This rate option will give you access to more cash proceeds over the life of the loan than any other product option available. You will notice that there
is a line of credit available after 12 months which will allow you to receive the most money possible in the first 12 months. If your number one goal with
the Reverse Mortgage is to get your hands on as much money as possible this is the option for you.
If your priority is to preserve as much equity in your home while still leaving access to a line of credit to have in case of an emergency this is the product
you would want to choose. If you review the amortization schedule for this product, you will see that over the years your outstanding loan balance with
this selection will be lower than the other product options.
With this product option you will keep your closing costs as low as possible in order to establish your Reverse Mortgage. If you are most concerned
with the costs to set up the loan and less concerned with the amount of proceeds you will receive, this is the product I would recommend for you.
As the name indicates this is a Fixed Rate loan option. Your rate would never be subject to change if you choose and close on this product option.
This is the option you would select if your biggest priority was to secure a rate that would not be subject to change. Fixed Rate loans are a single
disbursement lump sum so there is no option for a credit line. Depending on your individual circumstances, a Fixed Rate loan option may not provide
you with as much available loan proceeds as one of the adjustable products so you will want to compare the amount of proceeds available when making
If your current home value is higher than $1.25 Million, this is a product you will want to look at in comparison to the Government product.
The Government Insured Reverse Mortgage has a maximum value currently of $679,650. This means that any additional value above that
figure is not factored into the loan amount calculation. Having a value higher than $679,650 does not prohibit you from still considering the
Government Product, but at higher home values, this product may provide you with significantly more funds available than the Government
Product can. There is no Mortgage Insurance Premium on this product so the closing costs are usually lower for this product in most cases. This is a
Fixed Rate product so the proceeds are given as a lump sum only in lieu of the option for a credit line. If you have a larger existing mortgage or are
looking to receive additional proceeds above what the Government product can provide, this is the best option to accomplish that goal.
Welcome to the official blog of All Reverse Mortgage®
An Award-Winning HUD Approved Direct Lender
My name is ARLO™ and My job is to fetch you the very best reverse mortgage available today. Let’s get started!
Calculating Your Reverse Mortgage Options
Great! It looks like your home value estimate is about $~hvalue~. If you feel this estimate is not correct you can manually change it below. If you have an
existing mortgage balance I'll need to know the amount we are going to pay off to get rid of that mortgage payment!
I was unable to fetch a home value for the property details given. Please input the value manually below. If you presently have an
existing mortgage on your home this info will be needed as well.
About Existing Mortgage
If your home currently has a mortgage, please specify the full amount balance in the existing mortgage field.
Up to $20,000+ More in Available Proceeds*
*Scenario Illustrated: Age 67, Home Value 300,000. Difference of All Reverse Mortgage lower rate improves principal limit by $22,200
Our lower rates provide greater advantage of your home’s equity.
2 comments The HUD HECM program limits the youngest borrower to the age of 62 or older to be eligible for the reverse mortgage program. If there is a spouse of a borrower who is not yet 62, the older spouse can still get a reverse mortgage and the younger spouse can remain on title and would be known as an “eligible non-borrowing spouse”. Eligible Non-Borrowing Spouses An eligible non-borrowing spouse can also live in the home for life, even if the older spouse passes or should have to leave the home,... Read Full Article
no comments One of the key questions that always surrounds any reverse mortgage is how much money you, as the borrower, will be able to draw from the loan. The amount of money you can get from the proceeds of a reverse mortgage is primarily based on two important factors: your age, and the loan’s interest rate. Typically, older a borrower is, the more money he or she can receive in proceeds. By that same token, when the interest rate is lower, generally there is more money available to borrow. The... Read Full Article
75 comments It seems that one of the most popular questions we get is what happens with my reverse mortgage and my home after death. After all, the reverse mortgage is intended to be the last loan that borrowers will ever need, so this is a question many homeowners and their heirs have on their minds. If they do get a reverse mortgage and it does enable them to live in their homes without paying a mortgage payment for the rest of their lives, what happens after death? Borrowers may or may... Read Full Article
no comments Today, most reverse mortgages are closed by non-bank mortgage lenders across the U.S. But going back a few years, most reverse mortgage volume was conducted by big, national banks. Among those lenders was MetLife Bank, which used to be operated by the large national insurance provider MetLife. In fact, at one time, MetLife was the largest Home Equity Conversion Mortgage (HECM) lender by volume, prior to exiting the business in 2012. If you know someone who has a reverse mortgage today, it’s very possible that he or she... Read Full Article
4 comments Steps to receiving your reverse mortgage counseling certificate 1. Request your pre-counseling document set above (Includes loan comparison, closing cost worksheet, amortization schedule, TALC – total annual loan costs) 2. Have these mandatory documents available: HUD document titled “preparing for your counseling session” and NCOA booklet “use Your Home to Stay Home” (.PDF versions provided below) 3. Determine whether you wish to see a counselor in person or obtain counseling by phone 4. Call around and check counselor availability and pricing. Some counseling agencies only accept payment upfront while others... Read Full Article
12 comments 5 Tips to Selecting Your Best Reverse Mortgage Lender Tip #1. Get the loan that’s right for you from a lender who is looking out for your best interests Many people are convinced that they need just one thing or another and they miss other points that may make a lot more difference in the overall benefit or cost of the loan. We have borrowers who look at the cost of the appraisal fee and will go to one lender... Read Full Article
59 comments Question from our reader: "Can you refinance a reverse mortgage?" I received a call from the son and daughter of a senior borrower today and they wanted to know if their mother could refinance her reverse mortgage loan. I answered them honestly that yes, she could, but had to ask why she was thinking about refinancing. The reason I asked for the borrower's motivation was because I had a borrower call just a week before and ask if he could refinance because he was receiving a payment and he... Read Full Article
no comments Are you thinking about taking out a reverse mortgage? Have you heard the word ‘proprietary’ thrown around, and wonder what the differences are between a ‘regular’ and ‘proprietary’ reverse mortgage? Read on to learn about what those differences are, and what you should know when thinking about whether any reverse mortgage is right for you. In this overview, you’ll learn about the following topics: What does ‘proprietary’ mean? What is a ‘regular’ reverse mortgage? What is a ‘proprietary’ reverse mortgage? Maximum reverse mortgage proceeds Why would I bother... Read Full Article
4 comments We have a reverse mortgage, but we were never told that there was a reverse mortgage for veterans. We have quite a bit of equity in our home. Can we refinance our current reverse mortgage to a VA reverse mortgage? Hi Debbie, FHA and VA don’t offer any loans. HUD through FHA insures loans and the VA guarantees loans (or at least a portion of the loan), but they still do not offer the loans – it is up to lenders to offer the loans and then have... Read Full Article
3 comments HUD Increases 2019 HECM Limits HUD released their announcement verifying the news we released on November 28, 2018 raising the Mortgage Lending Limits for HECM Loans. The numbers came in exactly where we expected and so the article, we posted on November 28, 2018 is now official. But remember, the new limits are only effective with Case Numbers issued on or after January 1, 2019. What this means is that in order to be able to benefit from the increase if a borrower currently has a loan in process with... Read Full Article