Author Archives

HECM Choice: Fixed Reverse Mortgage Offers Term & Tenure Payouts

December 18, 2013     no comments

Americans 62 years of age and older have a new reverse mortgage option that is being offered first by All Reverse Mortgage Company. It’s called the HECM Choice. The product allows borrowers to withdraw a lump sum at a fixed rate and receive additional funds one year later using fixed rate term or tenure payments. The product provides...
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Choice Offers Fixed Rate Lump Sum + Monthly Payments

December 17, 2013     no comments

Finally! Borrowers who wish to apply for the Government Insured Reverse Mortgage known as the Home Equity Conversion Mortgage (HECM or "Heck-um") have more than just one way to opt for a Fixed Rate loan. Ever since the fixed rate loans were introduced to the Reverse Mortgage product, borrowers have always had just one option to choose from, which was...
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Introducing the HECM Choice Reverse Mortgage

December 17, 2013     1 comment

Now there’s a reverse mortgage that gives you the flexibility to take only the money you need up front, and enjoy the certainty of an interest rate that doesn't change. Before Fixed HECM Choice, you had to take all of the money that was available right away—even if you didn't need it all. Now there’s Fixed HECM Choice—a Home...
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Reverse Mortgage Limits Stay High for 2014

December 13, 2013     no comments

Loan limits for government-insured reverse mortgages have kept stable at a maximum claim amount of $625,500 for 2014. For borrowers in high-valued homes, this means you will retain your ability to access your home’s equity as a new reverse mortgage borrower. Next year’s limits for the Federal Housing Administration-insured Home Equity Conversion Mortgage (HECM) program remain unchanged from 2013....
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2014 Reverse Mortgage Changes: New Qualifications Are On The Way

December 11, 2013     no comments

BREAKING: April 27, 2015 – Reverse Mortgage Financial Assessment Begins! Learn More Here Update: HUD Delays Implementation of Financial Assessment Dec. 20--HUD issued a Mortgagee Letter this afternoon that delays implementation of financial assessment, which was scheduled for January 13, 2014. Conversations with HUD indicate we can expect another Mortgagee Letter on Financial Assessment Requirements sometime in January with implementation...
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2014 Reverse Mortgage Financial Assessment: Will You Qualify?

December 6, 2013     no comments

BREAKING: April 27, 2015 – Reverse Mortgage Financial Assessment Begins! Learn More Here Update: HUD Delays Implementation of Financial Assessment Dec. 20--HUD issued a Mortgagee Letter this afternoon that delays implementation of financial assessment, which was scheduled for January 13, 2014. Conversations with HUD indicate we can expect another Mortgagee Letter on Financial Assessment Requirements sometime in January with implementation 90...
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Reverse Mortgage Purchase Guidelines: Income & Assets

November 20, 2013     2 comments

Between HUD tightening reverse mortgage guidelines and some reverse mortgage myths that many borrowers have believed, I think now is a very good time to put out a little guide to help borrowers manage their expectations about reverse mortgages.  The reverse mortgage is a federally-insured loan. It is not a government grant and although the requirements have always been much easier...
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Considering a Reverse Mortgage with a Spouse not 62?… Not So Fast

October 8, 2013     1 comment

Question from our reader: We are thinking about getting a reverse mortgage when I turn 62, my wife will be 60. We will put the house in my name only so I can get the reverse mortgage. Would we have to refinance or could we pay a fee and have my wife added as co-borrower when she is 62? -...
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The NEW Reverse Mortgage HECM 60: Which Program is Best for You?

October 7, 2013     no comments

As with any mortgage product, a reverse mortgage offers borrowers several different options when it comes to loan type and interest rate. There are variable rate options, fixed rate options and even a reverse mortgage that allows you to purchase a new home. Each product comes with its own set of advantages, so it's important to research upfront...
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2013 HECM Update: A Preview of Reverse Mortgage Changes Ahead

October 7, 2013     no comments

HECM Update: A Preview of Changes Ahead By Peter Bell, President and CEO We have been getting a lot of questions from members regarding the forthcoming changes to the HECM program, now that the Reverse Mortgage Stabilization Act has been signed into law. While many details remain to be ironed out, we thought we would provide the following update. The...
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