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2020 Reverse Mortgage Limits Officially $765,600

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HUD just announced that the current reverse mortgage loan limit for the HUD Home Equity Conversion Mortgage (HECM) will be raised from $726,525 to $765,600 effective January 1, 2020. The HUD Mortgagee Letter announcing the increase, can be found on the HUD website here: https://www.hud.gov/sites/dfiles/OCHCO/documents/19-20hsgml.pdf . After the limits remained unchanged for many years, this is the 4th year in a row where HUD has raised the lending limit. It had remained stagnant at $625,500 since 2009 when the limits were originally raised from $417,000 as part of the... Read Full Article

Here’s the Timeframe to Vacate Home After Reverse Mortgage

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Hello ARLO - My father passed away in October 2018. He had a live-in caretaker for several years. I decided to sell the house in California, while the caretaker is occupying the home to keep the property safe and away from squatters and facilitate the viewing. One offer from a buyer fell through and the caretaker approached my agent wanting to put in an offer and Celink has been working on the short sale approval on his offer for 2 months, with very little communication and feedback. The appraisal... Read Full Article

Shocking Truth About Condominiums and Reverse Mortgages

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Update 12/02/2019 HUD Sends Publishes New Single Condo Rules, Not as Much Relief as Hoped. Senior homeowners who owned condominiums in projects that were not approved by HUD have been waiting for HUD to reintroduce a spot or single unit approval process since it first disappeared in 2009. There were rumors of the spot approvals returning several times through the years until HUD made the announcement everyone was waiting for, the single unit approval was returning effective October 15, 2019. Borrowers lined up for the opportunity to finally obtain a... Read Full Article

If I Take a Reverse Mortgage Does the Bank Own My Home?

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I just received a great question from from one of our visitors...  Am I applying for both a loan, and a line of credit? Where does the possibility of any cash equity affect me? What  I had been told was:  This is to be a simple transferral of my home to the company, with no further mortgage payments from me for the rest of my life.  Upon my passing, the bank will own my home.  Am I too simple and naive in my understanding and explanation? I remain... Read Full Article

Reverse Mortgage Counseling List: Free, In-Person, Online

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The U. S. Department of Housing and Urban Development (HUD) requires that homeowner(s) interested in pursuing a Home Equity Conversion Mortgage (HECM) receive mandatory reverse mortgage counseling regarding the implications of and alternatives to a reverse mortgage from a HUD-approved HECM counseling agency. We are required by HUD regulations to provide you with a list of reverse mortgage counseling agencies. The list must include all HUD-approved counseling intermediaries that can provide telephonic counseling, as well as five (5) counseling agencies within your local area,... Read Full Article

Jumbo Reverse Mortgage | Rates, Limits & Loan-to-Values

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The Return of Jumbo Reverse Mortgages are Here!  This is the time to look (perhaps your second look) at the All-New 2019 JUMBO reverse mortgage programs. Traditionally, most borrowers, ages 62 and over, have benefited from the HUD Home Equity Conversion Mortgage (HECM or “Heck-um”). The reverse mortgage program has undergone some rough years.   The Department of Housing and Urban Development (HUD) has made one move after another, making it harder to qualify and lowering Principal Limits (how much you receive). The changes that took effect as of October 2, 2017 have had a two-fold effect; lower Principal Limits and lowering the interest... Read Full Article

Reverse Mortgage Closing Costs & Fees Explained

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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 of... Read Full Article

Here Are the Reverse Mortgage Pros and Cons of 2019

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A reverse mortgage loan, when used correctly, can add stability to your retirement years. But as with any financial product it is not always the best program for everyone. We have created our "Reverse Mortgage Pros and Cons Guide" to help you make an informed decision about reverse mortgages. If you have a questions about whether a reverse mortgage is right for you, Ask ARLO, or discuss your situation with an independent housing counselor. Reverse Mortgage Pros  1. No Monthly Mortgage Payments A reverse mortgage allows eligible borrowers to live the... Read Full Article

Refinance Your Reverse Mortgage: Lower Rates & New Limits

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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, more specifically when the borrower closed their existing loan too recently. Refinancing existing loans does make sense at times, and sometimes it does not.  Borrower(s) should only consider refinancing their loan if the borrower(s) when it makes sense for their circumstances. Some homeowners will find that they... Read Full Article

Reverse Mortgages Aren’t For Everyone, But They Are NOT Scams.

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Comment from our reader: The reverse mortgage is a scam! I am a banker and I see everyday deceived elderly customers who get fooled by these "reverse mortgages", they end up losing everything and put their heirs in jeopardy.  - Tim I've been a mortgage banker for over 40 years and during that time I have worked for many big banks, mortgage companies and insurance companies with many different lending products. I would certainly say that there were many lending products that I would classify as less than... Read Full Article
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