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HUD previously delayed their Financial Assessment, but it looks like they will be taking place soon. There are changes that will go into effect in the near future that will affect many reverse mortgage applicants. At All Reverse Mortgage, we feel that we wouldn't be doing our jobs if we didn't keep everyone up to date on what's happening. Here are some... Read Full Article
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An upcoming rule change is spelling big news for non-borrowing spouses of reverse mortgage borrowers. Historically, a non-borrowing spouse who wasn’t named on the loan could be held responsible for repaying the reverse mortgage when the named borrower passed away or had to move from the home permanently. This left some non-borrowing spouses lacking financial options if they didn’t... Read Full Article
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Retirement can mean different things for different people. For many, it means moving out of their longtime home and embarking on a new chapter in a different place. Approximately 57% of Baby Boomers, adults ages 49 to 67, say they plan to to move out of their current homes during their retirement years, according to a recent survey from... Read Full Article
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Many people take out a reverse mortgage as a way to enable them to remain in their homes while reducing their housing expenses in retirement, but an increasing number of people are using a relatively new type of reverse mortgage to purchase a brand new home that will help them live out that same goal. Even if you already... Read Full Article
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About 6 years ago we had our home appraised for refinancing and it came in at over 210K. As seniors with no children we decided a reverse mortgage would be a wonderful solution to our money issues and I went on www.homes.com, entered our zip code and zoomed to our block which consists of 6 duplex houses. According to the... Read Full Article
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If you’re a homeowner who’s considering retiring, you may already be in possession of your most important source of retirement funding: your home. Demand for reverse mortgages—a type of loan that allows you to borrow against the equity in your home, if you’re 62 or older—is expected to increase as a retirement planning tool, finance and economics experts say.... Read Full Article
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Married borrowers #1 has good credit-no blemishes #2 has a bankruptcy with 2 foreclosures 2.5 years ago #1 self employed and #2 employed full time. Combined income about $160,000 per year. #1 owns two properties which he intends to sell and use the proceeds from sales as a down payment for a new home for #1 and #2 to own... Read Full Article
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If I take a reverse mortgage do I have to pay PMI insurance even if I pay my own home owners insurance? Hi Sue, PMI is the acronym that stands for "Private Mortgage Insurance". PMI is used on conventional loans and allows borrowers who wish to obtain a loan with less than 20% equity in a property to qualify... Read Full Article
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ALERT: HUD Announces Condo Changes Effective October 15, 2019! What are the issues that can arise when an individual condo unit owner obtains a reverse mortgage? - Ashley Hi Ashley, If you are asking me if there are any additional issues that may arise after the loan is complete, then I would have to say that there are no... Read Full Article
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New Reverse Mortgage Product Offers Certainty of Fixed Rate, Flexibility of Payment Plans For the first time ever, a new reverse mortgage is available that offers borrowers all the certainty of a fixed-rate loan as well as the flexibility of multiple payment options all in one product. In years past, borrowers who opted for a fixed rate reverse... 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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