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What is AARP’s Role in Reverse Mortgages?

The American Association of Retired Persons (AARP) is a large, independent, nonprofit organization dedicated to helping people ages 50-plus to achieve independence—including financial independence. While the organization, which serves 37 million older Americans and counting, doesn't offer reverse mortgage products directly, it does weigh in on them in some very important ways. Here’s where AARP comes into play for retirees who may be looking into getting a reverse mortgage as a means to age in place. What does AARP think of reverse mortgages? AARP has expressed support for reverse... Read Full Article

2023 Reverse Mortgage Limits Reach All-Time High $1,089,300!

Every year HUD reviews the national reverse mortgage lending limit for the HECM program and determines the amount based on home prices for the preceding year.  Based on this data, the 2023 HECM reverse mortgage lending limit will be $1,089,300. History of HECM Lending Limits HUD Lending limits typically move with home values.  After the change in 2008 that first moved the lending limits to a national limit of $417,000 (from regional limits based on regional values) the limit took another large... Read Full Article

AIG Reverse Mortgage Problems – Please Help!

I'm going through a company AIG reverse mortgage, however I was told to replace 2 wall furnaces first but I don't have the $2500.00 to get it done the company told me I'm responsible before we start the reverse mortgage, is this true? Please Help! Hi Lori, AIG would be correct in that HUD requires a permanent heat source in the home to be functioning in all but just a few zip codes in the United States in order to close a reverse mortgage. HOWEVER, no, it... Read Full Article

Reverse Mortgage vs HELOC – What’s the Smarter Choice?

You may have heard of reverse mortgages, and the retirement option they can offer to individuals or couples who are “house rich, cash poor.” For those looking to tap into their home equity in retirement, a reverse mortgage can be a useful tool to allow this. A home equity line of credit (HELOC) may be another option. A Look into the "Reverse Mortgage" VS "HELOC" (Home Equity Line of Credit)  What you may not know about Reverse Mortgages There’s a lot more to be gained by getting a... Read Full Article

Why Higher Rates Can Make the Best Time for Reverse Mortgages

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Why would someone use a reverse mortgage while rates are up?! Due to inflation, interest rates have been climbing since early this year and borrowers receive less money on the loan at today’s rates than they did even a year ago.  However, it may still make sense for seniors to consider a reverse mortgage over moving, and here’s why.  Senior equity has risen to over 11 trillion dollars in the US. In many areas the market is getting much softer with the higher rates.  Houses are beginning to take longer to sell and... Read Full Article

Here Are the Banks That Offer Reverse Mortgages (2023 List)

When it comes to getting a reverse mortgage, you may start by wondering what type of lender to work with, and specifically: which banks offer reverse mortgages. Perhaps you used a national or regional bank for a mortgage loan in the past as many of the big banks offer mortgage lending services. It’s also possible you worked with a non-bank mortgage lender, as these companies are also active in the mortgage lending space.  There are many banks that offer reverse mortgages, although most of the major national banks, such as... Read Full Article

5 Rules that Apply to Reverse Mortgages in 2023

Applying for and taking out a reverse mortgage loan is an important decision for senior homeowners, and it’s one that deserves time and research. Reverse mortgages enable homeowners 62 years or older to supplement their retirement income by converting a portion of their home’s equity into accessible cash flow.  Reverse mortgages are powerful financial tools, but they are not one-size-fits-all. To fully understand the ins and outs of this product, homeowners should remember and be aware of the following rules: 1. There’s a Lending Limit for HECM Loans As... Read Full Article

What to Expect from the Reverse Mortgage Appraisal Process

Getting a home appraisal is an important part of the reverse mortgage process. Here’s what you need to know so that you can manage your expectations about getting your home appraised as part of this loan to help you age in place. It’s a multi-step process, but you can prepare in advance to make it as smooth as possible. Typically, there will be three steps: The inspection. During the inspection, the appraiser will walk through the home with you and will take any necessary photos as part of the research process.... Read Full Article

Reverse Mortgage Servicing: Setting the Record Straight.

Servicing is a critical component of the reverse mortgage.  It’s also one of the most misunderstood functions by borrowers.  A reverse mortgage goes through several different cycles throughout the life of the loan. The loan begins in the origination stage, moves to closing and then enters the servicing phase, where the reverse mortgage will remain throughout the life of the loan - but that doesn't necessary mean that it will stay with the same servicer throughout the life of the loan!. Reverse mortgage servicing is important because this is the... Read Full Article

Reverse Mortgage Purchase: Down Payment, Rates & Eligibility

What is a reverse mortgage purchase? Reverse mortgage loans are often used by people who want to stay in their homes. Another type of reverse mortgage, called a reverse mortgage for purchase, allows borrowers to buy a new home during the transaction.  You can take out a reverse mortgage and purchase a new home all in one transaction through the reverse mortgage for purchase program, often through the Home Equity Conversion Mortgage (HECM) for purchase program. For those looking to move into a new home and stay there as they... Read Full Article
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