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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 119 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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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 9 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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Timeframe to Vacate Home After Reverse Mortgage

August 19, 2023 85 comments

Hello ARLO, My father passed away in October 2018. He had a live-in caretaker for several years. I decided to sell the house in California, while the caretaker is occupying the home to keep the property safe and away from squatters and facilitate the viewing. One offer from a buyer fell through, and the caretaker approached my agent wanting to...
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Reverse Mortgage Servicing FAQs

July 15, 2023 no comments

HOW CAN I REQUEST FUNDS FROM MY LINE OF CREDIT? If you selected a line of credit as part of your payment plan option, you may request those funds by sending a written request to the servicing department. You will receive a Line of Credit draw request form with each monthly statement, provided you have available funds remaining. The...
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4 Ways You Can Lose Your Home With a Reverse Mortgage

June 17, 2023 no comments

A reverse mortgage can be a powerful tool for an American senior aged 62 or older to create a new source of cash flow from his or her home equity. With a Federal Housing Administration-insured Home Equity Conversion Mortgage (HECM), the borrower still retains ownership of the property while continuing to live there over the course of the...
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Facing a Reverse Mortgage Foreclosure? Here Are Your Options.

May 28, 2023 18 comments

Hello Arlo, My mother passed away a year ago. She had taken a reverse mortgage on her home. We later discovered that my mother had not been paying her property taxes, and her home had now been foreclosed. Will they auction the home off? And exactly where do the proceeds of the auction go? If the home sells in auction...
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