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Introducing the HomeSafe Second Mortgage

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The HomeSafe® Second Mortgage is the first proprietary reverse mortgage loan that allows for 2nd position. Like the Home Equity Conversion Mortgage (HECM),  it is a non-recourse loan, meaning neither the borrowers nor their heirs shall have personal  liability. The HomeSafe® Second allows borrowers to keep a forward first lien in place while accessing the remaining equity available for additional funds. It also offers lower closing costs  by instituting an origination fee cap and bases title and mortgage coverage requirements off lower  amounts than the government insured HECM or... Read Full Article

2018 Reverse Mortgage Condo Spot Approval Update

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I live in an active retirement community called Somers Village which is an ASSOCIATION. I applied for a reverse mortgage with Resolute Bank beginning in Jan 2018. working with a broker or agent. After 6-8 weeks of supplying all the required paper work, etc, ending with the my condo appraisal. When my agent went to Resolute to get the final approval, it was suddenly denied. Reason: The FDA does not approve of associations. Needless to say this was heartbreaking after all our work and time spent. I brought this up... Read Full Article

Champion Reverse Mortgage Foreclosure Problems – Please Help!

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Good Afternoon, I am hoping you can help me with something. My mother in her haste did a reverse mortgage. We as her children where not aware of it. Here she is 10 years later and now the chickens have come to roost.. in my opinion. First she is with Champion Mortgage, who I have heard and read nothing good. They are very vague on the phone and it is difficult to get an actual person. Secondly, she let her flood insurance lapse 3 months, in doing so Champion tacked... Read Full Article

What is a Reverse Mortgage, Explained in Simple Terms!

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A reverse mortgage is a loan for homeowners age 62 and older that provides access to a portion of equity without the burden of monthly mortgage payments. Instead, you have the option to defer repayments until the home is sold, with the loan repaid when you pass away or sell your home. All remaining equity belongs to your heirs. What it is: A loan against your home’s equity A loan with no required monthly mortgage payments A loan designed to meet the needs of retirees on fixed incomes... Read Full Article

Reverse Mortgage Pros & Cons, Starting with the Downsides!

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I can almost hear it now... “This is an article written by a guy who does reverse mortgages, there probably won’t be any cons!”  As passionate as we are about the reverse mortgage program, there are drawbacks in some instances, and we make certain that we point out the pros and cons to all reverse mortgage applicants. The product is great, but it is not for everyone, and we advise anyone considering this loan to know your goals and to have the help and support of your family and a... Read Full Article

How Does a Reverse Mortgage Work? Know the Facts! (Updated 2018)

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A reverse mortgage works by allowing homeowners age 62 and older to borrow from their home’s equity without having to make monthly mortgage payments. As the borrower, you may choose to take funds in a lump sum, line of credit or via structured monthly payments. The repayment of the loan is required when the last surviving borrower vacates the home permanently. How It Works:  Access a portion of your home’s equity Percentage is based on age of youngest borrower Make no monthly mortgage repayments Funds are tax-free, and may... Read Full Article

Top 10 Reverse Mortgage Counseling Agencies: Free & Online Options

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Steps to receiving a reverse mortgage counseling certificate: Request your pre-counseling document set. (Includes loan comparison, closing cost worksheet, amortization schedule, TALC - total annual loan costs) 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) Determine whether or not you wish to see a counselor in person or obtain counseling by phone Call around and check counselor availability and pricing. Some counseling agencies only accept payment upfront... Read Full Article

Reverse Mortgage Rates | Compare Today’s Real-Time Interest Rates & APR

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Today's Reverse Mortgage Rates Tip #1: If you are shopping for the best reverse mortgage interest rate, be sure to first compare the programs payment options explained in detail below. Many prospects first lean to a fixed rate but find the mandatory lump sum unattractive when compared to the flexibility of a line of credit option or payment featured on the variable interest rate options. Why Interest Rates Matter You may have heard of recent changes to the Federal Housing... Read Full Article

Reverse Mortgage for Veterans? (VA Reverse Mortgages)

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We have a reverse mortgage but we were never told that the VA offers reverse mortgages. 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 them insured... Read Full Article

Reverse Mortgage “Eligible” vs “Ineligible” Non-Borrowing Spouse

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What is the difference between an eligible and an ineligible spouse?  Great Question!  Firstly, it’s not an eligible or ineligible “spouse”, but eligible and ineligible non-borrowing spouse.  A non-borrowing spouse is one who is not going to be on the loan because they do not meet the HUD criteria to be a HECM borrower. The eligible or non-eligible determination is whether or not they will be granted a deferral on the due and payable status when the borrower on the loan passes.  The reason we usually see a non-borrowing... Read Full Article

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