Author Archives

Here’s How Long it Takes to Close on a Reverse Mortgage

September 26, 2023     34 comments

How long does a reverse mortgage take to close?  Can it be completed in a month or less? [arlo_toc] Reverse Mortgages can close in 30 days. Closing a reverse mortgage within 30 days is achievable, particularly when all the necessary elements align perfectly.  This ideal scenario includes the borrower completing their mandatory counseling, promptly returning the signed application, and...
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How to Sell Your Home If You Have a Reverse Mortgage

September 26, 2023     120 comments

Can a reverse mortgage company request more than the seller asked for when selling a home with a reverse mortgage? [arlo_toc] This is a common concern among homeowners and heirs dealing with reverse mortgages.  The answer depends on the circumstances surrounding the sale.  In this article, we’ll break down scenarios like inheriting a home with a reverse mortgage, conducting a...
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Reverse Mortgage Payment Options: Term, Ten Year & Tenure Explained

September 24, 2023     2 comments

I applied for a reverse mortgage ten months ago with the understanding that I was applying for a ten-year reverse mortgage.  Then, I received a letter from the servicing department that the final monthly payment would end on October 2.  After calling the lender who wrote up the package and then checking, it was determined that the person processing my...
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How to use a Reverse Mortgage in a Divorce Settlement

September 23, 2023     115 comments

While the concept of a reverse mortgage is often associated with bolstering financial stability for retirees, its utility extends beyond mere retirement planning.  Beyond its ability to aid those meeting the 62-year-old age requirement in enhancing monthly cash flow or eliminating mortgage payments, there exists a lesser-known yet significant application: navigating divorce situations. For couples facing the complexities of asset...
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Reverse Mortgage Property Requirements (Updated 2025)

September 23, 2023     128 comments

I would like to know the exact reverse mortgage property requirements, such as central heating, water wells, septic systems, etc.  To hear these reverse mortgages advertised, one might get the impression that getting one is very simple.  However, after some preliminary inquiries, it's beginning to look like everything else where the government is involved – it can become incredibly complicated....
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History of the Reverse Mortgage – 1969 to Present Day Facts

September 19, 2023     4 comments

[arlo_toc] Bringing it to the Senate Reverse mortgages have been through many changes in their short, 57-year (depending on who you ask) lifespan.  As the story goes, a small, local bank wrote the first reverse mortgage in 1961 to a woman in Portland, Maine.  The bank owner wanted to help the wife of his high school football coach stay in...
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AIG Reverse Mortgage Problems – Please Help!

September 18, 2023     21 comments

I'm going through a company called AIG Reverse Mortgage.  However, I was told to replace 2 wall furnaces first, but I don't have the $2,500.00 to get it done.  The company told me I was responsible before we started the reverse mortgage.  Is this true?  Please Help! AIG would be correct in that HUD requires a permanent heat source in...
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Reverse Mortgage Spouse: “Eligible” vs. “Ineligible” Protection

September 18, 2023     130 comments

Who is an eligible non-borrowing spouse on a reverse mortgage? Great Question! There are two types of non-borrowing spouses in a reverse mortgage: eligible and ineligible non-borrowing spouses. To be considered an eligible non-borrowing spouse, you must be married to the borrower when they apply for and close the loan. As an eligible non-borrowing spouse, you must also meet...
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Beware: Reverse Mortgage Home Warranty Scam

September 12, 2023     8 comments

When I obtained a HECM through ARLO two years ago, the company never said anything about activating a Home Warranty Policy.  The letters claim YOUR company took out a home warranty policy.  Nothing in the stacks of documents provided by your company indicates this fact.  I am now getting letters saying it will expire and that my home is subject...
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Dave Ramsey Offering Bad Advice on Reverse Mortgages

September 1, 2023     14 comments

Does Dave Ramsey know much about reverse mortgages? Dave does a hit piece on reverse mortgages in which he points out some of the less popular aspects of the loan.  However, he is either OK with exaggerating the truth or reveals his ignorance about how reverse mortgages work. Source: https://www.daveramsey.com/blog/how-reverse-mortgages-work [arlo_toc] Is Dave right about Reverse Mortgages? Firstly, let’s...
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