Reverse Mortgage FAQs - Common Questions & Answers (2019) Here we answer the most common reverse mortgage FAQs including how the reverse motgage works, homeowner requirements, eligibility and qualifications. By All Reverse Mortgage® - America’s #1 Rated Reverse Mortgage Lender.
Reverse Mortgage Disadvantages Guide (2019 Update) We reveal critical reverse mortgage disadvantages (and advantages). Weigh potential drawbacks and discover if the reverse mortgage is right for your retirement planning. Provided by All Reverse Mortgage® America’s #1 Rated Lender
Purchase Reverse Mortgage Purchase FAQs (Updated 2019) What is a Purchase Reverse Mortgage?A Reverse Mortgage for Purchase allows seniors, age 62 or older, to purchase a new principal residence using loan proceeds from the HECM (Home Equity Conversion Mortgage) What is the purpose of the program?The Purchase Reverse Mortgage program was designed to allow seniors to purchase a new principal residence […]
Steps for Heirs – How to Repay Reverse Mortgage After Death If you are the heir to a borrower who has a reverse mortgage who has passed, here are the steps we recommend you follow: Time to Payoff Reverse Mortgage Generally you will have up to 6 months to refinance the reverse mortgage into a loan of your own, or up to 12 months to sell. […]
Which is Best? Fixed vs. Adjustable Rate Reverse Mortgages If you’ve made the decision to stay in your home, but you’re not sure if your savings will last, a reverse mortgage could be a potential solution to help you achieve that goal. But different reverse mortgage types can serve different purposes and as with any mortgage, you must consider which program and rate option are best […]
All Reverse Mortgage® | America’s #1 Rated, HUD Approved Lender. Learn what a reverse mortgage is and how it works at the official blog of All Reverse Mortgage®. Share your questions and/or comments and receive expert advice and personal recommendations by ARLO™. America’s most trusted reverse mortgage lender with over a decade of excellence.
Reverse Mortgage Servicing, Setting the Record Straight. Loan servicing is a critical component to the reverse mortgage process. It’s also one of the most misunderstood functions by borrowers. A reverse mortgage goes through several different cycles throughout the life of the loan. The loan begins in the origination stage, moves to closing and then enters the servicing phase, where the reverse mortgage will remain […]
Financial Freedom Reverse Mortgage Review (2020 Update) Looking for information on Financial Freedom Reverse Mortgage? We've got you covered! Learn about reverse mortgages originated by Financial Freedom, read their review and access other important resources.
Reverse Mortgage Solutions Bankruptcy & Effects on Seniors What if my reverse mortgage with Ditech/Reverse Mortgage Solutions (RMS) files chapter 11 bankruptcy? – Hilda Hello Hilda, I believe you are referring to the letter that went out to all customers of Ditech Financial, LLC, Reverse Mortgage Solutions, Inc. (RMS) and their affiliates. We cannot give you legal advice so this is […]
How the Reverse Mortgage Margin & Libor Rate Works Curious about how the reverse mortgage margin & libor rate works? We've got you covered! Learn what the margin is and how it affects your available loan.
How Appraisal Independence, Laws & Appeals Work 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 […]
What You Need to Know About Reverse Mortgages and Tax Reform You can be forgiven for not knowing exactly how tax reform will affect reverse mortgages — after all, with the legislation itself passed hastily to capitalize on rare consensus among Congressional Republicans; accountants and other financial professionals will likely be busy sorting out the implications all the way through tax day and beyond. […]
Did You Know? Reverse Mortgages Allow Interest Repayments You may think you understand reverse mortgages—and you probably do. They are, simply put, a type of mortgage that allows you to receive payments from your home equity rather than make them. It’s a negatively amortizing loan, meaning the balance grows over time, instead of falling. But there are some benefits that borrowers might not […]
Explore Benefits of the Non-Recourse Reverse Mortgage One of the primary attractions to the reverse mortgage program is its non-recourse feature guaranteed by the federal government. Learn more about non-recourse reverse mortgages...
