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NOVAD Reverse Mortgage Problems – Please Help!

My mother passed in Oct. of 2018 in a nursing home. Prior to her death as POA I surrendered the home by registered letter to Novad, a HUD management company, requesting a Deed in Lieu of Foreclosure. As of March 2020 they have not taken over the title to the home and the tax collector is trying to get "The Estate of..."to pay the taxes and the estate has no funds nor do I believe they owe anything based on a non-recourse loan. Novad has taken over maintenance of... Read Full Article

What The Coronavirus Means For Reverse Mortgages

The outbreak of the COVID-19 coronavirus in the United States has universally disrupted the regular, daily lives of Americans as well as the nation’s economy. As the risk of infection and the possibility of hospitalization, particularly for older Americans, has led to orders from federal, state and local governments that encourage “social distancing” in an effort to slow the spread of the virus, people are changing the way they operate. The reverse mortgage market, too, has experienced some changes as a result. This article will cover some of... Read Full Article

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

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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.

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

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

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!

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

Today’s Reverse Mortgage Refinance Rates & Limits

HECM Refinance Rates for March 2020. *Rates subject to change without notice. Is a Reverse Mortgage Refinance Right for You?  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... Read Full Article

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

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)

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
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