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

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

November 21, 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

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

Why Higher Rates Can Make the Best Time for Reverse Mortgages

October 26, 2022     no comments

Why would someone use a reverse mortgage while rates are up?! Due to inflation, interest rates have been climbing since early this year and borrowers receive less money on the loan at today’s rates than they did even a year ago. However, it may still make sense for seniors to consider a reverse mortgage over moving, and here’s why.  Senior equity has risen to over 11 trillion dollars in the US. In many areas the market is getting much softer with the higher rates.  Houses are beginning to take longer to sell and... Read Full Article

Here Are the Banks That Offer Reverse Mortgages (2022 List)

October 15, 2022     15 comments

When it comes to getting a reverse mortgage, you may start by wondering what type of lender to work with, and specifically: which banks offer reverse mortgages. Perhaps you used a national or regional bank for a mortgage loan in the past as many of the big banks offer mortgage lending services. It’s also possible you worked with a non-bank mortgage lender, as these companies are also active in the mortgage lending space.  There are many banks that offer reverse mortgages, although most of the major national banks, such as... Read Full Article