No Closing Cost Reverse Mortgage Options are BACK! No closing cost reverse mortgage plans are back in 2016, learn more about this unique opportunity and potentially save thousands with our new $0 financed closing cost plans.
The 2019 Reverse Mortgage Limit is officially $726,525 BREAKING: 2019 Reverse Mortgage Loan Limits will Increase to $726,525! The difference means a significant benefit for those with home values north of $679,650 (Prior Lending Limit).
History of the Reverse Mortgage – 1969 to Present Day Facts Reverse mortgages have been through a lot of changes in their short, 57 year (depending on who you ask) lifespan. As the story goes, the first reverse mortgage was written in 1961 to a woman in Portland, Maine by a small, local bank. The owner of the bank wanted to help the wife of his […]
What to Expect from the Reverse Mortgage Appraisal Process Getting a home appraisal is an important part of the reverse mortgage process. Here’s what you need to know so that you can manage your expectations during the appraisal process.
Reverse Mortgage Credit Requirements Explained Credit requirements to qualify for a reverse mortgage loan. While credit scores are a not a factor, lenders must look at the last 24 month credit history for eligibility.
Reverse Mortgage Final Rule Takes Effect September 19, 2017 Reverse Mortgage Final Rule The purpose of this bulletin is to announce upcoming changes to HECM program due to the HUD Final Rule. This bulletin summarizes the key changes affecting the origination of HECM loans. Additional guidance on how to implement and apply the below changes is forthcoming. Implementation The changes will take effect […]
Higher Reverse Mortgage Limits Announced for 2018 Breaking: HUD Increases 2020 Reverse Mortgage Limits to $765,600 Higher Reverse Mortgage Limits Coming January 1st 2018 Starting in 2018, lending limits for government-insured reverse mortgages will increase, allowing borrowers the opportunity to access more of their home equity than ever before. The vast majority of reverse mortgages are federally-insured Home Equity Conversion Mortgages […]
HUD Lowers Limits, Raise Costs Under Trump/Carson 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 […]
ALL-NEW Jumbo Reverse Mortgage with Line of Credit Feature! All Reverse Mortgage® is excited to announce our new Jumbo Reverse Mortgage Line of Credit options! Like the Home Equity Conversion Mortgage (HECM), it is a non-recourse loan, meaning neither the borrowers nor their heirs shall have personal liability.
Introducing: Platinum Jumbo Reverse Mortgage Program PROGRAM ANNOUNCEMENT: Platinum Jumbo/Proprietary Reverse Mortgage Program Before the market crash, there were several jumbo reverse mortgage programs and then they all disappeared when the market crashed around 2009/2010. It wasn’t until more than 5 years later that the first program reappeared and tentatively at first. The loan amounts and underwriting guidelines were very restrictive […]
Introducing the HomeSafe Second Mortgage The HomeSafe® Second Mortgage is the first proprietary reverse mortgage loan that allows for 2nd position. Like the Home Equity Conversion Mortgage (HECM), it is a non-recourse loan, meaning neither the borrowers nor their heirs shall have personal liability. The HomeSafe® Second allows borrowers to keep a forward first lien in place while accessing […]
Which is Best? Reverse Mortgage vs Home Equity Line Reverse mortgage vs HELOC Challenge! The reverse mortgage line of credit has many advantages over a traditional bank HELOC, discover why the reverse mortgage line of credit offers more security and flexibility when borrowing from your home equity.
