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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... Read Full Article
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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... Read Full Article
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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... Read Full Article
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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... Read Full Article
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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... Read Full Article
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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... Read Full Article
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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.... Read Full Article
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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... Read Full Article
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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... Read Full Article
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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... 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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