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Like many of our readers who are navigating retirement, you might wonder if a reverse mortgage is right for you. You've likely seen your equity grow substantially, possibly even owning your home outright - a common scenario for many baby boomers. Your home, often your largest asset, may lead you to consider the option of a reverse mortgage. At All... Read Full Article
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With a Federal Housing Administration-insured Home Equity Conversion Mortgage (HECM), the borrower retains ownership of the property while continuing to live there throughout the loan. They are not required to make monthly mortgage payments during that time. Reverse mortgages are often misunderstood, and a common misperception is the idea that in a reverse mortgage, "the bank takes the home." On... Read Full Article
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Before you decide if a reverse mortgage fits your needs, it's smart to look at how the loan could grow and how your home equity might change over time. One of the best tools for this is the reverse mortgage amortization schedule. This schedule shows a year-by-year estimate of your loan balance. This interest will be added, any available credit... Read Full Article
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I am 87 and received a HECM Loan. The maximum claim is $250,000. Due to age and other factors, the credit limit was expected to reach the maximum claim limit. Withdrawals were denied when the balance was around $225,000, and no withdrawals have been allowed since the servicer has been getting compound interest each month. HUD has been assessing fees... Read Full Article
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What is the lowest cost reverse mortgage? A few short years ago, people were reading about how expensive reverse mortgages were, but that does not have to be the case currently. Don't get me wrong; HUD still charges an initial mortgage insurance premium based on the home's value, which can run as high as 2% for this cost for the higher... Read Full Article
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UPDATE: The devastating fires in Los Angeles County prompted the Federal Housing Administration to publish FHA Info #2025-07 as a reminder to lenders about its guidance for servicing and originating FHA-insured mortgages in Presidentially Declared Major Disaster Areas (PDMDA). FHA provides HECM lenders an automatic 90-day extension from the date of the PDMDA foreclosure moratorium expiration date to commence or... Read Full Article
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How long could that homeowner be absent (e.g., on an extended vacation) before they would be considered not residing in the house? Would they be allowed someone else living in the house to care for them? I will start with the second question as it is more straightforward to answer without reservations. The reverse mortgage does not prohibit a borrower... Read Full Article
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As we grow older, our housing needs and preferences often change/evolve. The family home that once fulfilled all our needs and still holds a lifetime of memories may begin to feel impractical or burdensome as our family sizes and physical needs change. This is where downsizing, “rightsizing,” or even a move to a more advantageous location is often the best... Read Full Article
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Reverse mortgages have had many famous faces over the years. From iconic television and film actors to one-time US presidential candidates, celebrities from all walks of life have espoused the many advantages a reverse mortgage can provide for older homeowners in their retirement years. While spokesmen have come and gone over the years, let’s take a look at some of... Read Full Article
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I have a reverse mortgage, and I’m having problems with it. Was it legal to get a reverse mortgage without my lawyer explaining the situation? I never knew the pros and cons of a reverse mortgage. I think it’s a legal way to swindle homeowners out of their homes. How can I get out of the reverse mortgage? I’m sorry... Read Full Article
This material has not been reviewed, approved, or issued by HUD, FHA, or any government agency. All Reverse Mortgage, Inc. is an independent company and is not affiliated with, acting on behalf of, or endorsed by HUD/FHA or any government agency. This content is for educational purposes and is not tax advice. Reverse mortgage programs may not be available in all states.
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