California Reverse Mortgage Counseling Rule Change of 2017 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 […]
5-Step Guide to the Reverse Mortgage Loan Process You’ve done all your research on what a reverse mortgage is and you’ve decided that this is the right loan for you. Now the question is, what do you do next to get the loan started? Many senior homeowners get to the point where they know they want the loan, but they do not know […]
Reverse Mortgage Attorney Asks: Laws of Survivorship Husband & Wife, both over 70-years-old, occupied principal residence in California for many, many years and have no other home. Husband had a fall in late 2016 and was discharged from the hospital to a board & care facility to recover. Husband had been at board & care facility for 4 months when husband […]
Here’s What Happens When a Reverse Mortgage is Assigned to HUD We received a notice from reverse mortgage that the loan is being assigned to HUD they also gave the name of company that would be handling it. I looked company up and they have horrible complaints one main one being that the heirs do everything required to settle home and this company just foreclosures […]
Buying Home & Seller Has a Reverse Mortgage – Now What? 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 […]
Appraisers Use the Sales Comparison Approach, Not Zillow. Here is where Appraisals are not updated and correct? Zillow and others use sales per sq ft for cookie-cutter homes. They omit custom built homes in comparable homes because of lack of construction knowledge and insurance coverage? Costs of replacement coverage and appraisals would place a 5000 sq ft total home cost at $800,000-min […]
Why Reverse Mortgages Have 2 Notes & 2 Trust Deeds Wondering why reverse mortgages have two notes and two deeds of trust? Learn all about this unique recording for reverse mortgages and how the two deeds are to protect you!
Yes, You Can Put a Reverse Mortgage in Your Family Trust. I have the home in family trust. I am unmarried but have lived with my “wife” for years. She inherits the home by last will. Do we qualify for this program? Hi John, For such a short question there are so many possibilities! Firstly, as a lender, we only get so much […]
Benefits of Refinancing Your HELOC into a HECM! If you have a HELOC (Home Equity Line of Credit) that is about to reset, you may find the reverse mortgage line of credit (HELOC LOC) the perfect refinance solution.
5 Memorable Reverse Mortgage Spokesmen 5 Memorable Reverse Mortgage Spokesmen Reverse mortgages have had many famous faces over the years. From iconic television and film actors to a one-time U.S. presidential candidate, celebrities from all walks of life have espoused the many advantages that a reverse mortgage can provide for older homeowners in their retirement years. While spokesmen have […]
Having Problems with Celink Reverse Mortgage – Please Help! Hi Arlo, My Father passed away on 5/15/19 at 91 years of age. He divorced his second wife of 12 years in 2007. She has since returned to her home country of Mexico with no further family contact since then. She quitclaimed her interest in the property in exchange for a $70,000 financial settlement […]
Quicken Reverse Mortgage Review (2020 Update) Looking for info on Quicken Reverse Mortgage? We've got you covered! Read our review & access important servicing info for past Quicken customers.
Banks Offering Reverse Mortgages Retreat Last year, three well-known banks left the reverse mortgage industry, leaving many borrowers with concerns and one big question: Why did they go? Bank of America exited in February, followed by OneWest Bank’s Financial Freedom in March, and then industry giant Wells Fargo in June, effectively shaking up the reverse mortgage world. At the time […]
Champion Reverse Mortgage Foreclosure Problems – Help! Good Afternoon, I am hoping you can help me with something. My mother in her haste did a reverse mortgage. We as her children where not aware of it. Here she is 10 years later and now the chickens have come to roost.. in my opinion. First she is with Champion Mortgage, who I […]
Reverse Mortgage Occupancy Fraud Continues to Threaten MMI Fund Because of health issues I have moved my Mom in with me and at some point I will most likely have to move her to a nursing home. Her granddaughter lived there until a couple weeks ago. She has wrecked the house. The monthly statement has the house at way more than I could ever […]
HUD May Require a Second Appraisal on Reverse Mortgages HUD announced today that reverse mortgage lenders could not close loans to be insured under the HECM program unless they have the appraisal submitted and approved by FHA in advance. Note that this does not say until HUD does something, it says that the loans cannot be closed unless HUD does something on the loan […]
Reverse Mortgage Fixed Rate & Unusable Funds Explained If you're in the market for a fixed rate reverse mortgage you might be less interested with the 60% cash-out limit imposed by FHA. Learn more about fixed reverse mortgage unusable funds here.
Reverse Mortgages and Solar Panels: What You Need to Know As our homes age, it is not uncommon to invest in renovation projects that enhance our ability to age in place, especially if those upgrades help lower monthly utility bills. Installing solar panels is one effective solution to reduce your overall electricity expense, but if you’re a homeowner considering a reverse mortgage to support your […]
6 Questions to Ask Your Reverse Mortgage Loan Officer When applying for a reverse mortgage you will be working closely with a loan officer whose responsibility is educating you on the terms of the loan and your personal concierge through the process. Be sure to ask your reverse mortgage loan officer these six pertinent questions before you commit and begin the loan process.
