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What to Do If Your Home Suffers Fire Damage with a Reverse Mortgage

October 25, 2023     24 comments

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...
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How Long Can You Leave Home with a Reverse Mortgage?

October 25, 2023     90 comments

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...
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6 Reasons to Downsize (or Rightsize) with a Reverse Mortgage

October 19, 2023     no comments

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...
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5 Memorable Reverse Mortgage Spokesmen

October 16, 2023     8 comments

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...
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How to Get Out of a Reverse Mortgage: Your Options Explained

October 10, 2023     43 comments

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...
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Top 4 Warning Signs a Reverse Mortgage May Be a Bad Idea

October 10, 2023     13 comments

A reverse mortgage can be a viable solution for the right homeowner—primarily seeking a way to age in place effectively. These loans are available to people age 62 or older who have built up a substantial amount of home equity and allow borrowers to generate additional cash flow in retirement.  However, a reverse mortgage can be the wrong decision in...
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How to Buy Reverse Mortgage Property at a Foreclosure Auction

October 5, 2023     no comments

I am a Professional Real Estate Investor in Florida. I purchase a lot of properties at the foreclosure auction at the clerk of the courts. My questions are: 1. Is there a way to find out what is owed on a reverse mortgage on a property going to the auction? 2. Is there a formula to calculate the maximum borrowed...
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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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