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How does a Reverse Mortgage for Home Purchase Work?

December 9, 2014 2 comments

You've probably heard about a reverse mortgage as a special type of loan that retirees can use to help pay off a mortgage or increase cash flow during their later years. A reverse mortgage can be a safe financial alternative to selling the home in which you live and moving away from family and friends, if it’s staying in your...
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Can You Access Reverse Mortgage Funds Left After Death?

November 24, 2014 2 comments

My mother had a reverse mortgage since 2007. Her house at the time was appraised for $510,000. Her credit line was approximately $340,000. To date, she received payments totaling approximately $270,000 with $78,000 remaining available. We received a phone call from an appraiser for the bank a day after her funeral looking to set up an appointment to inspect...
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Reverse Mortgage for Condo on Leased Land Requirements

November 19, 2014 2 comments

I would certainly – and for a second time – apply for a reverse mortgage immediately, but I know I’m ineligible. Why? Because the ground lease my condo apartment building has with the Battery Park City Authority (BPCA) does not satisfy a requirement that FHA imposes on condo and co-op applicants – and only on condo and co-op applicants --...
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April 27, 2015 – Reverse Mortgage Financial Assessment Begins!

November 11, 2014 11 comments

HUD issues dates for implementation of financial assessment for reverse mortgages. In 2013, HUD shocked the reverse mortgage world by announcing that they planned to implement financial assessment guidelines in response to the heavy losses the program sustained in 2012. The guidelines were set to require borrowers to qualify on the basis of income and past credit history for...
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Yes, You Can Purchase With a Reverse Mortgage (Audio Interview)

November 11, 2014 no comments

Have a question about the reverse mortgage for Purchase? Call us Toll Free (800) 565-1722. Or, use our purchase calculator to see how the loan may work for you. Other Purchase Articles by All Reverse HECM Purchase FAQ’s HECM Purchase Reverse Mortgage in Today’s Top-10 Retirement Cities 12 Tips Before Purchasing with a Reverse Mortgage

Is the Reverse Mortgage the Best Choice For You?

October 20, 2014 no comments

Comment: my partner is 71, I am 75, We own our condo in CA the balance on the mortgage is 52,000 and the approx value is 150,000-160,000. is this program the best choice for us? Hi Rudy, You know, you used the magic words in there, "..the best thing for us". We are of the opinion that reverse mortgages...
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2014 Reverse Mortgage Payment Plans: Lump Sum vs Credit Line

October 9, 2014 2 comments

If I take an initial lump sum is it possible to obtain further equity in a lump sum after a number of years or would I have to pay the loan off and get a new loan? HUD allows you to take your loan as a fixed rate or an adjustable rate loan. The fixed rate loan is a closed-ended...
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Getting a Reverse Mortgage – How to determine Appraised Value?

October 8, 2014 no comments

how do I determine the appraised value of my home - Lana Hi Lana, This is a great question and the answer is not as simple as it may seem. Let me explain. An appraisal on a property is an estimate of value based on the information available as of a certain date, a snapshot in time if...
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Reverse Mortgage to Purchase a Condo

September 26, 2014 no comments

ALERT: HUD Announces Condo Changes Effective October 15, 2019! If I want to buy a condo for $200k all cash, can I then borrow against the equity in a reverse mortgage? Could I take out a sum certain each month or do I have to take it out all at once? I am thinking that the savings from not...
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How to Purchase a Reverse Mortgaged Home

September 25, 2014 no comments

I have found a place that we would like to purchase but the couple have passed away and also found out they had a reverse mortgage on the place. The family don't want the property and are letting it go back to the mortgage company. How can I get the property with out going through auction and would it have...
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