Reverse Mortgage Appraisal Disputes and Rebuttals Are you interested in diputing your reverse mortgage appraisal? This guide will help prepare you for this situation ahead and manage your expectations.
Reverse Mortgage Appraisal Tips: Laws & Requirements Question from our reader: Can you influence the appraiser to give a higher appraised value? This is one that I would tell you absolutely NO! It is against the law to try to influence an appraiser to raise a value. This is not to say that if you feel that an appraiser has given […]
Here are the Basic Qualifications for a Reverse Mortgage Reverse mortgage qualifications have changed as a result of financial assessment. Lenders are now required to check the homeowners willingness and ability to maintain ongoing property charges.
make Repayments for an Increased Line of Credit or Tenure! Bonnie B. has sent the following question in the ask ARLO! blog: My interest and Mortgage insurance are adding $1,100.00 to my principal each month because my rate has gone up 2% in the last year—my Line of credit has $60,000 and grows by $245.00 a month. I would like to start putting my […]
Reverse Mortgage Mistakes Can Happen: Avoid These 3! Reverse mortgage can be valuable retirement tools, but they need to be used responsibly. Like many other financial products, the effectiveness of reverse mortgages is only as good as the judgement of the borrowers who use them. For homeowners age 62 and older, a reverse mortgage can provide an additional source of […]
Reverse Mortgage Property Eligibility: Acreage & Zoning Can you get a reverse mortgage on acreage and how many acres would be allowed? Here we dive into the reverse mortgage property requirements with excess land guidelines.
Can You Get a Reverse Mortgage on Farmland? Is a Reverse Mortgage allowed on Farmland? I am researching Reverse Mortgages for my parents (ages 63 & 66). My only concern is that they own a farm that is preserved...
Who pays property taxes and insurance on a reverse mortgage? Can I pay the property insurance and taxes yearly without the lender holding part of the funds in a reverse mortgage for a number of years? The normal way is for the reverse mortgage homeowner to pay their own taxes and insurance EXCEPT if you do not meet the residual income or credit requirements of […]
Reverse Mortgage Interest Rate Cap Explained Can the loan balance grow beyond the value of the house? I thought there was a cap of 60% of the value of the house? There is no “cap” on the amount of interest that can accrue. In many cases, especially if the value of the home declines as they have done in recent years, […]
Can You Leave Home With a Reverse Mortgage? If you have a reverse mortgage, don't leave home without first understanding its implications and possible loan maturity. Learn more here
Can I get a reverse mortgage while in Chapter 13 bankruptcy? We are under chapter 13 bankruptcy would we be able to do a reverse mortgage? I am 64 my husband is 78 HUD has different requirements for the purchase program and someone who is doing a loan on their existing property. If your desire is to utilize the reverse mortgage for purchase program, you cannot […]
5 Key Reverse Mortgage Changes Moving into 2018 Learn about these key reverse mortgage changes moving into 2018. Interest rates, new 2018 lending limit, new 2018 jumbo proprietary products & more!
