America’s #1 Rated Reverse Lender

Reverse Mortgages for Purchase in Texas Now Approved!

November 16, 2019     2 comments

As the last state in the union to approve it, Texas voted in early November to allow the reverse mortgage for purchase product to be offered to its residents and those moving to the state. Texas has lagged behind other states that have long offered this type of reverse mortgage loan due to longtime homestead laws that place certain barriers on access to home equity. However, after the state’s electorate approved “Prop 5 " on November 5, the loan will be made available to all Texas residents through an amendment... Read Full Article

MetLife Reverse Mortgage Review (2023 Update)

September 22, 2019     2 comments

Today, most reverse mortgages are closed by non-bank mortgage lenders across the U.S. But going back a few years, most reverse mortgage volume was conducted by big, national banks.  Among those lenders was MetLife Bank, which used to be operated by the large national insurance provider MetLife. In fact, at one time, MetLife was the largest Home Equity Conversion Mortgage (HECM) lender by volume, prior to exiting the business in 2012.  If you know someone who has a reverse mortgage today, it’s very possible that he or she worked with... Read Full Article

HUD Announces Condo Changes to Take Place October 15, 2019

August 16, 2019     4 comments

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 not gotten the entire project approved, under certain circumstances. This is great news for borrowers who have been shut out of FHA-insured loans on both the forward and the reverse side for condominiums due... Read Full Article

Having Problems with Celink Reverse Mortgage – Please Help!

July 12, 2019     47 comments

My father passed away 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 and has had no further family contact since then. She quitclaimed her interest in the property in exchange for a $70,000 financial settlement with funds obtained from their reverse mortgage line of credit. His last will lists my brother and me as co-executors (five surviving sons; we are not on the title). His estate does not require probate in California. Problem:... Read Full Article

How Capital Gains and Proposition 13 affect Reverse Mortgages

June 19, 2019     6 comments

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 out a reverse mortgage in order to fund the purchase of a new home, without the need to make a monthly mortgage payment. By using the reverse mortgage along with the cash required to close,... Read Full Article

How to use a Reverse Mortgage for Home Purchase

May 14, 2019     8 comments

How to use a Reverse Mortgage for Home Purchase Many borrowers and real estate professionals have never used a reverse mortgage to purchase a home or been involved in a transaction where one was used. This promotes a bit of uncertainty on the part of real estate professionals, sellers and some buyers when it seems that the whole process is new and different in many ways than what they have always done in the past. Reverse mortgages can be a great way for borrowers age 62 and over to purchase... Read Full Article

Reverse Mortgage Solutions Bankruptcy & Effects on Seniors

May 13, 2019     24 comments

What if my reverse mortgage with 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 Reverse Mortgage Solutions, Inc. (RMS) and their affiliates. We cannot give you legal advice so this is a quick reminder of how the reverse mortgage works and if you feel you need further legal advice, we can only encourage you to contact your attorney. HECM Loans are Guaranteed by HUD Firstly, if you have... Read Full Article

Quicken Reverse Mortgage Review (2023 Update)

May 10, 2019     16 comments

The national reverse mortgage landscape comprises lenders large and small. Some are regional, some are national; some are banks, others are non-bank lenders.  Over the course of the last 10 years, the lender landscape has shifted from one that had several banks, to today where most of the top lenders by volume are non-bank mortgage lenders. One of those companies is Quicken Reverse Mortgage, which carries a very prominent national presence and originates reverse mortgages through its One Reverse business channel.  Over the years, Quicken has held a steady presence... Read Full Article

Are Reverse Mortgages a Good Deal? Consider These Factors

May 2, 2019     no comments

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 people, ranging from those who claim to be reverse mortgage customers all the way through accredited financial professionals. In the process, you will probably end up asking yourself at some point: Are reverse mortgages... Read Full Article

The 2019 Reverse Mortgage Limit is officially $726,525

March 28, 2019     7 comments

BREAKING: 2022 Reverse Mortgage Limits Soar to $970,800 HUD released their announcement verifying the news we released on November 28, 2018 raising the Mortgage Lending Limits for HECM Loans. The numbers came in exactly where we expected and so the article, we posted on November 28, 2018 is now official. But remember, the new limits are only effective with Case Numbers issued on or after January 1, 2019. What this means is that in order to be able to benefit from the increase if a borrower currently has a... Read Full Article