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The Official Blog of All Reverse Mortgage® Inc.

Top 5 Reverse Mortgage Rules You Must Know

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Applying for and taking out a reverse mortgage loan is an important decision for senior homeowners, and it’s one that deserves time and research. Reverse mortgages enable homeowners 62 years or older to supplement their retirement income by converting a portion of their home’s equity into accessible cash flow. Reverse mortgages are powerful financial tools, but they are not one-size-fits-all. To fully understand the ins and outs of this product, homeowners should remember and be aware of the following reverse mortgage rules: There’s a Lending Limit For HECMs... Read Full Article

Everything You Should Know About HECM Reverse Mortgages

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In the world of mortgages, one term is a must-remember for senior homeowners: Home Equity Conversion Mortgage, also known as a HECM, or “heck-um.” A breakdown of HECM loans and how they work reveals just how helpful they can be for qualified senior homeowners who are 62 years of age or older. Here are some common questions and answers for prospective HECM borrowers. HECM Basics What is a HECM? HECM loans are insured through the Federal Housing Administration’s reverse mortgage program. A reverse mortgage enables homeowners to borrow some... Read Full Article

What is a Reverse Mortgage? Learn How it Works & if It’s Right for You

A reverse mortgage is a loan designed for borrowers age 62 and older that gives borrowers access to a portion of their equity but freedom from the burden of monthly mortgage payments.  Like other loans, borrowers receive monthly statements showing the amount of interest that accrues, but borrowers have the choice to defer payments until the home is sold or can pay any amount they choose if they wish with no penalty, up to payment in full. Borrowers or their heirs own the home, not the bank.  The reverse... Read Full Article

How Does a Reverse Mortgage Work? | Know the Facts, Updated 2018

Reverse mortgages have gotten a lot of much more favorable press lately as much of the hysteria has started to disappear and people are actually looking at the program and what it really does, not what they heard it does from some unnamed source. All Reverse Mortgage® is going to pull back the curtain and let you see how the reverse mortgage really works.  We are a little unique for a reverse mortgage lender in that we don't believe that the reverse mortgage is right for every borrower. ... Read Full Article

Reverse Mortgage Pros & Cons – Starting with the Cons (Updated 2018)

I can almost hear it now... “This is an article written by a guy who does reverse mortgages, there probably won’t be any cons!”  As passionate as we are about the reverse mortgage program, there are some drawbacks in some instances and we make certain that we point out the pros and cons to all reverse mortgage applicants. As great as this product is, it is not right for everyone and it is always the best idea to know your goals and to have the help and support of... Read Full Article

2018’s Best Reverse Mortgage Lenders | Compare Limits, Rates & Fees

  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 the top lenders dealing with mortgages. Will that interfere with the Reverse Mortgage changes already set? What is... Read Full Article

What You Need to Know About Reverse Mortgages and Tax Reform 

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You can be forgiven for not knowing exactly how tax reform will affect reverse mortgages  -- after all, with the legislation itself passed hastily to capitalize on rare consensus among Congressional Republicans; accountants and other financial professionals will likely be busy sorting out the implications all the way through tax day and beyond. For many homeowners, the disappearance of a tax deduction for home equity interest will have a significant impact on their annual tax bills, whether they have a forward mortgage or a HECM product. But as... Read Full Article

Reverse Mortgages: What Happens in a Government Shutdown?

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FHA Info #18-02 Highlights Available Services As a result of the federal government shutdown due to a lapse in appropriations, until further notice the Federal Housing Administration’s Office of Single Family Housing and its mortgage insurance program will be operating with limited services. FHA just released the following information as FHA Info #18-02: As was the case in previous shutdowns, under a lapse in funding, FHA’s actions and decisions about which operations continue, or not, are governed by the Constitution, statutory provisions, court opinions, and Department of Justice (DOJ) Opinions, which provide... Read Full Article

5 Key Reverse Mortgage Changes Moving into 2018

Another year has come and gone… Where is the time going?  It sounded strange to say 2017 all year and now 2018 is upon us.  This year, the reverse mortgage industry experienced many changes. 2017 HUD Surprised Industry with Massive Changes  In September, HUD sent the entire industry into a tailspin by announcing changes that were to take effect a month later in October.  Instead of the condo spot approval program finally coming back, we had to adhere to more restrictive Principal Limits and lower interest rate floors resulting... Read Full Article

Higher Reverse Mortgage Limits Announced for 2018

Higher Reverse Mortgage Limits Coming January 1st 2018 Starting in 2018, lending limits for government-insured reverse mortgages will increase, allowing borrowers the opportunity to access more of their home equity than ever before. The vast majority of reverse mortgages are federally-insured Home Equity Conversion Mortgages (HECMs) that are backed by the Federal Housing Administration. These loans allow homeowners age 62 and older to convert a portion of their home equity into loan proceeds that can be used to supplement retirement spending. On December 7, 2017, the FHA announced that it... Read Full Article

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