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2020 Reverse Mortgage Changes: New Limits, New Programs!

December 13, 2019     10 comments

What’s New and Exciting for 2020 Reverse Mortgages? It seems that reverse mortgage borrowers have been getting nothing but bad news for the past 7 years. HUD has implemented more restrictions, lowered amounts available to borrowers, increased eligibility requirements that borrowers had to meet and overall, reverse mortgage borrowers have had little to be happy about for a while. Don’t get us wrong, it hasn’t been all bad news.  Over that same period, properties began to rise in value again after 2012 giving borrowers more equity, jumbo & proprietary programs... Read Full Article

2020 Reverse Mortgage Limits Officially $765,600

December 4, 2019     2 comments

BREAKING: 2023 Reverse Mortgage Limits Reach All-Time High $1,089,300! HUD just announced that the current reverse mortgage loan limit for the HUD Home Equity Conversion Mortgage (HECM) will be raised from $726,525 to $765,600 effective January 1, 2020.  The HUD Mortgagee Letter announcing the increase, can be found on the HUD website here: https://www.hud.gov/sites/dfiles/OCHCO/documents/19-20hsgml.pdf . After the limits remained unchanged for many years, this is the 4th year in a row where HUD has raised the lending limit.  It had remained stagnant at $625,500 since 2009 when the limits... Read Full Article

Reverse Mortgages: Remaining Principal Limit After 12 Months

November 16, 2019     4 comments

My father recently passed away and left his duplex to my brother and I, It is paid for and all taxes are current. I have lived in one side for over 25 years and my brother lives 100 miles away. I would love to keep this place and have my daughter move in next door with a reduced rent. I am 65 years old. The house was custom built in 1976, it's stucco with a tile roof and is very sound and in excellent shape..I do not have the cash... Read Full Article

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