Author Archives

Legislation Alert AB2010: FACE to FACE Reverse Mortgage Counseling

March 14, 2012     5 comments

We need your feedback!  California state is considering legislation, AB2010, which would require all borrowers who wish to apply for a reverse mortgage to first attend the HUD-mandated counseling, in a face to face session in all instances.  Currently, most borrowers choose to attend the counseling via telephone but this legislation would require all borrowers to attend a face to...
Read Full Article

7 Little-Known Ways to Save on Reverse Mortgage Closing Costs

March 9, 2012     2 comments

So, you’re thinking about a reverse mortgage. You’ve done your research, you know it’s the right loan for you but you’ve talked to a few family members and friends who may have already gotten one or knows someone who has and you’re concerned about the high costs you’ve been hearing about. Being the smart consumer that you are though, has...
Read Full Article

Holistic Approach to Reverse Mortgages & Retirement Planning

March 2, 2012     4 comments

A reverse mortgage can have a very positive impact on a borrower’s financial situation, but it’s important to consider the big picture when thinking about whether a reverse mortgage is the right decision for you. If you are looking into getting a reverse mortgage, there are long term implications worth exploring in planning for your financial future. The good news...
Read Full Article

Is it safe to invest the proceeds of my reverse mortgage?

February 24, 2012     1 comment

If you’re seriously considering taking out a reverse mortgage, you probably know by now that you can use the proceeds of your loan for just about anything. However, even though you as a borrower are free to do as you wish with your money, using it to make investments is not recommended. In order to protect borrowers, the government has...
Read Full Article

How Will a Reverse Mortgage Impact my Kids and Family?

February 10, 2012     6 comments

How Will a Reverse Mortgage Impact my Kids and Family? In researching and weighing the pros and cons of a reverse mortgage, a common question probably comes to mind: How will a reverse mortgage impact my children and family? The most important thing to remember is that your children and family will never be on the hook for repaying...
Read Full Article

Reverse Mortgage Power of Attorney & Trusts Matters

January 13, 2012     7 comments

A borrower’s home title is an essential component of a reverse mortgage transaction, and if not handled correctly, can cause for delays in the process and headaches for the borrower and the lender or title agent. The lender will gather all the essential information, but it’s good to be prepared with documentation and to be able to respond to questions...
Read Full Article

Banks Offering Reverse Mortgages Retreat

January 13, 2012     2 comments

Last year, three well-known banks left the reverse mortgage industry, leaving many borrowers with concerns and one big question: Why did they go? Bank of America exited in February, followed by OneWest Bank’s Financial Freedom in March, and then industry giant Wells Fargo in June, effectively shaking up the reverse mortgage world. At the time of its exit, Wells Fargo...
Read Full Article

Reverse Mortgage Fees: They’re Not All The Same!

January 11, 2012     12 comments

It is true that just about all reverse mortgages being originated at this time are the HUD Home Equity Conversion Mortgages (HECM or "Heck-um"). So many people think that the reverse mortgage fees and the rates are all going to be about the same. However, this is not always true and those borrowers who take the time to compare have...
Read Full Article

One Reverse Mortgage You Can Afford

December 21, 2011     no comments

NEW 4.00% Fixed Rate Saver Plans! - Request a Free Quote Today! It seems that there are many borrowers who have not looked at reverse mortgages lately and still believe that all reverse mortgages are the same as the reverse mortgage they first looked into many years ago. One borrower referred another potential borrower to us recently because she said...
Read Full Article

Making Payments on a Reverse Mortgage: Interest & Tax Deductions

December 19, 2011     2 comments

One of the most important benefits that reverse mortgage borrowers receive at closing is the freedom of no longer having to make required monthly mortgage payments to their lender. It is this feature of the reverse mortgage product that makes it so unique - and as such - so difficult for those outside of our industry to comprehend and understand!...
Read Full Article