All Reverse Mortgage

Understanding Reverse Mortgage Insurance Premiums (Updated 2017/2018)

October 11, 2017   by All Reverse Mortgage   2 comments

A federally-insured reverse mortgage comes with the benefit that you, the borrower, will receive loan payments as agreed upon by the terms of your loan, and will never owe more than your home is worth. Those benefits are guaranteed by the Federal Housing Administration through its Home Equity Conversion Mortgage program, which includes the vast majority of reverse mortgages out there....
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Oct. 2017 HUD Moves to Lower Limits & Raise Costs Under President Trump-Sec. Carson

August 29, 2017   by All Reverse Mortgage   no comments

In our recent article dated July 26, 2017, we indicated that a new administration in Washington marks a time of uncertainty and uneasiness as people try to guess what the new policies will be.  The announcements made by HUD today answered some of those questions with regard to the Home Equity Conversion Mortgage program.  Lenders had been hearing bits and...
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California Reverse Mortgage Counseling Rule Change of 2017

August 22, 2017   by All Reverse Mortgage   no comments

Purpose The purpose of this bulletin is to restate and update new California requirements regarding required disclosures, counseling, timing for when certain fees may be incurred on the borrower’s behalf, and when other activities related to the origination and processing of a loan may be performed. Implementation These requirements are effective for all California reverse mortgages with applications taken...
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HOA Payment History Can Affect Your Eligibility for Reverse Mortgages

August 22, 2017   by All Reverse Mortgage   no comments

It was disappointing experience for my Husband and I. We live in an area with an HOA we had a dispute with them that was settled but that has come back to bite us big time. We have excellent credit have paid our insurance, taxes and mortgage on time but apparently it is not enough to satisfy HUD according to our...
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Reverse Mortgage for Purchase: Down Payment Requirements

August 20, 2017   by All Reverse Mortgage   16 comments

Save up to $6,000 on your reverse mortgage down payment when selecting All Reverse Mortgage's ZERO Origination Fee HECM Purchase Plans.  Wondering what a reverse mortgage is, and whether it can be used in the purchase of a new home? It sure can, in a process called a Home Equity Conversion Mortgage Purchase. Basically, a new home is bought at the...
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How the Appraisal Process, Laws & Appeals Work

August 1, 2017   by All Reverse Mortgage   no 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...
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What the Trump Administration Means for Reverse Mortgages

July 26, 2017   by All Reverse Mortgage   no comments

ALERT: Oct. 2017 HUD to Lower Benefits/Raise Costs Under President Trump-Sec. Carson Why Trump's Policies Could Increase Reverse Mortgage Demand No matter your political stripe, presidential transitions mark a time of change and uncertainty—after eight years of policies shaped by one administration, another one comes along with a different perspective and plan for governance. If you’re nearing retirement, that anxiety could...
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Buying Home & Seller Has a Reverse Mortgage – Now What?

July 24, 2017   by All Reverse Mortgage   no comments

We are looking to buy a home, and signed a contract for sale for $730,000. The house appraised for just over that amount. Afterwards, we learned that the seller owes more than that ($760,000) on a reverse mortgage. Does HUD/FHA need to approve the sales price before we can close? It seems that because the sales price is within 95%...
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A Look Into The Reverse Mortgage Process and Timeline to Closing

July 11, 2017   by All Reverse Mortgage   no comments

I understand there are many variables involved in 'how long' it takes, some of them due to applicant errors and misunderstandings.... but I would appreciate an average of start to finish for a reverse mortgage loan? I assume when the quotes arrive they will include 'next step' but what is the typical processing time to complete this type of transaction?...
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Reverse Mortgage Occupancy Requirements Explained

June 14, 2017   by All Reverse Mortgage   2 comments

We live with my mother in law and were present throughout the process of her getting a reverse mortgage. The broker is fully aware that we live there with her and help keep up the property and pay living expenses. He told us if she ever needed to go to a nursing home, as long as she is on the...
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