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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
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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4, 2014, this is completely different than it used to be and so anything you read that is dated prior to this time is no longer applicable.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
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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
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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
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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
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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
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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
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Does the property have to be 5 acres or less? Wow, I wish I could answer this question in as few words as you asked it! Unfortunately, though, this is going to take a little longer. Because if I had to answer it in just a couple words I would have to say, "it depends". We get this question often and so I will try to give you an answer that doesn't get too lengthy but also covers enough to be meaningful. No Maximum Acreage Defined... Read Full Article
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The economic downturn has taken its toll on many American households and especially on retirees. In fact, one study from Wider Opportunities for Women indicates that more than half of older households have incomes that don’t cover their basic living expenses. To help, many baby boomers are turning to the equity they’ve built up in their homes to help by using a federally-insured Home Equity Conversion Mortgage (HECM) reverse mortgage. Reverse Mortgages don't necessarily affect your income taxes but before you take out the loan, it’s important to consider how the proceeds... Read Full Article
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Reverse Mortgages Can Be a Solution to Major HELOC Resets. There will soon be significant changes for many Home Equity Line of Credit (HELOC) borrowers that could amount to considerable increases in payments. But a solution may also be available for those who qualify: a reverse mortgage line of credit. In the next few years, many homeowners who have taken out a Home Equity Line of Credit (HELOC) will encounter a potential reset, which means their monthly payments could soar. Some homeowners could benefit from switching to a reverse mortgage... Read Full Article
