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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

Should Use a Reverse Mortgage to Fund Long Term Care?

March 1, 2019     no comments

The goal of home care—similar to the goals of some reverse mortgage borrowers—is to help people remain in their homes, and reverse mortgage proceeds can help pay for care services. Many prefer being cared for in the comfort of their own home rather than in some sort of care facility, and it can be less expensive, as well. Paying for long term care is a massive unfunded liability per TDS - “Most seniors want to live in their own homes "until their toenails turn blue," as Dr. McClanahan puts it”... Read Full Article

5 Tips to an Easy Reverse Mortgage Process

March 1, 2019     no comments

A reverse mortgage is a loan that allows people 62 and older to borrow money from the equity they have built in their home. Taking out a reverse mortgage is a big decision and should involve careful thought and communication with those close to you. To help in obtaining a reverse mortgage, here are five tips to make the process run smoothly. Tip #1 - Do your homework There are many ways to help fund your retirement. Before obtaining a reverse mortgage, you should make sure it is... Read Full Article

6 Signs a Reverse Mortgage Makes Sense for You

March 1, 2019     no comments

1. You’re 62! Happy birthday! The federally-insured Home Equity Conversion Mortgage program requires borrowers to be at least 62 years of age in order to qualify for the loan. Other basic requirements include owning your home outright or with most of your mortgage paid off, maintaining that home as your primary residence, and staying current on property tax and homeowners insurance. 2. You don’t want to leave your home—ever If you’re comfortable in your current home and have no plans or desire to move, a reverse mortgage can help... Read Full Article

5-Step Guide to the Reverse Mortgage Loan Process

March 1, 2019     4 comments

You’ve done all your research on what a reverse mortgage is, and you’ve decided that this is the right loan for you. Now the question is, what do you do next to get the loan started? Many senior homeowners get to the point where they know they want the loan, but they do not know how to proceed or how long the loan will take. This may be a little simplistic and there may be some other things that come up along the way, but these really are the steps... Read Full Article

Reverse Mortgage for Second Home or Investment Property?

March 1, 2019     29 comments

One question we often get from potential clients is: Can I take a reverse mortgage out on my second home? The short answer is no, not anymore.  Prior to the financial crisis, some lenders did offer a private product that allowed borrowers to obtain a reverse mortgage on their second home. But today, most reverse mortgages are through the Federal Housing Administration's home equity conversion mortgage (HECM) program, which only allows for a reverse mortgage on a primary residence. The good news is that you can use a... Read Full Article

Here’s How Much You Get from a Reverse Mortgage in 2021?

February 27, 2019     8 comments

If you’re looking for a new way to finance your retirement, the range of options available to you through a reverse mortgage is worth exploring. Most people start with the question: "How much can I get?" It's a good place to start, and it’s important to know that there are several factors that will determine the maximum amount you can borrow. Here are the things that affect the maximum amount of value you can take out of your home’s equity through a Federal Housing Administration (FHA)-insured Home Equity Conversion Mortgage... Read Full Article