All Reverse Mortgage, Inc. (ARLO™)

Reverse Mortgage vs. HELOC: Which Option is Best for Retirees?

November 18, 2024     19 comments

When it comes to accessing the equity in your home, two popular options stand out: the traditional HELOC (Home Equity Line of Credit) and the HECM (Home Equity Conversion Mortgage), commonly known as a reverse mortgage.  While both solutions allow homeowners to tap into their home’s value, they serve different purposes and offer unique benefits. This article breaks down the key differences between HELOCs and reverse mortgages, helping you determine which option aligns best with your financial needs and retirement goals.  Whether you're looking to boost your retirement income or... Read Full Article

Banks That Offer Reverse Mortgages in 2024

November 4, 2024     no comments

When considering a reverse mortgage, selecting the right lender is essential.  While large national banks are well-known for traditional mortgages, they approach reverse mortgages differently.  Some smaller regional banks offer reverse mortgages, but major institutions like Wells Fargo, Chase, and Bank of America usually don't. If you inquire about a reverse mortgage at these larger banks, they might refer you to an outside specialist.  To make the best choice, it is essential to shop around and find a lender specializing in reverse mortgages that aligns with your needs. ... Read Full Article

Reverse Mortgage Age Requirements: Choosing the Right Program for Your Needs

October 5, 2024     18 comments

Reverse mortgages offer older homeowners a way to access the equity in their homes without the burden of monthly mortgage payments.  The most popular option is the Home Equity Conversion Mortgage (HECM), insured by the Department of Housing and Urban Development (HUD).  This program provides a safe and reliable way for homeowners aged 62 and older to tap into their home equity. In addition to HECM, proprietary reverse mortgages are available, with some programs accepting borrowers as young as 55.  These private loans expand the options for homeowners who may... Read Full Article

Top 20 Best Reverse Mortgage Lenders of 2024: Reviews and Ratings

September 15, 2024     2 comments

When used wisely, a reverse mortgage can be a powerful tool for enhancing your retirement.  However, choosing the right reverse mortgage lender is key to ensuring long-term financial stability. In this guide, we’ll explain how HECM lenders are rated and how online reviews help paint a clearer picture of their reliability. To make your decision easier, we’ve compiled a list of the top 20 reverse mortgage companies across the nation, along with five essential tips for selecting the lender that’s right for you. 5 Essential Tips for Choosing the Right... Read Full Article

Are Reverse Mortgages a Scam? Here’s the Facts You Need to Know

September 8, 2024     30 comments

The reverse mortgage is a scam! I am a banker, and I see elderly customers getting deceived daily by these 'reverse mortgages.' They end up losing everything and put their heirs in jeopardy. -Tim As a mortgage banker with over 45 years of experience, I've worked with many major banks, mortgage companies, and insurance firms, handling a wide range of lending products. While some financial products can be less favorable or risky for borrowers, reverse mortgages are not a scam. The key to avoiding confusion and misinformation is education. Understanding... Read Full Article

HECM: A Simple Guide to Home Equity Conversion Mortgages

August 30, 2024     12 comments

While many people are familiar with the concept of a reverse mortgage, fewer know the ins and outs of the HECM (Home Equity Conversion Mortgage).  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 nationally, and with a few... Read Full Article

2024 Guide to Reverse Mortgage Purchase (HECM Purchase)

July 29, 2024     16 comments

All Reverse Mortgage flawlessly handled my reverse mortgage purchase, providing clear explanations and great professionalism. They promptly answered my questions and quickly returned calls. I highly recommend them to friends and family. -John P.(BBB) Introduction to Purchase Reverse Mortgages Welcome to our guide on Purchase Reverse Mortgages!  In this article, we will explain how you can buy a new home with a special kind of reverse mortgage, making it easier for you to transition to a new living situation as you age.  Whether you are considering downsizing, moving to... Read Full Article

Here’s an Ideal Reverse Mortgage Purchase Example

July 12, 2024     5 comments

Understanding the Reverse Mortgage for Purchase Program Many seniors prioritize finding a home that suits their lifestyle as they retire. Whether they’re looking to downsize, rightsize, avoid stairs, or find a low-maintenance property, the Reverse Mortgage Purchase program—also known as HECM for Purchase or "H4P"—is a valuable option that’s often overlooked. If you’re 62 or older, this HUD-insured program allows you to buy a new home without the burden of traditional mortgage payments. It offers the flexibility to move into a home that better meets your needs in retirement... Read Full Article

Purchase 2-4 Units with a Reverse Mortgage for Lifetime Cashflow

July 12, 2024     14 comments

Exploring Reverse Mortgages for Purchasing Multifamily Units If you’re retired and thinking about downsizing, moving closer to loved ones, or finding a more suitable living arrangement, the reverse mortgage purchase program might be a great option for you. This government-insured reverse mortgage is available to individuals aged 62 or older and allows you to use the equity in your current home to buy a new property, which can include up to four units in a single transaction. Unlike traditional mortgages, where your loan balance decreases as you make payments,... Read Full Article

Reverse Mortgage Income Requirements in 2024

July 1, 2024     46 comments

Understanding Reverse Mortgage Income Requirements Welcome to our guide on reverse mortgage income requirements!  This article will explain the financial assessment underwriting guidelines, particularly the minimum residual income requirements set by HUD. These requirements play a crucial role in the lender’s application process, ensuring that you, as a borrower, can comfortably manage ongoing property-related expenses such as property taxes, homeowner’s insurance, and maintenance costs after securing a reverse mortgage. We will provide clear, easy-to-follow tables that detail the minimum residual income needed based on your family size and the region... Read Full Article