Can I get a Reverse mortgage Purchase with a Line of Credit? I am close to 62 years old and am looking to purchase a home with a reverse mortgage. After escrow is closed will I get either a line of credit or payments from this transaction? With a purchase reverse mortgage, most borrowers use all their eligible funds when they purchase the home and there are […]
Reverse Mortgage Occupancy Requirements Explained 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 […]
Reversemortgage.org Releases New Consumer Guides New Consumer Guides Walk You Through the Reverse Mortgage Process More than one million American homeowners have been served by Federal Housing Administration-backed reverse mortgages via the Home Equity Conversion Mortgage program. Now in its 27th year, the HECM program continues to enhance its consumer protections as lenders strive to improve the customer experience for […]
About Reverse Mortgages & Property Tax Deferral Programs Oregon reverse mortgage borrowers made headlines recently when they were suddenly cut from a tax deferral program many had been enrolled in for several years or more. Previously, reverse mortgage borrowers in Oregon were eligible for the state’s senior property tax deferral program—a program that allows people over the age of 65 to defer their […]
Why Does a Reverse Mortgage Have a Balloon Repayment? With regard to balances going up and equity going down, this sounds like those nightmare balloon situations one hears of. Is the rate of interest fixed for the life of the loan, and is it possible to make payments against principle? You packed a lot into a very short comment/question! Any time a loan has […]
Resource for Conservators Seeking Reverse Mortgages The process of taking out a reverse mortgage on a property that is in conservatorship takes a few steps, but it can be done. Conservatorships are established when a court deems a person incapable of making certain decisions, and can encompass two categories: for a person, or for a person’s estate. Some conservatorships cover both […]
Here’s the Timeframe to Vacate Home After Reverse Mortgage Hello ARLO – My father passed away in October 2018. He had a live-in caretaker for several years. I decided to sell the house in California, while the caretaker is occupying the home to keep the property safe and away from squatters and facilitate the viewing. One offer from a buyer fell through and […]
Here’s the Absolute Truth on Reverse Mortgages A recent comment from our reader: To whom it may concern: I have read so many reverse mortgage info. It sounds like it’s not really to help you but for the bank to help themselves. It’s designed to make you think they are helping you, but the truth is you are really giving away […]
Here are 3 Reverse Mortgage Examples in 2019 See how much you can expect from a reverse mortgage loan by these 3 popular examples. (Includes illustrations and loan comparisons.)
HUD Announces Condo Changes to Take Place October 15, 2019 HUD Announces Condo Rules with Changes to Take Place October 15, 2019 Since we last wrote, HUD has finally announced that they are bringing back the single-unit approvals for condominiums! HUD just announced that they will once again begin allowing unit owners to obtain FHA-insured loans on individual units in condo projects that have […]
Can I Opt for a Voluntary Life Expectancy Set-Aside? (LESA) Just learned of this feature, LESA. Am a current Reverse Mortgage holder and received a solicitation from a mortgage co. There’s a lot to absorb regarding RM’s and unless you are an educated real estate professional, it is virtually impossible to understand all the ramifications of these deals. Even with the “counseling” as required, total […]
This Little-Known LESA Growth Feature Is a Game Changer This Little-Known Reverse Mortgage Feature Could Be a Game Changer Qualifying for a reverse mortgage is tougher for some people today than it has been in the past. That’s because new underwriting standards have been developed in the past year to ensure that these loan products are safer for the borrowers who use them. […]
Dangers of Leaving Spouse off Title for a Reverse Mortgage I am in North Carolina and I’m not on the house deed. We applied for a reverse mortgage, signed the papers and appraisal was done today. I question them about me not being on the house deed and I was told it was not necessary. Is this true? If it is, where do I stand? […]
Reverse Mortgages Are No Longer a “Last Resort” Reverse mortgages are no longer a loan of last resort. See how recent changes have strengthened the program and brought forward to a mainstream market.
How to get out of a Reverse Mortgage Margaret has sent the following question in the ask ARLO! blog I have a reverse mortgage and I’m having problems with it. Was it legal for me to get a reverse mortgage without my own lawyer to explain the situation to me? I never knew the pros and cons of a reverse mortgage. I think it’s […]
Reverse Mortgage 12 Month & 60% Disbursement Limits The U.S. Department of Housing and Urban Development has made several changes to the Home Equity Conversion Mortgage (HECM) program to strengthen the FHA Mutual Mortgage Insurance Fund (MMIF or Fund) and protect the viability of the reverse mortgage program. The changes affect the following requirements: Initial disbursement limits New Single Disbursement Lump Sum payment […]
What is the Government’s Role in Reverse Mortgages? An estimated 99% of of reverse mortgages offered today are insured by the Federal Housing Administration (FHA), according to the agency. While the government does insure these reverse mortgage products, it does not offer the loans directly to consumers. Since they are insured by the federal government, the vast majority of reverse mortgages come with […]
All Reverse Mortgage® to Buy in Del Webb Community An All Reverse Mortgage® Client Success Story in Del Webb Active Adult Retirement Community. Learn How to Buy Using the Reverse Mortgage in Del Webb!
