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Reverse Mortgage Purchase | Down Payment Requirement

  Comments 22 comments
Wondering what a reverse mortgage is, and whether it can be used in the purchase of a new home? It sure can, in a process called a Home Equity Conversion Mortgage Purchase. Basically, a new home is bought at the same time a reverse mortgage is taken, and the transaction is rolled into one. It’s an option for homeowners who want to relocate, either to be closer to family, to downsize, or move to a home that better meets their needs—a home without stairs, for example—at the same time as... Read Full Article

What is a Reverse Mortgage, Explained in Simple Terms! (2019 Update)

  Comments 40 comments
A reverse mortgage is a loan for homeowners age 62 and older that requires no monthly mortgage payments. The loan is repaid when the borrower passes away, leaves the home permanently or sells. Funds available are distributed as a lump sum, line of credit or structured monthly payments. What a Reverse Mortgage is: A loan against your home’s equity A loan with no required monthly mortgage payments A loan designed to meet the needs of retirees on fixed incomes Tax-free cash for virtually anything (social security income supplement, long-term... Read Full Article

Reverse Mortgage Line of Credit – The Credit Line That GROWS.

  Comments 60 comments
In 2019, the reverse mortgage line of credit continues to be the most popular option for homeowners when choosing how to access their funds.  According to an article by AARP, borrowers recognized this choice at about 66% of the time when obtaining a reverse mortgage as being the right choice for them. Since HUD changed the guidelines on the receipt of funds in 2014, this percentage had increased further still.  The credit line option allows borrowers a great deal of freedom when planning their finances. Homeowners like the fact that they... Read Full Article

15 Questions You Should Ask Before Accepting a Reverse Mortgage

  Comments 8 comments
Looking into a Reverse Mortgage? Here are the questions you should ask: What exactly is a reverse mortgage? A reverse mortgage is a loan insured by the federal government that allows you to convert a portion of the equity you’ve built up in your home into tax free single lump sum disbursement, line of credit or monthly payout.  Read our Plain English Version Here to learn what a reverse mortgage is. Will the bank own my home? No, you will still be the sole owner of your home. The bank... Read Full Article

Reverse Mortgage Pros & Cons: Starting with the CONS! (2019 Update)

  Comments 29 comments
I can almost hear it now... “This is an article written by a company who does reverse mortgages, there probably won’t be any cons!” As passionate as we are about the reverse mortgage and its many advantages, there are also drawbacks, and we make certain that we point out the pros and cons to all reverse mortgage applicants. The loan can be a great idea for some, but it is not for everyone, and we advise anyone considering this loan to know your goals and to have the help and... Read Full Article

2019’s Best Reverse Mortgage Lenders | Compare Limits, Rates & Fees

  Comments 10 comments
Q: How to select the right reverse mortgage company? I am looking for the best reverse mortgage lender. I have felt I was being cheated in the pass from a lender, so I decided against it, because of high fees, Interest rate, insurance premium, and closing fees. Also I understand there will be, once again changes in the Reverse Mortgage. Some are saying it may close down permanently, is this true? Also, HUD & FHA are now investigating 3 of... Read Full Article

Higher Reverse Mortgage Limits Announced for 2019!

  Comments 3 comments
2019 Reverse Mortgage Limit is officially $726,525 HUD released their announcement verifying the news we released on November 28, 2018 raising the Mortgage Lending Limits for HECM Loans. The numbers came in exactly where we expected and so the article, we posted on November 28, 2018 is now official. But remember, the new limits are only effective with Case Numbers issued on or after January 1, 2019. What this means is that in order to be able to benefit from the increase if a borrower currently has a loan in process... Read Full Article

Reverse Mortgage Foreclosure Has No Effect on Heirs

  Comments no comments
My MIL and FIL recently entered a reverse mortgage. House in good shape and worth about $150,000. I expect they will take a large distribution up front as well as withdrawal monthly amounts until they hit the max dictated by the lender. The large distribution up front coupled with fees, closing costs, mortgage insurance and interest build up means that if they continue to live in the house for even 15 years, I expect the loan balance to exceed the value of the home. Glad for the non-recourse nature of... Read Full Article

Steps for Heirs to Repay Reverse Mortgage After Death

  Comments 2 comments
If you are the heir to a borrower who has a reverse mortgage who has passed, here are the steps we recommend you follow: Time to Payoff Reverse Mortgage Generally you will have up to 6 months to refinance the reverse mortgage into a loan of your own, or up to 12 months to sell. (Each 3 months requires an extension by the loan servicer.) Step 1. Locate the last reverse mortgage statement.  We have guidance here for how you can read the statement, so you know what... Read Full Article

One Reverse Mortgage Problem No One is Talking About

  Comments 2 comments
..one originator’s observations about the undiscussed reasons for problems with the MMI fund. We heard from Brian Montgomery at the annual NRMLA meeting that he envisions further changes coming down the road for the HUD HECM program.  Jessica Guerin at The Housing Wire (Housing Wire on Brian Montgomery) tells us that Montgomery outlined the “fixes” attempted by HUD and that they amounted to, in his words, short term fixes that have not worked to stop the losses the reverse mortgage program is suffering. FHA Commissioner Montgomery Hints That... Read Full Article

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