Author Archives

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 vary significantly, not just between lenders but also by 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 the lender's...
Read Full Article

3 Advantages of Making Payments on a Reverse Mortgage

February 15, 2024 40 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...
Read Full Article

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...
Read Full Article

6 Questions to Ask Your Reverse Mortgage Loan Officer

February 5, 2024 6 comments

You've decided to pursue a reverse mortgage, and now you're meeting with a loan officer for the first time. Although you may understand the basics of a reverse mortgage, it's a good idea to bring certain questions to your first meeting to clarify any details that could potentially catch you off guard in the future. [arlo_toc] Here are 6...
Read Full Article

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...
Read Full Article

Reverse Mortgage Credit Requirements in 2026: What Borrowers Need to Know

January 31, 2024 70 comments

Updated: 12/24/2025 Qualifying for a reverse mortgage involves more than just your home’s equity—it also includes a review of your credit history. In 2026, 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...
Read Full Article

How Reverse Mortgage Appraisal Laws & Appeals Work

January 31, 2024 8 comments

One thing you should know if you are contemplating a reverse mortgage is that your home will have to undergo an appraisal by an FHA-approved appraiser. This appraisal will be very extensive, involving an inspection of your entire property, a head and shoulders inspection of the attic (where the appraiser will pop their head up and look around), measurement of...
Read Full Article

Reverse Mortgage After Death: What Heirs & Family Must Know.

January 27, 2024 286 comments

It seems that one of the most popular questions we get is: What happens with my reverse mortgage and my home after death? When considering a reverse mortgage, an important question many borrowers and their heirs face is what happens to the reverse mortgage and the family home after the borrower's death. This concern is particularly significant given that reverse...
Read Full Article

How Bankruptcy Can Affect Your Reverse Mortgage Eligibility

January 25, 2024 56 comments

We recently had several borrowers who had previously obtained a reverse mortgage call and asked us what the effect would be on those reverse mortgages if they had to begin a bankruptcy proceeding. While we are not attorneys and would always advise you to seek competent legal advice from an attorney in your state, we wanted to contact an expert...
Read Full Article

Reverse Mortgage Life Expectancy Set Aside (LESA) Explained

January 22, 2024 55 comments

A key development in the overhaul of HECM guidelines was the introduction of the LESA. This requirement is a response to past challenges where borrowers, after receiving a lump-sum equity payment, struggled to meet essential obligations such as homeowners insurance, property taxes, and home maintenance to FHA standards, leading to defaults. The LESA is designed to ensure that property charges...
Read Full Article

« Older Entries

Newer Entries »

Calculate Your Reverse Mortgage