Can You get a Reverse Mortgage on a Log Home? A browser Myrddin J has sent the following question(s) in the ask experts blog. I have a log home with no mortgage. I applied to quicken reverse mortgage and was told that because there aren’t any other log homes sold in the area for the last six months (there are around 20 in the area […]
When Reverse Mortgage Counseling and Appraisal Expires Our HECM counseling has just expired and we had to retake a counseling. However, a month before the counseling expired, an appraisal of our house was ordered by our lender. Now, our reverse mortgage lender ordered another appraisal because he said that the month old appraisal cannot be used because we were just given a new […]
How You Can Lose Your Home with a Reverse Mortgage A reverse mortgage is a specific kind of loan available to seniors age 62 and older that allows them to turn the equity they’ve built up in their homes into cash they can use for any expense. Because the reverse mortgage is a transaction in which someone borrows against the value of their home, a […]
How to Obtain a Partial Reconveyance from the Lien-holder My neighbor has a reverse mortgage loan, but she has passed away and her relatives live in the home. They are now in the process of selling the home. They have 5 acres with the home and I am interested in buying an acre of the land that borders my property. Is there a way […]
Tom Selleck’s Reverse Mortgage Company Selling Snake Oil? We just received this comment to our blog: It boils down to the saying “if it’s too good to be true, then it is “I watched this actor named Tom Selleck pitching for reverse mortgage on a tv commercial. Sounds very convincing even to the point of him swearing to have done his homework […]
How Will Brexit Impact Reverse Mortgages? As you have heard by now, Brexit happened. The United Kingdom voted in referendum in June to leave the European Union. Though nothing catastrophic has happened as a result, there will likely be some slow changes taking place across the real estate landscape in the U.S. in the coming years, especially when it comes to […]
AIG Reverse Mortgage Problems – Please Help! Having problems with AIG Reverse Mortgage? Don't feel stuck as you have the ability to transfer your case assignment to another lender!
Reverse Mortgage Foreclosure Has No Effect on Heirs If you are an heir of a parent with a reverse mortgage going through foreclosure, you are never, in any way whatsoever, obligated on the loan. Read more about the protections made possible by non-recourse reverse mortgages.
How to Avoid Problems with a Reverse Mortgage Lender What’s the most effective legal way to avoid any expected problems with a new reverse mortgage lender? -Alfred Hello Alfred, This is a very open question. There are several ways to handle issues with lenders, but it depends on the issue you are having. And when you say, “expected problems with […]
Reverse Mortgage Costs to Rise with Dodd-Frank Financial Reform Everyone affiliated with the Mortgage industry should be aware of the upcoming changes regarding Loan Officer Compensation that are set to take effect on April 1, 2011 and the negative impact they will have on the consumer. Simply, the law restricts Loan Originators from earning an Origination Fee and YSP (Yield Spread Premium) on a […]
Reverse Mortgage Stabilization Act Passes: What’s Ahead For all those who have been asking when we would know about the coming changes to the reverse mortgage program, hang on to your hat! Late Tuesday, July 30th, the Senate passed the House Bill, H.R. 2167 which is known as the Reverse Mortgage Stabilization Act of 2013. The President is expected to […]
Reverse Mortgages: What Happens in a Government Shutdown? FHA Info #18-02 Highlights Available Services As a result of the federal government shutdown due to a lapse in appropriations, until further notice the Federal Housing Administration’s Office of Single Family Housing and its mortgage insurance program will be operating with limited services. FHA just released the following information as FHA Info #18-02: As was the case […]
