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

May 13, 2022     30 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

Here’s How Much Time is Allowed to Pay Back a Reverse Mortgage

May 10, 2022     no comments

Hello ARLO, My stepmother is in her 80's, has dementia, and is the sole Trustee of a Family Trust set up by my father years ago. My brother and I are the beneficiaries. A few years back her neighbors advised and assisted her in placing the house (which had been assigned to the Trust and is in the name of the Trust) into a Reverse Mortgage without consulting or notifying either myself or my brother beforehand. As sole Trustee, she has never provided required accountings and generally does not understand... Read Full Article

How to Get a Reverse Mortgage if You Still Owe on Your Home

May 2, 2022     14 comments

In this article, you’ll learn: How to eliminate your monthly forward mortgage payment with a reverse mortgage What expenses you’ll still be accountable for after eliminating your mortgage payment How you can still make payments without worrying about a monthly deadline How to get the best deal / highest principle lending limit The ability to tap into the value of your home by turning its equity into cash can be a powerful tool for someone trying to find a way to expand their financial options for a whole host... Read Full Article

How Reverse Mortgage Appraisal Laws & Appeals Work

May 2, 2022     6 comments

One thing you should know if you are contemplating a reverse mortgage is that your home will have to undergo an appraisal by an FHA-approved appraiser. This will be a very extensive appraisal in which the appraiser should inspect your entire property, should do a head and shoulders inspection of the attic (pop his/her head up and take a look around) measure the home and will be responsible for checking a large number of items. The physical inspection is only a portion of the actual appraisal, the appraiser will usually... Read Full Article

4 Reasons a Reverse Mortgage Line of Credit is the Best Hedge Against Inflation

May 1, 2022     no comments

Have you been thinking about a reverse mortgage but worried about inflation and rising interest rates?  I recently had a borrower tell me that he was considering one but felt that he may have missed his opportunity before rates started to increase due to recent Fed rate hikes and inflation. He stated that he probably would not benefit now, with all the uncertainty of the future and based on everything that was going on in the economy, (inflation, interest rates, etc.) he just did not think a reverse mortgage made... Read Full Article

Here Are the Top 10 Reasons to Take a Reverse Mortgage

May 1, 2022     no comments

The federally-insured Home Equity Conversion Mortgage (HECM) program allows homeowners aged 62 and older to tap into their home’s equity in the form of a non-recourse loan. Reverse mortgages aren't for everyone, but for some people, there are a whole lot of reasons why it’s a great financial tool to consider. Here are the top 10 reasons to take a Reverse Mortgage: 1. Budget Breathing Room / Peace of Mind Older adults live on fixed incomes once they retire. They also generally have fixed expenses, whether it’s... Read Full Article

Reverse Mortgage Line of Credit & Growth Rate Explained

May 1, 2022     104 comments

Reverse Mortgage Line of Credit In 2021, the reverse mortgage line of credit continues to be the most popular option for homeowners when choosing how to access their funds.  According to an article by AARP, borrowers recognized this choice at about 66% of the time when obtaining a reverse mortgage as being the right choice for them. The credit line option allows borrowers a great deal of freedom when planning their finances. Homeowners like the fact that they can take as much as they want when the loan originally closes... Read Full Article

Reverse Mortgage Spouse: “Eligible” vs “Ineligible” Protection

April 27, 2022     78 comments

Who is an eligible non borrowing spouse on a reverse mortgage? Great Question! There are two classes of non-borrowing spouses.  One is an eligible non-borrowing spouse and one is an ineligible non-borrowing spouse.  To become an eligible non-borrowing spouse, the spouse must be married to the borrower at the time the borrower applies for and closes the loan. They must also meet all the requirements of the reverse mortgage that the borrower must meet in that they must live in the home as their primary residence and if the... Read Full Article

This Little-Known LESA Growth Feature Is a Game Changer

April 21, 2022     2 comments

This Little-Known Reverse Mortgage Feature Could Be a Game Changer Qualifying for a reverse mortgage is tougher for some people today than it has been in the past. That’s because new underwriting standards have been developed in the past year to ensure that these loan products are safer for the borrowers who use them. As of April 27, 2015, all prospective reverse mortgage borrowers are subject to a Financial Assessment, in which a lender will analyze a loan applicant’s financial history to determine if a reverse mortgage is suitable for... Read Full Article

Warning: Reverse Mortgage Downsides & Disadvantages

April 20, 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