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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? -... Read Full Article
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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... Read Full Article
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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... 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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Changes to the HECM Program This issue of Weekly Report is devoted to explaining the various reforms to the HECM program announced by the Department of Housing and Urban Development on September 3 in Mortgagee Letter 2013-27. Following is a detailed summary of the various changes: Initial Draw (effective date September 30, 2013) According to HUD’s analysis of the HECM... Read Full Article
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Historically, reverse mortgages were thought to be a solution only for people who found themselves “house rich” and “cash poor.” But today, the thinking has changed. Because a reverse mortgage allows the borrower to convert home equity into cash, either in the form of a lump sum payment, monthly installments or as a line of credit, the conventional thinking was... Read Full Article
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Tennessee is turning into an attractive retirement destination thanks to the fairly recent introduction of retiree-friendly tax laws and an overall lower-than-average cost of living. If you live in Tennessee already or are thinking about moving to or within the state, here are some ways a reverse mortgage could help. The federally-insured Home Equity Conversion Mortgage (HECM)... Read Full Article
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South Carolina is a popular retirement destination thanks to its lower-than-average cost of living, moderate climate, and high population of older adults. Whether you’re already a South Carolina resident or are considering moving there, here are some things to consider if you’re also thinking about using the reverse mortgage, which allows homeowners aged 62 and older to access their... Read Full Article
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If you are thinking about getting a reverse mortgage in Texas, there are a few things to know about why the loans are slightly different in Texas. As a reverse mortgage borrower and Texas resident, however, you will still be able to get a reverse mortgage under the Federal Housing Administration’s insurance program, which applies nationwide. You’ll face all of... Read Full Article
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For all those who have been asking when we would know about the coming changes to the reverse mortgage program, hang on to your hat! Late Tuesday, July 30th, the Senate passed the House Bill, H.R. 2167 which is known as the Reverse Mortgage Stabilization Act of 2013. The President is expected to sign the Bi-Partisan Bill. The... 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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