All Reverse Mortgage, Inc. (ARLO™)

Here’s an Ideal Reverse Mortgage Purchase Example

July 12, 2024     5 comments

Understanding the HECM for Purchase Program For borrowers aged 62 and over, the Home Equity Conversion Mortgage (HECM) for Purchase, often referred to as "Heck-um," is a valuable financial tool that can be overlooked.  This HUD-insured program allows seniors to refinance existing homes, eliminate current loans, or obtain cash from their home's equity for any purpose.  Additionally, it enables borrowers to purchase a new home without the burden of traditional mortgage payments. For many seniors, traditional mortgage options can be challenging due to strict income requirements and the limitations... Read Full Article

Purchase 2-4 Units with a Reverse Mortgage for Lifetime Cashflow

July 12, 2024     14 comments

Exploring Reverse Mortgages for Purchasing Multifamily Units For retirees looking to downsize, move closer to loved ones, or find a more suitable living arrangement, a government-insured loan called the HECM for Purchase can be an excellent option.  This type of reverse mortgage allows individuals aged 62 or older to use the equity in their current homes to buy a new home, which can include up to four units in a single transaction. Unlike traditional mortgages, where the loan balance decreases over time, a reverse mortgage works differently.  With a... Read Full Article

Reverse Mortgage Income Requirements in 2024: A Comprehensive Guide

July 1, 2024     46 comments

Understanding Reverse Mortgage Income Requirements Welcome to our guide on reverse mortgage income requirements!  In this article, we will explain the financial assessment underwriting guidelines, particularly the minimum residual income requirements set by HUD. These requirements play a crucial role in the lender’s application process, ensuring that you, as a borrower, can comfortably manage ongoing property-related expenses such as property taxes, homeowner’s insurance, and maintenance costs after securing a reverse mortgage. We will provide clear, easy-to-follow tables that detail the minimum residual income needed based on your family size and... Read Full Article

How Reverse Mortgages Work: Explained in Simple Terms!

June 29, 2024     20 comments

Introduction to Reverse Mortgages Welcome to our guide on reverse mortgages!  In this article, we will explain reverse mortgages in simple terms.  Whether you are a homeowner thinking about your financial future, a family member helping someone understand their choices, or just curious about how reverse mortgages work, this guide is for you. We cover the basics – from who can get a reverse mortgage to how repayment works – to help you decide if a reverse mortgage is right for you. What is a Reverse Mortgage? A reverse... Read Full Article

2024 Guide to Proprietary Reverse Mortgages: Lenders, Rates, and Limits

June 20, 2024     8 comments

Welcome to our comprehensive guide on proprietary reverse mortgages!  If you're considering a reverse mortgage and curious about the distinctions between a Home Equity Conversion Mortgage (HECM) and a proprietary reverse mortgage, this guide is for you. In this overview, you'll learn about the following: What is a proprietary reverse mortgage? When is it better than a Home Equity Conversion Mortgage (HECM)? What are the qualifications? How do the costs compare to a HECM? Whether you are a homeowner exploring your financial options, a family member assisting a loved one,... Read Full Article

Debunking the Top 10 Reverse Mortgage Downsides

June 17, 2024     17 comments

Reverse mortgages often get a bad rap due to numerous myths and misconceptions about their downsides.  This guide aims to set the record straight by addressing and dispelling ten common false claims. Whether you're considering a reverse mortgage, helping a loved one, or just curious, understanding the facts about reverse mortgage downsides can help you make an informed decision. 10 False Claims on Reverse Mortgage "Downsides" Claim #1.  Reverse Mortgages Have Growing Interest and Fees Although not having to make monthly payments might seem beneficial, the accruing interest... Read Full Article

5 Reverse Mortgage Rules & Requirements to Know in 2024

June 17, 2024     16 comments

Reverse mortgages can be a helpful financial tool for many seniors, but the requirements can sometimes be a bit confusing.  It's 2024, and some requirements have changed.  Knowing the current guidelines is important if you're over 62 and considering a reverse mortgage. That's why we've compiled an easy-to-understand guide on the five basic rules for reverse mortgages.  We want to ensure you have all the information you need to make the right choice. To fully understand the ins and outs of the reverse mortgage, homeowners should remember and be aware... Read Full Article

Best Reverse Mortgage Lenders of 2024: Top 20 Companies Reviewed & Rated

June 16, 2024     no comments

When used correctly, a reverse mortgage can add stability to your retirement years.  Selecting the right reverse mortgage company is essential.  This guide provides insight into how HECM lenders are rated and how reviews are collected across the web. To make things easier for you, we've compiled a list of the top 20 reverse mortgage companies nationwide and included 5 essential tips for choosing the right lender. 5 Essential Tips for Choosing the Right Reverse Mortgage Lender 1. Choose a Lender Who Cares About Your Needs When... Read Full Article

Using a Reverse Mortgage Purchase for New Construction

June 14, 2024     22 comments

Can a contractor build a new home for you and finance it with a reverse mortgage upon completion?  Thank you -Bob The short answer to your question is, yes, you can.  As a matter of fact, HUD has just made changes to the program effective in 2024 and made financing reverse mortgage purchases and new construction easier than ever with a reverse mortgage. HUD Policies on Reverse Mortgages for New Construction In response to evolving needs in the housing market, HUD has continued to refine its approach... Read Full Article

How to Qualify for a Reverse Mortgage: Key Requirements Explained

June 11, 2024     11 comments

If you're considering a reverse mortgage, you must meet specific qualifications.  In this article, we will discuss the requirements for obtaining a federally insured reverse mortgage. We'll highlight the key differences between government-insured and private programs and provide guidance on how to best prepare if you decide that a reverse mortgage is right for you. Credit Considerations for Reverse Mortgages While your home equity is crucial, it's not the only factor in obtaining a reverse mortgage.  Your overall debt and credit history also play significant roles. Credit History... Read Full Article