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Reverse Mortgage Options for Veterans in 2024

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Question from our reader: "We have a reverse mortgage, but we were never told 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?"  Understanding FHA and VA Loan Mechanisms FHA and VA's Indirect Role in Loans:  It's important to clarify that neither the Federal Housing Administration (FHA) nor the Department of Veterans Affairs (VA) directly provides loans to consumers.  While the FHA, operating under the Department of Housing... Read Full Article

Proprietary Reverse Mortgages: 2024 Rates & Loan Limits

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Are you considering a reverse mortgage, and perhaps you're curious about the distinctions between a "HECM" and a proprietary reverse mortgage? 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? Types of Reverse Mortgage Products 'Regular' reverse mortgage (HECM) Proprietary reverse mortgages (Non-FHA) Jumbo reverse mortgages - explicitly designed for high-value homes What is a proprietary reverse... Read Full Article

Why Reverse Mortgages Have 2 Notes & 2 Trust Deeds

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Borrowers often encounter confusion as they approach the crucial moment of signing their final documents for a reverse mortgage.  They are introduced to a First and Second Trust Deed Note and Two Deeds of Trust (or mortgage, depending on the state laws applicable to the property). Compounding the complexity, the amounts specified on the Note and Deed of Trust can be substantially higher than the sum the borrowers agreed to borrow.  This discrepancy has led some borrowers to hesitate or even refuse to sign the documents at closing, primarily because... Read Full Article

Reverse Mortgage Closing Costs & Fees Explained

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When considering a reverse mortgage, it's important to understand the various costs involved.  These expenses can differ significantly, not just between different lenders but also based on your home's location. To ensure you're getting the best possible deal, it's smart to shop around and compare lenders.  Among the costs, the origination fees (which cover the setup of your loan) and the lender's margin (determining your loan's interest rate) are particularly important to pay attention to. Interest rates are another important factor.  They represent the cost of borrowing money and will... Read Full Article

2024’s Best Reverse Mortgage Companies: Top 20 Lenders Reviewed

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A reverse mortgage can add stability to your retirement years when used correctly, and selecting the right reverse mortgage company to originate your loan is essential.  We created this guide to provide insight into how HECM lenders are rated and how reviews are collected across the web (independent and sponsored review sites). We want to make things easier for you.  That's why we have compiled a list of the top 20 reverse mortgage companies nationwide.  What's more, we have included 5 essential tips for choosing the right reverse mortgage lender... Read Full Article

How Reverse Mortgages Work? Explained in Simple Terms!

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Welcome to our expert guide on reverse mortgages!  In this article, I will explain the concept of reverse mortgages by breaking down how they work in easy-to-understand terms.  Whether you are a senior homeowner considering your financial future, a family member helping a loved one navigate their options, or simply curious about how these unique mortgage solutions operate, you're in the right place. We explore the essentials – from eligibility to repayment – and provide the clarity you need to determine if a reverse mortgage is suitable for you.   ... Read Full Article

3 Advantages of Making Payments on a Reverse Mortgage

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A reverse mortgage allows you to receive payments from your home equity rather than make a monthly payment to repay the obligation. One little-known fact, for example, is that you can get a reverse mortgage and can make payments on it when that meets your goals and if you want to.  Or, you can turn it into an interest-only mortgage, meaning you don't pay toward the principal of the loan, just the interest that's accruing. Why make repayments on a reverse mortgage loan? 1.  Easier to qualify compared to... Read Full Article

Reverse Mortgage Purchase: Down Payment, Rates & Eligibility

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Reverse mortgages are a popular choice for individuals looking to remain in their homes as they age.  However, a unique variant—the Reverse Mortgage Purchase—enables borrowers to buy a new home without paying all cash or taking a traditional mortgage.  Opting for a Reverse Mortgage Purchase can be particularly beneficial for various life situations.  Many find it an appealing option when considering the following: The desire to downsize to a more manageable home, reducing the burden of upkeep. The preference for a single-level dwelling that can better accommodate the needs of... Read Full Article

HECM: A Simple Guide to Home Equity Conversion Mortgages

    8 comments
While many people are familiar with the concept of a reverse mortgage, fewer know the ins and outs of HUD's reverse mortgage program, the Home Equity Conversion Mortgage or "HECM."  This type of reverse mortgage comprises the vast majority of reverse mortgages closed in the U.S., is insured by the Federal Housing Administration, and follows the rules and regulations set by the Department of Housing and Urban Development (HUD). While some states have specific rules that apply to reverse mortgages beyond what the HECM program requires, the program is offered... Read Full Article

Reverse Mortgage Downsides Explored: Separating Fact from Fiction

    13 comments
Reverse mortgages can seem confusing and are often surrounded by myths, especially about their downsides.  These tools are meant to help seniors use the value of their homes without having to move out, but they are often not well understood.  In this article, I want to clear up any confusion by looking at the ten most common worries people have about reverse mortgages. I'll use expert opinions and facts to clarify things and challenge the myths.  This will help you understand reverse mortgages better.  Whether you're considering getting a reverse... Read Full Article
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