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Reverse Mortgage Credit Requirements Explained

    14 comments
Reverse Mortgage Credit History: How Will a Lender Examine My Credit History and What Do I Need to Know? Whether you’re looking to supplement your retirement income, make repairs to your home or buy a new house altogether, a reverse mortgage can help. But there will soon be a few additional steps to taking out a reverse mortgage, making the process more like that of getting a traditional “forward” mortgage. An important part of qualifying for a reverse mortgage is the evaluation of a borrower’s credit... Read Full Article

Are Reverse Mortgages Safe? These 4 Safeguards Will Surprise You!

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The decision to take out a Home Equity Conversion Mortgage (HECM) is a big one, and you may be wondering how safe this government-insured loan program is. While reverse mortgages aren't right for everyone, the HECM program has several built-in protections designed to keep borrowers safe. Safeguard #1 - Federal guarantee One of the program’s biggest protections is that it is insured by the FHA. (Federal Housing Administration) You as the borrower pay an upfront mortgage insurance premium when you take out a reverse mortgage that varies depending on... Read Full Article

Reverse Mortgage Income Requirements Explained

    14 comments
If you’re applying for a reverse mortgage for the first time, you will  be subject to a new financial assessment that applies to all borrowers. The financial assessment for a reverse mortgage is a lot like the process for getting a traditional or “forward” mortgage. It’s a way for the lender to get a sense of your financial situation, to determine that you’ll still be on solid financial footing after you get the reverse mortgage. In addition to a credit and debt analysis, one of the most... Read Full Article

6 Questions to Ask Your Reverse Mortgage Loan Officer

    2 comments
You’ve made the decision to pursue a reverse mortgage and now you’re meeting with a loan officer for the first time. Though you may understand the basics of a reverse mortgage, there are certain questions you may want to bring with for your first meeting to clarify some of the details that could potentially catch you off guard down the road. Here are a few questions to address in your first meeting with your reverse mortgage loan officer. How do I get counseling? Before you can apply... Read Full Article

Reverse Mortgage Closing Costs & Fees Explained (2019 Update)

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There are several closing costs borrowers are required to finance when getting a reverse mortgage. What many people don’t know is that some of the costs vary by lender and the area in which the borrower lives. It is in the borrower’s best interest to shop around and compare prices when considering a reverse mortgage. Some of the most common variable costs include origination fees and appraisal costs. Rates will also have an impact on the amount you can borrow, and the amount of interest you’ll accrue over the course... Read Full Article

How a Reverse Mortgage Purchase Works – HECM Purchase Guide

    36 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. The Reverse Mortgage Purchase is 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... Read Full Article

4 Times a Reverse Mortgage is a Good Idea (or even great!)

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It's funny when you hear someone with a definite opinion, one way or the other about reverse mortgages that is the same no matter who you're talking about or what the circumstances are. The choice of whether or not to get this loan isn’t universally a “good idea” or “bad decision" - there are a lot of different factors that need to be considered. But it just could be the right choice for you. 1. Get Breathing Room for your Budget A reverse mortgage could be good idea if you’re “house... Read Full Article

Reverse Mortgage on Manufactured Homes: 2019 Requirements

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If you’re the owner of a manufactured home and you’re wondering about your eligibility for a reverse mortgage, here’s the short answer: you may be eligible. Now for the longer answer. As with any prospective borrower, you must be aged 62 or older, you must legally own the home, it must be your primary residence, and you must be eligible for participation in Federal Housing Administration programs. And if you have a manufactured home, yes, you can get a reverse mortgage—as long as it was built after June 15th,... Read Full Article

4 Times a Reverse Mortgage is a Bad Idea (or even terrible!)

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A reverse mortgage can be a very viable solution for the right homeowner—one who is primarily seeking a way to effectively age in place. Available to people who are age 62 or older and have built up a substantial amount of equity in their homes, reverse mortgages allow borrowers to wipe out their mortgage payments and can also serve as a means to generate additional cash flow in retirement. But reverse mortgages are not right for everyone. Here are some telltale signs that another financial solution may be a better... Read Full Article

How a Reverse Mortgage Refinance Works (2019 Limits & Rates)

    87 comments
There are many instances when borrowers consider refinancing their reverse mortgage, but it really would not make sense for them. HUD and investors have guidelines in place that prohibit lenders from refinancing reverse mortgages when the loans do not meet certain targets for borrowers and when they are too recently closed. There are some instances that we will discuss, when a refinance does make sense, but even then, only if it is needed by the borrower(s) and makes sense for their circumstances. Some homeowners will find that they meet... Read Full Article
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