What Happens to my Reverse Mortgage if Home Burns Down? I live in California, have a reverse mortgage and would like to know what happens if my home were to burn down in a fire? Do my monthly payments or line of credit continue if I must rebuild? If my insurance will not cover my loss does the loan become due? Insurance coverage works […]
How Capital Gains and Proposition 13 affect Reverse Mortgages How would capital gains tax and California’s Proposition 13 affect my ability to get a reverse mortgage for purchase? Prop 13 and the Reverse Mortgage for Purchase A Home Equity Conversion Mortgage (HECM) for Purchase, sometimes called an “H4P,” is a product that allows a borrower that’s at least 62 years of age to take […]
Reverse Mortgages may be Saving the Government BILLIONS. Reverse mortgages were designed to help senior homeowners age in place. While they accomplish that goal for thousands of people today, there’s also a big picture benefit to the reverse mortgage program as a whole: It saves government money on entitlement programs such as Supplemental Security Income and Medicaid. In fact, by some estimates, reverse mortgages could save as much as […]
How Long Does a Reverse Mortgage Take to Close? How long does a reverse mortgage take to close? Can it be completed in a month or less? We have had many that have been completed in this time-frame but I have to be honest with you, all the stars have to align just right or it will not close in the 30 days and […]
New Appraised Value Under 12 Months Ownership? No Problem! We bought our home 11 months ago so obviously our mortgage was done last June. According to what I understand the loan has to be more than 12 more than old. We will have to wait a few months to do a reverse mortgage? Hi Lowell, You and I also traded emails on this issue […]
Are Reverse Mortgages a Good Deal? Consider These Factors (2019) In this article, you will learn: What Will a Reverse Mortgage Cost Me? What Are the Associated Fees? How to Find More Information If you find yourself looking around the internet for good information on the topic of reverse mortgages, you’re likely to find no shortage of opinions and cautions from a whole host of […]
Reverse Mortgage for Second Home or Investment Property? One question we often get from potential clients is: Can I take a reverse mortgage out on my second home? The short answer is no, not anymore. Prior to the financial crisis, some lenders did offer a private product that allowed borrowers to obtain a reverse mortgage on their second home. But today, most reverse […]
HOA Payment History Can Affect Reverse Mortgage Eligibility 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 mortgage dealer. They […]
3 Options if You Married Someone with a Reverse Mortgage If you are marrying someone who already has a reverse mortgage there are risks and 3 possible solutions for you to take to protect your rights. Learn how to protect yourself in this important guide for new spouses!
Can I Protect My Girlfriend Not On My Reverse Mortgage? Hello Arlo, I obtained a reverse mortgage on home I purchased in 2011. Paid $170,000 for house in down market now appraised at well over $300,000. I moved my girlfriend in at the time of purchase – still with me 😉 Question – how can I protect her from getting thrown out of “our” home […]
Reverse Mortgage Age Limits & Title Cautions The HUD HECM program limits the youngest borrower to the age of 62 or older to be eligible for the reverse mortgage program. If there is a spouse of a borrower who is not yet 62, the older spouse can still get a reverse mortgage and the younger spouse can remain on title and would […]
Should I Get a Reverse Mortgage or Sell?… It can be a tough decision selling your home or staying and funding your retirement funds with a reverse mortgage loan. Let's weigh in on the pros and cons of both...
