Welcome to the official blog of All Reverse Mortgage®

HECM-to-HECM Refinance ‘5-Times’ Benefit Rule Explained

January 16, 2020     no comments

For some existing reverse mortgage borrowers – particularly borrowers who have a Home Equity Conversion Mortgage (HECM) sponsored by the Federal Housing Administration (FHA) – a number of factors may lead them to ask if it is both possible and/or beneficial to potentially refinance their existing loan into an offering with more advantageous terms. The short answer to this is yes, it is possible to refinance a HECM reverse mortgage. Refinancing can come with several possible benefits, including increasing the amount of money that you’re able to borrow from the... Read Full Article

Reverse Mortgage After Death: What Heirs & Family Must Know.

December 17, 2019     123 comments

It seems that one of the most popular questions we get is: What happens with my reverse mortgage and my home after death? The reverse mortgage is intended to be the last loan that borrowers will ever need, so this is a question many homeowners and their heirs have on their minds as many of them intend to keep the loan and the home for life. If they do get a reverse mortgage and it does enable them to live in their homes without paying a mortgage payment for the... Read Full Article

Warning: Reverse Mortgage Downsides & Disadvantages

December 16, 2019     8 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 or 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

Here are 3 Reverse Mortgage Examples in 2020

December 16, 2019     12 comments

Is there an example of how a reverse mortgage works? We get this question all the time, from borrowers, family members and even others in the lending industry and other professional industries who just don’t understand the product. It seems that almost everyone has an opinion on reverse mortgages and often they are based on almost no factual knowledge. Often people base their opinions on something they heard, some report they read from a reporter who may not have had all the information themselves or were looking to make a... Read Full Article

2020 Reverse Mortgage Changes: New Limits, New Programs!

December 13, 2019     8 comments

What’s New and Exciting for 2020 Reverse Mortgages? It seems that reverse mortgage borrowers have been getting nothing but bad news for the past 7 years. HUD has implemented more restrictions, lowered amounts available to borrowers, increased eligibility requirements that borrowers had to meet and overall, reverse mortgage borrowers have had little to be happy about for a while. Don’t get us wrong, it hasn’t been all bad news.  Over that same period, properties began to rise in value again after 2012 giving borrowers more equity, jumbo & proprietary... Read Full Article

How and Why to Refinance Your Reverse Mortgage

December 12, 2019     82 comments

There are many instances when borrowers consider a reverse mortgage refinance. Refinancing existing loans does make sense at times, and sometimes it does not. Borrower(s) should only consider refinancing their loan if the borrower(s) when it makes sense for their circumstances. Some homeowners will find that they meet some of the conditions listed below but don’t need additional funds. In those cases, a refinance is not warranted. For them, even though they qualify for additional funds, it would only mean that the borrowers would incur additional unnecessary costs. When... Read Full Article

Here Are the Banks That Offer Reverse Mortgages (2020 List)

December 11, 2019     5 comments

When it comes to getting a reverse mortgage, you may start by wondering what type of lender to work with, and specifically: which banks offer reverse mortgages. Perhaps you used a national or regional bank for a mortgage loan in the past as many of the big banks offer mortgage lending services. It’s also possible you worked with a non-bank mortgage lender, as these companies are also active in the mortgage lending space. There are many banks that offer reverse mortgages, although most of the major national banks, such... Read Full Article

Reverse Mortgage Insurance Explained (2020 Update)

December 11, 2019     22 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. In order to receive that guarantee, borrowers pay for it through the reverse mortgage insurance premiums. The first is a one-time insurance payment that is made upfront, and the other... Read Full Article

FREE Reverse Mortgage Amortization Calculator (Excel File)

December 11, 2019     5 comments

All Reverse Mortgage has developed the first ever reverse mortgage amortization calculator that lets you change future interest rate, appreciation rates and payment assumptions. (Download your copy here!) Purpose of the Reverse Mortgage Amortization Calculator Have you ever wondered about how a reverse mortgage loan could be more advantageous than a traditional loan? Are you someone who thinks Reverse Mortgage loans are only for those in dire straits? Think that if you get a Reverse Mortgage loan that you will have no equity in your home for the rest... Read Full Article

What is a Reverse Mortgage? Explained in Simple Terms!

December 11, 2019     61 comments

What is a Reverse Mortgage? A reverse mortgage is a loan for homeowners age 62 and older that requires no monthly mortgage payments. The loan is repaid when the borrower passes away, leaves the home permanently or sells. Available funds are distributed as a lump sum, line of credit or structured monthly payments. What it is  A loan against your home’s equity No monthly mortgage payments required Designed to meet the needs of retirees on fixed incomes Tax-free cash for virtually anything What it's NOT Selling your home... Read Full Article