Author Archives

FHA May Soon Discontinue Reverse Mortgage Lump Sum Payout

June 14, 2013     3 comments

Reverse Mortgage Borrowers are about to see some major changes with a possible elimination of the lump sum payout option.  The House of Representatives just passed a Bill (REVERSE MORTGAGE STABILIZATION ACT OF 2013) which allows HUD to make some major changes to the Home Equity Conversion Mortgage (HECM or “Heck-um”) which is better known as the government-insured reverse mortgage. HUD was...
Read Full Article

Reverse Mortgage Lenders in North Carolina (A+ BBB 5 Stars!)

June 7, 2013     no comments

More than one in every ten people in the United States is aged 65 or older, and that number is expected to nearly double to 20% by 2030, according to U.S. Census Bureau data. North Carolina is no exception—it was one of 13 states that saw their 65+ population increase by 25% or more between 2000 and 2010...
Read Full Article

What is a HECM: Home Equity Conversion Mortgage

May 3, 2013     2 comments

We have all seen the commercials with Fred Thompson or Henry Winkler (a.k.a. “The Fonz”) touting reverse mortgages as a financial product that can help you remain in your home and improve your cash flow in retirement. However, you may not be too familiar with how reverse mortgages actually work, who they can benefit, and the different kinds of options...
Read Full Article

Use a Reverse Mortgage to Finance Your Next RV Purchase

April 19, 2013     4 comments

Reverse mortgages are a great way to improve your cash flow during retirement by borrowing against the equity in your home or even to purchase a brand new primary residence. What you may not know is that if you’re in the market for a Recreational Vehicle (RV), you can use a reverse mortgage in place of financing for that too....
Read Full Article

Reverse Mortgage for Purchase: Adjustable Vs. Fixed Rate Options

April 15, 2013     no comments

If you’re one of the 78 million baby boomers approaching retirement, you may be thinking about downsizing or moving into a home more geared toward aging in place. Some older adults have difficulty obtaining a mortgage to buy a new home, especially if they no longer have steady income from a job. Rather than use a conventional mortgage...
Read Full Article

Reverse Mortgage Adjustable Rate Offers BIG Benefits

March 28, 2013     no comments

The number of people opting to take out a fixed rate reverse mortgage has gone up dramatically over the last few years, but it’s important not to overlook all the benefits of having an adjustable rate reverse mortgage. While the certainty of the fixed rate can be a positive, taking out an adjustable rate reverse mortgage comes with features you...
Read Full Article

Can You Get a Reverse Mortgage on Farmland?

March 12, 2013     no comments

I am researching Reverse Mortgages for my parents (ages 63 & 66). My only concern is that they own a farm that is preserved in the state of New Jersey. They currently have it for sale, but really do not wish to sell, but think they have no other choice (dad is retired and ill, mom is working again but...
Read Full Article

Last Call for Fixed-Rate HECM Standard Reverse Mortgages

March 7, 2013     1 comment

The time frame is running out for the Standard Fixed Rate version of the reverse mortgage program known as the Home Equity Conversion Mortgage (HECM or “Heck-um”). HUD announced that the last day that they will issue Case Numbers for this program is prior to April 1st, however borrowers must be aware that the 2 days leading up to April...
Read Full Article

When Reverse Mortgage Counseling Agencies Go Wrong

February 20, 2013     1 comment

Before I even start this article, I want to admit that I have never been through HUD Counselor training and I do not know what the counselors have  been trained to say and what not to say.  I can say that only last week, HUD came out with a reminder to all reverse mortgage lenders and originators that they were...
Read Full Article

Reverse Mortgage Lenders in New Jersey: Saving NJ Seniors Thousands!

February 15, 2013     no comments

As baby boomers begin to reach their senior years in droves, the percentage of seniors in many states is well over 10% and counting. And New Jersey is no exception. The state of New Jersey counts about 1.19 million people aged 65 and older according to the last full Census taken in 2010. That number constitutes 13.5% of the overall...
Read Full Article