Shocking Truth About Condominiums and Reverse Mortgages

December 6, 2022     78 comments

Many senior borrowers who are eligible for reverse mortgages or are about to become eligible and who live in condominium projects have no idea of the surprises that may be waiting for them.  You may know neighbors who live in your project who currently have reverse mortgage financing and hear about how easy it was. Unfortunately, changes have taken place about condominiums and HUD programs in the past few years that have changed much of this. If you live in a condominium, before you start making plans that include a reverse... Read Full Article

Reverse Mortgage Pros & Cons: Starting with the Negatives

December 5, 2022     54 comments

Pros And Cons of Reverse Mortgages: Exploring the Benefits and Downsides When used correctly, a reverse mortgage, also known as the Home Equity Conversion Mortgage (HECM), can add stability to your retirement years. However, as with any financial product, it is not always the best program for everyone. We published this pros and cons guide to help you in making an informed decision about reverse mortgages and assist you in determining if this program is suitable for your long-term retirement goals. Reverse Mortgage Downsides #1. Reverse... Read Full Article

10 Best Reverse Mortgage Lenders of 2022 (Compare Rating & Reviews)

December 3, 2022     32 comments

When used correctly, a reverse mortgage can add stability to your retirement years. Selecting the right reverse mortgage lender to originate your loan is an important first step. We created this guide to provide insight into how HECM lenders are rated and how reviews are collected across the web, (both independent and sponsored review sites). 5 helpful tips when selecting the best reverse mortgage provider: #1. Get your reverse mortgage from a lender who is looking out... Read Full Article

FREE Reverse Mortgage Amortization Calculator (Excel File)

November 29, 2022     5 comments

You may be wondering: How much would I have to pay on my scenario in order to pay down the Reverse Mortgage over time if I were to get one? All Reverse Mortgage has developed the first ever reverse mortgage amortization calculator that allows you to do just that. You can decide how much you would want to pay on a monthly basis and the calculator can show you how that will change the amortization of your loan. All Reverse Mortgage has developed the first ever reverse mortgage amortization calculator... Read Full Article

Warning: Reverse Mortgage Downsides & Disadvantages

November 29, 2022     21 comments

A reverse mortgage is a loan, and as with any type of loan there are benefits and there can be downsides. Here, we will address some of the pros and cons associated with reverse mortgages for those qualifying individuals who are age 62 and older. The reverse mortgage is a home loan that allows qualifying borrowers to borrow against their home equity. Most reverse mortgages are of the Home Equity Conversion Mortgage type, which means they are insured by the Federal Housing Administration and come with certain requirements. ... Read Full Article

What is AARP’s Role in Reverse Mortgages?

November 29, 2022     14 comments

The American Association of Retired Persons (AARP) is a large, independent, nonprofit organization dedicated to helping people ages 50-plus to achieve independence—including financial independence. While the organization, which serves 37 million older Americans and counting, doesn't offer reverse mortgage products directly, it does weigh in on them in some very important ways. Here’s where AARP comes into play for retirees who may be looking into getting a reverse mortgage as a means to age in place. What does AARP think of reverse mortgages? AARP has expressed support for reverse... Read Full Article

What is a Reverse Mortgage & How Does it Work? | ARLO™

November 28, 2022     60 comments

A reverse mortgage is a type of loan that allows seniors to borrow against the equity in their home without having to make monthly mortgage payments. The most common type of reverse mortgage is the Home Equity Conversion Mortgage (HECM), a program insured by the Federal Housing Administration since 1988. The amount of funds available from a reverse mortgage are based on the age of the youngest borrower, home value, and current interest rates. You may choose to take funds in a lump sum, a line of credit, monthly payments,... Read Full Article

2023 Reverse Mortgage Limits Reach All-Time High $1,089,300!

November 16, 2022     no comments

Every year HUD reviews the national reverse mortgage lending limit for the HECM program and determines the amount based on home prices for the preceding year.  Based on this data, the 2023 HECM reverse mortgage lending limit will be $1,089,300. History of HECM Lending Limits HUD Lending limits typically move with home values.  After the change in 2008 that first moved the lending limits to a national limit of $417,000 (from regional limits based on regional values) the limit took another large... Read Full Article

AIG Reverse Mortgage Problems – Please Help!

November 9, 2022     21 comments

I'm going through a company AIG reverse mortgage, however I was told to replace 2 wall furnaces first but I don't have the $2500.00 to get it done the company told me I'm responsible before we start the reverse mortgage, is this true? Please Help! Hi Lori, AIG would be correct in that HUD requires a permanent heat source in the home to be functioning in all but just a few zip codes in the United States in order to close a reverse mortgage. HOWEVER, no, it... Read Full Article

Reverse Mortgage vs HELOC – What’s the Smarter Choice?

November 3, 2022     11 comments

A Look into the "Reverse Mortgage" VS "HELOC" (Home Equity Line of Credit)  You may have heard of reverse mortgages, and the retirement option they can offer to individuals or couples who are “house rich, cash poor.” For those looking to tap into their home equity in retirement, a reverse mortgage can be a useful tool to allow this. A home equity line of credit (HELOC) may be another option. What you may not know about Reverse Mortgages There’s a lot more to be gained by getting a reverse... Read Full Article