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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

Resolute Bank Reverse Mortgage Review (2023 Update)

September 23, 2021     no comments

The reverse mortgage industry in the United States has had to wrestle with some issues related with some new regulatory rules handed down by the U.S. government in 2017 and 2018, and for some companies that had formerly offered loans in the space, the issues that stemmed from these changes to the federally-insured Home Equity Conversion Mortgage (HECM) program caused some companies to exit the market and cease offering reverse mortgages altogether. One such company that decided to exit the reverse mortgage space was Maumee, Ohio-based Resolute Bank, which was... Read Full Article

Livewell Reverse Mortgage Review (2023 Update)

September 23, 2021     14 comments

Across the reverse mortgage lender landscape, there are a variety of company types: banks and non-banks; large national lenders; and small regional ones. Over time, many large banks have exited the reverse mortgage business, while independent non-bank lenders today comprise most of the reverse mortgage volume. Still, there are changes that take place within the lender landscape from time to time, and 2019 was a year of major change for Live Well Financial, which today is no longer in business. Summary: Live Well Financial was among the top... Read Full Article

“My wife is Under 62, can I still do a reverse mortgage?”

September 21, 2021     14 comments

I am 68 years of age, married my wife about three years age. I had my house before I got married. My wife is 54, can I still do a reverse mortgage? And if so how will it affect her? Her name is not on the deed. -Gregory N. Firstly, let me say that as of August 4, 2014, this is completely different than it used to be and so anything you read that is dated prior to this time is no longer applicable.  The internet is a... Read Full Article

How Reverse Mortgage Financial Assessment Works

September 15, 2021     6 comments

When it comes to reverse mortgages, a crucial step in the process is the financial assessment – a set of guidelines developed by HUD (the U.S. Department of Housing and Urban Development).  This assessment is more than just a formality; it's a safeguard designed to protect both the borrower and the government, which insures most of these loans. Why a Financial Assessment? The main goal of the financial assessment is to ensure that, as a borrower, you're in a strong position to manage specific financial responsibilities after you receive your... Read Full Article

Resource for Conservators Seeking Reverse Mortgages

September 14, 2021     8 comments

Taking out a reverse mortgage on a property 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 a person's estate. Some conservatorships cover both aspects. They are generally put into effect when someone petitions the court to be appointed a conservator of an individual (usually a relative) and that individual's finances and estate, whom they deem incapable of making their own decisions. For example, adult... Read Full Article

Can I Protect My Girlfriend Not On My Reverse Mortgage?

September 13, 2021     6 comments

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 if I go daisies up first? Thanx Arlo ~ Woof!! Hello Eddie, I see you speak my native tongue, but I won’t answer to be sure everyone can understand as well!  ;>)... Read Full Article

What Happens When Your Reverse Mortgage Money Runs Out?

September 13, 2021     13 comments

My parents have a reverse mortgage with a line of credit that has run out of money. It was very helpful to them for many years. One parent is in a long-term care facility and on Medicaid. My other parent is living in the home, and my understanding is that I can live there for as long as I am alive and able to live there. When both parents are gone, I understand that the outstanding loan (including interest, etc. would be due and payable (first position) and that Medicaid would... Read Full Article

Reverse Mortgage Appraisal Disputes and Rebuttals

September 13, 2021     17 comments

Here is what has happened to me regarding the appraisal. Applied on May 1, credit report/income/assets fine, credit score of 800, appraiser came on May 8, loan officer was calling me on May 15 to say appraisal came in at same figure we estimated, everything is looking good, as soon as underwriting approves it, we can schedule closing, blah blah. Then nothing for 3 weeks, so I call to inquire, what’s the delay? Was told underwriting rejected the appraisal. Why? What was wrong with the comps? One was over a... Read Full Article