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Free Reverse Mortgage Amortization Calculator

May 16, 2024 7 comments

All Reverse Mortgage, Inc. (ARLO™) has created a new reverse mortgage amortization calculator that helps you understand how your loan will change over time. With the amortization calculator below, you can: Choose how much to borrow or repay. Instantly see how this affects your loan balance and credit line. Adjust for future interest rates, home value changes, and payment plans....
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Understanding Reverse Mortgage Insurance: Key Benefits, Costs, and Protections

May 16, 2024 36 comments

Introduction to Reverse Mortgage Insurance When you get a federally insured HECM reverse mortgage, the biggest initial cost is the Upfront Mortgage Insurance Premium (UFMIP). This is a one-time fee of 2% of either the maximum lending limit ([hecm_limit year="current"]) or your home’s appraised value, whichever is lower. There’s also an ongoing cost called the Annual Mortgage Insurance Premium (MIP). ...
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New Florida Law Reduces Taxes on Reverse Mortgages Starting July 1, 2024

May 14, 2024 no comments

[arlo_toc] The Cost of Reverse Mortgages in Florida Florida has long been one of the most expensive states in which to close a reverse mortgage due to the fees charged by the state. In addition to already having higher title insurance costs and higher hazard insurance costs, Florida seniors have had to endure the state charging documentary stamp taxes on every mortgage...
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Can you get a Reverse Mortgage with a Life Estate?

April 25, 2024 25 comments

Question from an ARLO Reader: I am considering a reverse mortgage and have my debt-free property in a Life Estate; my sister is the Grantee. I understand she would have to sign the loan/closing docs without having had the counseling, but I am confused about whether that title would still be held in the Life Estate, correct? Are there any...
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Reverse Mortgage Purchase FAQs (2025 Update)

March 24, 2024 3 comments

Q. What is a Purchase Reverse Mortgage? A Purchase Reverse Mortgage allows seniors aged 62 or older to buy a new primary residence using the loan proceeds from a Home Equity Conversion Mortgage (HECM). Q. What is the purpose of the program? The purpose of the Purchase Reverse Mortgage program is to allow seniors to buy a new primary residence...
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Fact vs. Fiction: Debunking 6 Myths About Reverse Mortgages

March 22, 2024 no comments

Unmasking Reverse Mortgage Myths: Separating Fact from Fiction Reverse mortgages are often misunderstood, clouded by myths discouraging homeowners from exploring their benefits. These misconceptions create unnecessary doubts for those who might find this financial tool a valuable asset in retirement. In this guide, we’ll address six of the most common myths about reverse mortgages, providing clear, factual insights to help...
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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 51 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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