All Reverse Mortgage, Inc. (ARLO™)

Can you get a Reverse Mortgage with a Life Estate?

April 25, 2024     18 comments

Question from an ARLO Reader: I am considering a reverse mortgage and have my debt-free property in a Life Estate; my sister is the Grantee.  I understand she would have to sign the loan/closing docs without having had the counseling, but I am confused about whether that title would still be held in the Life Estate, correct?  Are there any negatives here?  Also, if I quitclaim her off before the reverse mortgage is executed, can I quitclaim her back the same Life Estate, and if so, would that entitle her... Read Full Article

Free Reverse Mortgage Calculator: Access Without Personal Info

April 11, 2024     no comments

Navigating Reverse Mortgage Calculators The internet is an excellent tool for consumers to research many lending products.  However, it is important to be selective when researching financial products and seek advice from a trusted resource.  Reverse mortgages are no exception.  Many websites offer a "free reverse mortgage calculator" that allows consumers to enter their home and personal information and calculate whether they're eligible for a loan and, if so, how much of their home equity they could access. Some calculators also detail how consumers can tap into their home... Read Full Article

2024 Jumbo Reverse Mortgage (Lenders, Rates & Loan Limits)

April 10, 2024     14 comments

As we enter 2024, the landscape of reverse mortgages continues to evolve, with Jumbo Reverse Mortgages emerging as a significant component for homeowners with high-value properties. In this article, we will dissect the critical differences between jumbo and traditional FHA-insured reverse mortgages, clarifying why and when a jumbo reverse mortgage could be the right choice for you.  We dive into the key benefits alongside a balanced discussion of these loans' potential risks and rewards. Whether you are a homeowner, a financial advisor, or simply interested in the latest trends in... Read Full Article

How Reverse Mortgages Work: Explained in Simple Terms!

April 9, 2024     16 comments

Introduction to Reverse Mortgages 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 suits... Read Full Article

2024 Reverse Mortgage Purchase Guide: Rates, Limits & Down Payment

April 8, 2024     12 comments

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

Reverse Mortgage Refinance Guide: 2024 Limits, Rates & FAQ

April 8, 2024     48 comments

As we enter 2024, the landscape of reverse mortgage refinancing is evolving, bringing new opportunities and considerations for existing reverse mortgage holders. Our guide is tailored to provide you with the most up-to-date information on the new 2024 HECM limits, current rates, and expert tips for refinancing your reverse mortgage. When to Refinance Your Reverse Mortgage Your home value has increased considerably. You originally obtained your loan when the lending limit was less than the 2024 HECM limit of $1,149,825.  Your value is at or higher than the HUD... Read Full Article

Purchase Reverse Mortgage Purchase FAQs (Updated 2024)

March 24, 2024     3 comments

Q. What is a Purchase Reverse Mortgage? A Purchase Reverse Mortgage allows seniors aged 62 or older to buy a new primary residence using the loan proceeds from a Home Equity Conversion Mortgage (HECM). Q. What is the purpose of the program? The purpose of the Purchase Reverse Mortgage program is to allow seniors to buy a new primary residence and secure a reverse mortgage in a single transaction, thus removing the need for a second closing.  Additionally, the program aims to assist senior homeowners in relocating to different areas... Read Full Article

Debunking 6 Myths About Reverse Mortgages in 2024

March 22, 2024     no comments

Reverse mortgages have often been portrayed in a negative light, creating misconceptions and doubts among those who might otherwise find them beneficial.  But what lies beneath these critiques? In this article, we'll dive deep into the heart of the matter, dispelling the myths that have long surrounded reverse mortgages.  With an objective lens, we aim to clarify how these mortgages work, who they're best suited for, and why they might not be the financial burden they're often made out to be. Join us as we explore six common myths about... Read Full Article

6-Step Guide to Handling Reverse Mortgage Heirs & Estate Affairs

March 11, 2024     73 comments

Inheriting a property is a significant responsibility, especially when it comes with a reverse mortgage attached.  If you find yourself as the heir to a borrower who has passed away, you may feel overwhelmed by the financial and legal complexities that follow. This article will guide you through the steps we recommend following to navigate this situation.  Whether you're considering paying off the loan, selling the property, or taking on other options, our aim is to provide you with a comprehensive understanding of your options and the next steps involved.... Read Full Article

Reverse Mortgage Insurance Explained (2024 Update)

March 3, 2024     30 comments

A federally insured reverse mortgage assures that, as the borrower, you will receive certain loan payments as agreed upon by the terms of your loan. You or your heirs will never be forced to repay more than your home is worth to pay off the loan, regardless of the loan’s balance.  The Federal Housing Administration guarantees those benefits through its reverse mortgage program, the Home Equity Conversion Mortgage. Borrowers pay for government insurance on their loan programs and reverse mortgages through insurance premiums known as Up-Front Mortgage Insurance Premiums (UFMIP)... Read Full Article