Author Archives

6-Step Guide to Handling Reverse Mortgage Heirs & Estate Affairs

March 11, 2024     88 comments

Inheriting a property is a significant responsibility, especially when it comes with a reverse mortgage attached.  If you find yourself as the heir to a borrower who has passed away, you may feel overwhelmed by the financial and legal complexities that follow. This article will guide you through the steps we recommend following to navigate this situation.  Whether you're considering...
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What to Expect from the Reverse Mortgage Appraisal Process

February 27, 2024     47 comments

Getting a home appraisal is an integral part of the reverse mortgage process.  Here's what you need to know to manage your expectations about getting your home appraised as part of this loan to help you age in place. It's a multi-step process, but you can prepare in advance to make it as smooth as possible. Typically, there will be...
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Reverse Mortgage Options for Veterans in 2025

February 25, 2024     17 comments

Question from our reader: "We have a reverse mortgage, but we were never told there was a reverse mortgage for veterans.  We have quite a bit of equity in our home.  Can we refinance our current reverse mortgage to a VA reverse mortgage?"  [arlo_toc] Understanding Reverse Mortgage Options for Veterans in 2025 When exploring reverse mortgage options, it’s crucial...
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Why Reverse Mortgages Have 2 Notes & 2 Trust Deeds

February 19, 2024     59 comments

Borrowers often encounter confusion as they approach the crucial moment of signing their final documents for a reverse mortgage.  They are introduced to a First and Second Trust Deed Note and Two Deeds of Trust (or mortgage, depending on the state laws applicable to the property). Compounding the complexity, the amounts specified on the Note and Deed of Trust can...
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Reverse Mortgage Closing Costs & Fees Explained

February 18, 2024     8 comments

When considering a reverse mortgage, it's important to understand the various costs involved.  These expenses can differ significantly, not just between different lenders but also based on your home's location. To ensure you're getting the best possible deal, it's smart to shop around and compare lenders.  Among the costs, the origination fees (which cover the setup of your loan) and...
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3 Advantages of Making Payments on a Reverse Mortgage

February 15, 2024     38 comments

A reverse mortgage lets you tap into your home equity without the burden of monthly payments.  But here’s a lesser-known perk: you can make payments on a reverse mortgage if it suits your goals—turning it into an interest-only loan or paying down the principal penalty-free. Why would you want to?  Let’s explore three key advantages and how this flexibility can...
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Appraisers Use the Sales Comparison Approach (Not Zillow etc.)

February 5, 2024     2 comments

Here is where Appraisals are not updated and correct. Zillow and others use sales per sq ft for cookie-cutter homes. They omit custom built homes in comparable homes because of lack of construction knowledge and insurance coverage? Costs of replacement coverage and appraisals would place a 5000 sq ft total home cost at $800,000-min w/o lot? Go Figure how you...
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6 Questions to Ask Your Reverse Mortgage Loan Officer

February 5, 2024     4 comments

You've made the decision to pursue a reverse mortgage, and now you're meeting with a loan officer for the first time.  Though you may understand the basics of a reverse mortgage, there are certain questions you may want to bring with you for your first meeting to clarify some of the details that could potentially catch you off guard down...
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How Occupancy Fraud Threatens the Reverse Mortgage Program

February 3, 2024     28 comments

Because of health issues, I've moved my Mom in with me, and at some point, I will most likely have to move her to a nursing home. Her granddaughter lived there until a couple of weeks ago. She has wrecked the house. The monthly statement has the house at way more than I could ever sell the place for to...
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Reverse Mortgage Credit Requirements in 2025: What Borrowers Need to Know

January 31, 2024     64 comments

Qualifying for a reverse mortgage involves more than just your home’s equity—it also includes a review of your credit history.  In 2025, lenders will focus on factors like payment history and satisfactory credit to determine eligibility. In this guide, we’ll walk you through the credit qualifications for a reverse mortgage, highlighting the criteria underwriters evaluate during the loan approval process. ...
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