledgeable servicers for advice that you can share with your clients if their homes are damaged. Ryan LaRose, President and COO of Lansing, MI-based Celink, and Co-Chairman of NRMLA’s Servicing Committee, and...
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Financial Assessment Update Takes Effect October 3, 2016

September 26, 2016     no comments

Reverse Mortgage Financial Assessment Update Purpose The intent of this article is to announce upcoming updates to the HECM Financial Assessment and Property Charge Guide guidelines. Implementation These changes are effective for case numbers assigned on or after October 3, 2016.   New Requirements  SECTION NO. SUBJECT REVISED REQUIREMENT 2.14 Payment History on Housing Obligations Requirements apply only to the borrower's...
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Getting a Reverse Mortgage Online -vs- in Person

August 19, 2016     no comments

Making the decision to apply for a reverse mortgage is a large decision in and of itself, but once you do decide you’re ready, you will have a choice to make whether you want to work with a loan officer over the phone or in person. You can complete a reverse mortgage in person with a local loan officer or...
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How Will Brexit Impact Reverse Mortgages?

August 17, 2016     no comments

As you have heard by now, Brexit happened. The United Kingdom voted in referendum in June to leave the European Union. Though nothing catastrophic has happened as a result, there will likely be some slow changes taking place across the real estate landscape in the U.S. in the coming years, especially when it comes to the housing market. Since the...
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How Does a Reverse Mortgage Really Work?

June 12, 2016     no comments

Teresa has sent the following question(s) in the ask experts blog. Hi, how does the reverse mortgage really work? I have been trying to understand it, do I receive the money that is reversed? I pay $ 441.70 for my mortgage and I'm on social security and only make under $760.00 a month and the payments goes to USDA Rural Development...
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Using a Reverse Mortgage to Purchase New Home

June 10, 2016     2 comments

A browser Phil Smith has sent the following question(s) in the ask experts blog. I wish to purchase a new home for approximately $800,000. What is the difference if I (A) pay cash for the property and then get a $250,000 reverse mortgage or (B) get a $250,000 reverse mortgage as part of the purchase process? I am 72 and my...
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Reverse Mortgage Heirs: How Much Will You Owe?

June 10, 2016     28 comments

Today we received a question that came across one of my blog posts "The Pros and Cons of the Reverse Mortgage" This is an excellent question that I'm sure most heirs have when families may be considering the reverse mortgage. "My grandma is 76, retired once but had to start working again to keep up with the property taxes. My...
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Reverse Mortgages – How They Work & How They Don’t in 2017

June 10, 2016     4 comments

Many people get very confused when they try to grasp how a reverse mortgage works. They look at the different interest rates, the mortgage insurance, the servicing fees, principal limits, net principal limits and before long, they just want to know the bottom line as they're so confused they don't want to try to understand anymore. This will be possibly...
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Can You get a Reverse Mortgage on a Log Home?

March 30, 2016     no comments

A browser Myrddin J.  sent the following question(s) in the ask experts blog: I have a log home with no mortgage. I applied to quicken reverse mortgage and was told that because there aren't any other log homes sold in the area for the last six months (there are around 20 in the area but none sold) FHA would not...
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