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Reverse Mortgage to Buy a New House: How much home can I buy?

April 22, 2014 no comments

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...
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Reverse Mortgage Appraisal Problems? Ask The Expert

April 21, 2014 7 comments

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...
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Growing Demand Ahead for Reverse Mortgages

March 21, 2014 2 comments

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....
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Can You Purchase Reverse Mortgage with Bad Credit?

March 18, 2014 no comments

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...
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Why Do Reverse Mortgages Have Mortgage Insurance?

March 17, 2014 6 comments

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...
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Issues that can arise when a condo owner obtains a reverse mortgage?

March 13, 2014 no comments

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...
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ALL-NEW: Fixed-Rate Reverse Mortgage Line of Credit!

February 23, 2014 no comments

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...
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Avoid Payment Shock—Turn your HELOC into a HECM

February 14, 2014 no comments

Billions of dollars worth of home equity lines of credit (HELOCs) are about to amortize this year, and if you’re one of those borrowers who has one and you’re aged 62 or older, don’t panic—you might be able to use a reverse mortgage to pay off your loan. According to a recent report from Moody’s Investor Services, around $30...
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New Programs: Choice, Advantage & Fortune

February 9, 2014 no comments

Each new year brings opportunities, and 2014 is no different: Reverse mortgage borrowers have new loan options available to them starting this year. If you’re interested in getting a reverse mortgage, here’s some information about the most popular product, the federally insured Home Equity Conversion Mortgage (HECM), and some of its new loan variations that are now on the...
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Reverse Mortgage Rule Change will Address Non-Borrowing Spouses

February 4, 2014 no comments

NEWS: FHA Now Allows Non-Borrowing Spouses to be Protected! Read More The Department of Housing and Urban Development is getting ready to resolve an age-old reverse mortgage problem: the issue of the non-borrowing spouse. A reverse mortgage is a financial tool that allows borrowers who are 62 or older to tap into their home equity either in...
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