LOWEST-COST REVERSE MORTGAGES.

No Closing Cost Reverse Mortgage Options are BACK!

December 28, 2021     5 comments

Understanding No-Closing Cost Reverse Mortgages: While it's common knowledge that all loans come with certain fees, the concept of a no-closing cost reverse mortgage might seem puzzling. Indeed, reverse mortgages, particularly HUD's Home Equity Conversion Mortgage (HECM), often include substantial initial fees, mainly due to an upfront mortgage insurance premium of 2% of the property value or the maximum lending limit, whichever is less. However, it's also worth noting that a frequently cited concern about reverse mortgages is their perceived high cost of acquisition.  Let's dive into how no-closing cost... Read Full Article

How Lower Interest Rates Drive Larger Reverse Mortgage Amounts

December 1, 2021     no comments

If You’ve Looked at a Reverse Mortgage in the Past, You May Want to Look Again! If you have ever investigated a reverse mortgage or have thought about it, especially in the past 24 months and didn’t think the numbers worked for your needs, it may be time to check again.  The reason we say this is because one of the main factors that determines how much money you will receive in your reverse mortgage is the interest rate. Since HUD changed the Floor Rate on the program,... Read Full Article

The Wait is Over: Reverse Mortgage for Age 55 is Here!

October 27, 2021     12 comments

Reverse mortgage programs are now available starting at age 55 Reverse mortgage opportunities are now opening up for individuals as young as 55, marking a significant shift in the industry.  Historically, proprietary or private reverse mortgages, often referred to as jumbo reverse mortgages, were primarily utilized for high-value properties exceeding HUD's lending limits.  Initially, these private options were less favorable compared to HUD's Home Equity Conversion Mortgage (HECM) program, especially since they offered a lower loan-to-value ratio. However, the landscape has evolved considerably in recent years.  Private reverse mortgage... Read Full Article

HELOC Resets Create ‘Perfect Storm’ For Reverse Mortgages

October 20, 2021     3 comments

Senior homeowners may be looking at a combination of events that could equate to the perfect storm brewing that doesn't even appear on most of their horizons. There is a combination of events, those that have already happened, those that are going to happen, and those likely to happen, that could leave many senior homeowners in a real bind. So much so that if they don't plan for it now, they could find that they are unprepared for the consequences that could come later. I'm talking about the combination of... Read Full Article

Wells Fargo Reverse Mortgage Review (2024 Update)

October 6, 2021     22 comments

Many years ago, some of the biggest banks in the nation offered reverse mortgages.  Among them, Wells Fargo was one of the largest lenders in the U.S. Home Equity Conversion Mortgage (HECM) market.  Today, that is no longer the case. Wells Fargo was at one time the largest reverse mortgage lender in the country. It was only a short time later that the company decided to close its reverse mortgage business, leading to an unexpected timeline of events: 2010: Wells Fargo reaches a staggering 25% market share 2011: Wells Fargo... Read Full Article

Financial Freedom Reverse Mortgage Review (2023 Update)

October 6, 2021     40 comments

At one time, there were quite a few major bank lenders offering reverse mortgages. In fact, in the early 2000s, the majority of reverse mortgage loans were closed by national banks. One of the large bank lenders was Financial Freedom, which most recently operated under the parent company CIT Group, and previously was owned by OneWest Bank and IndyMac. At its peak, the company originated more than 11,000 reverse mortgages annually and held the title of top wholesale lender. Summary: • Financial Freedom at one time was the largest... Read Full Article

Purchase 2-4 Units with a Reverse Mortgage for Lifetime Cashflow

September 30, 2021     14 comments

For retirees considering a move in their later years either to downsize or to be near family or friends, there’s a government insured loan available that allows them to take out a reverse mortgage and purchase up to 4 units in a  single transaction. The Home Equity Conversion Mortgage (HECM) for Purchase allows borrowers who are 62 or older to draw down on the equity in their homes over the course of the loan while purchasing a new home. Contrary to a “forward” or traditional mortgage where the loan... Read Full Article

What Happens When a Reverse Mortgage is Assigned to HUD

September 29, 2021     63 comments

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 the house before they can do anything about it! I am beneficiary of my mom’s house she has the house in a trust and a will, I am beneficiary we put house in trust to avoid... Read Full Article

Kosher Reverse Mortgage for Veterans by Jack Guttentag

September 29, 2021     2 comments

We had a “unique” caller leave us a message who questioned us on an endorsement we had received from Jack Guttentag, known to many as the Mortgage Professor. Seems she felt that this was a scam and she contended that Guttentag meant good day in German and that this meant that it could not be Jack’s real name or that he could not be a real person as a result. This lovely lady, in her profanity laced rant ended with an “F-bomb” because she felt that we were trying to... Read Full Article

How to Understand Your Reverse Mortgage Statement

September 23, 2021     30 comments

Reverse Mortgage Statement - Explanation of Terms: 1. Statement Date: The period that the statement represents. The sample statement displays all of the loan activity that occurred during October. 2. Payment Plan: This is the current payment plan type that has been selected. The borrower selected a “Line of Credit” payment plan option in the sample statement. 3. Loan Number: This is your reverse mortgage loan number. You'll want to refer to this loan number when you call our Reverse Mortgage Servicing Department for any questions on your... Read Full Article