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Enhanced Platinum Jumbo Reverse Mortgage Program: A New Era in Reverse Mortgages

January 8, 2025     2 comments

The reverse mortgage market has evolved significantly, especially in the jumbo and proprietary reverse mortgage segment. Before the 2009/2010 market crash, several jumbo reverse mortgage programs were available, but they disappeared following the downturn. Over time, the market has made a cautious yet pivotal recovery, with innovative products like the Platinum Jumbo Reverse Mortgage leading the way. [arlo_toc] The Platinum...
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Here’s the Truth About Reverse Mortgages (No BS)

December 28, 2024     25 comments

A reader recently shared their skepticism about reverse mortgages, saying: "I've read a lot about reverse mortgages, and it seems they're more for the bank's benefit than yours.  They make it sound like they're helping, but in reality, you're giving away your home for a low price.  If you get a reverse mortgage and pass away soon after, your home...
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Reverse Mortgages and Medicaid/SSI Benefits: Key Considerations for 2025

December 27, 2024     50 comments

Reverse mortgage proceeds can provide valuable financial support, but they may also influence your eligibility for Medicaid or Supplemental Security Income (SSI). Understanding these potential effects is essential for making informed decisions. If you’re 62 or older and considering a reverse mortgage to supplement your retirement income, it’s important to evaluate how this choice could impact your access to needs-based...
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Non-Recourse Reverse Mortgage Protections Explained

December 27, 2024     31 comments

The non-recourse feature of reverse mortgages is a powerful safeguard, yet it’s often misunderstood. It’s even sparked debates—like the AARP lawsuit against HUD—over its scope. Simply put, a non-recourse reverse mortgage ensures you’ll never owe more than your home’s value when the loan matures. But how does this protect you and your heirs? Let’s break it down. [arlo_toc] How Non-Recourse...
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2025 HECM Reverse Mortgage Limits Surge to $1,209,750

November 27, 2024     2 comments

Our guide breaks down the FHA's decision in a clear and easy-to-understand format.  We've included handy tables comparing the reverse mortgage loan limits of 2024 and 2025, showing you exactly how much more you can borrow.  Plus, a "2025 Loan-To-Value Comparison" table illustrates how much of your home's value you can tap into with these new lending limits. This article,...
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Reverse Mortgage vs. HELOC and Home Equity Loans: Easier Qualifications and More Flexibility

November 18, 2024     21 comments

As retirees seek ways to supplement their income or cover expenses, accessing the equity in their home can be a practical solution.  Two popular options for doing so are the Home Equity Line of Credit (HELOC) and the Home Equity Conversion Mortgage (HECM), also known as a reverse mortgage.  While both allow homeowners to unlock the value of their property,...
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Are Reverse Mortgages a Scam? Here’s the Facts You Need to Know

September 8, 2024     32 comments

The reverse mortgage is a scam! I am a banker, and I see elderly customers getting deceived daily by these 'reverse mortgages.' They end up losing everything and put their heirs in jeopardy. -Tim As a mortgage banker with over 45 years of experience, I've worked with many major banks, mortgage companies, and insurance firms, handling a wide range of...
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Here’s an Ideal Reverse Mortgage Purchase Example

July 12, 2024     5 comments

[arlo_toc] Understanding the Reverse Mortgage for Purchase Program Many seniors prioritize finding a home that suits their lifestyle as they retire. Whether they’re looking to downsize, rightsize, avoid stairs, or find a low-maintenance property, the Reverse Mortgage Purchase program—also known as HECM for Purchase or "H4P"—is a valuable option that’s often overlooked. If you’re 62 or older, this HUD-insured program...
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Purchase 2-4 Units with a Reverse Mortgage for Lifetime Cashflow

July 12, 2024     14 comments

[arlo_toc] Exploring Reverse Mortgages for Purchasing Multifamily Units If you’re retired and thinking about downsizing, moving closer to loved ones, or finding a more suitable living arrangement, the reverse mortgage purchase program might be a great option for you. This government-insured reverse mortgage is available to individuals aged 62 or older and allows you to use the equity in your...
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Proprietary Reverse Mortgage vs. HECM: Which Is Right for You?

June 20, 2024     12 comments

Are you considering a reverse mortgage but unsure about the differences between a Home Equity Conversion Mortgage (HECM) and a proprietary reverse mortgage?  You’ve come to the right place. In this guide, we’ll cover: What a proprietary reverse mortgage is When a proprietary reverse mortgage might be better than a HECM Qualifications for a proprietary reverse mortgage How the costs...
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