Is it safe to invest the proceeds of my reverse mortgage? If you’re seriously considering taking out a reverse mortgage, you probably know by now that you can use the proceeds of your loan for just about anything. However, even though you as a borrower are free to do as you wish with your money, using it to make investments is not recommended. In order […]
Downright Illegal Reverse Mortgage Advertising Scams Downright Despicable (and illegal) Advertising Every once in a while we run into advertising that we feel is somewhat misleading or questionable. Then there are times we see things that are downright misleading and illegal and we feel we should bring those to people’s attention so that borrower’s and their families will not fall prey […]
Here’s How Long You Have to a Repay Reverse Mortgage Loan Carole has sent the following question in ask ARLO! blog. Hello. My step-mother is in her 80’s, has dementia, and is the sole Trustee of a Family Trust set up by my father years ago. My brother and I are the beneficiaries. A few years back her neighbors advised and assisted her in placing the […]
Reverse Mortgage Options with Disabled Child My parents have reverse mortgage. My dad died 5 years ago, my mom is in a nursing home, and I am a 53-year-old disabled woman living in the home. What do I do about living in my home? I have no place to go! – Sylvia Hello Sylvia, I am very sorry […]
Can You Surrender Home with a Reverse Mortgage? A browser Laura P. has sent the following question(s) in the ask experts blog. If I surrender my home to you do I owe any money? Hello Laura, I want to be sure I answer this correctly and your question leaves the door open a little so please give me a little room to explain […]
Can a Reverse Mortgage Lender Kick Me Out of My Home? I have lived in the home with my mother and paid all of the property taxes and home insurance plus maintenance for the home and lived there for seventeens years can the reverse mortgage lender kick me out of the home? I get this question or one very similar to it a lot and you’re […]
Was my Mother’s Reverse Mortgage Illegal? A browser Sarah has sent the following question to ASK ARLO! My mother and I were listed as Trustees on deed and title of the home she was living in. I was named executor of her irrevocable trust. The house was paid in full, but she had an equity loan and medical bills for […]
Successor of my Parent’s Living Trust with a Reverse Mortgage First off, I absolutely LOVE this site! So informative as it relates to reverse mortgages. Thank you for helping us navigate this reverse mortgage world. My parents had a RM. Mom passed away last year; dad this past June. They had a Living Trust and will. Their house was in the Trust with instructions […]
Hurricane Alert – 5 Tips if You Have a Reverse Mortgage As Floridians and East Coast residents brace for Hurricane Matthew, the strongest system to threaten the United States since Katrina in 2005, we asked two knowledgeable servicers for advice that you can share with your clients if their homes are damaged.
What are the Reverse Mortgage Maintenance Requirements? Frank B. has sent the following question in the ASK ARLO! blog: How would you characterize the average reverse mortgage lender’s maintenance requirements? Do they tend to be stringent, moderate, or relatively lax? I have read one account of a reverse mortgage lender requiring very burdensome maintenance requirements that the average retiree wouldn’t be much concerned […]
OFFICIAL: HUD Releases 2013 Reverse Mortgage Changes Changes to the HECM Program This issue of Weekly Report is devoted to explaining the various reforms to the HECM program announced by the Department of Housing and Urban Development on September 3 in Mortgagee Letter 2013-27. Following is a detailed summary of the various changes: Initial Draw (effective date September 30, 2013) According to […]
Which Presidential Candidate is Better for Reverse Mortgages? The clock is ticking down to the 2012 presidential election as Republicans and Democrats battle for control of the White House. Looking at senior-related issues, both candidates’ plans for Medicare are getting a lot of coverage, but another topic that’s also garnering attention is the ability for seniors to age in place. While reverse mortgages aren’t specifically […]
Why Harvard is a Fan of Reverse Mortgages The population of older Americans is growing and will continue to grow for the next two decades. By 2035, it is projected that one out of every three households in America will be headed by someone age 65 or older. But among the older adults, the percentage of those with low incomes will grow. In […]
Consumer Financial Protection Bureau’s Role in Reverse Mortgages The new Consumer Financial Protection Bureau (CFPB) was created under the Dodd-Frank Wall Street Reform and Consumer Financial Protection Act with one main goal: make financial products as safe and straightforward as possible for consumers. The agency, created last year, now lists the reverse mortgage industry as one of its areas of oversight and enforcement […]
Stay in Home with a Reverse Mortgage: NCOA’s Age In Place Survey Almost 90% of Americans 50+ Desire to Age in Place The desire to “age in place,” is defined as the ability to stay in one’s home or current living situation in the years ahead, and is the preference of almost 90% of Americans over age 50 according to recent survey results from the National Council […]
How a Reverse Mortgage Can Sheild Assets from Inflation The troubled economy has made the idea of retirement very uncertain for many seniors who are now struggling to come up with ways to securely finance their futures. What most senior homeowners don’t realize is that getting a line of credit through a reverse mortgage can help them preserve their equity from inflation, as it […]