Kosher Reverse Mortgage for Veterans by Jack Guttentag

September 29, 2021     2 comments

We had a “unique” caller leave us a message who questioned us on an endorsement we had received from Jack Guttentag, known to many as the Mortgage Professor. Seems she felt that this was a scam and she contended that Guttentag meant good day in German and that this meant that it could not be Jack’s real name or that he could not be a real person as a result. This lovely lady, in her profanity laced rant ended with an “F-bomb” because she felt that we were trying to... Read Full Article

Using a Reverse Mortgage Purchase for New Construction

September 28, 2021     18 comments

Can you have a contractor build a brand new home for you and finance it with a reverse mortgage upon completion? Thank you -Bob Good Afternoon, The short answer to your question is, yes you can. However, there are several things that you really need to keep in mind when you undertake such an action and I feel that I would be remiss if I didn't tell you some of those items. There are a couple of different ways that a contractor can build a home for the end... Read Full Article

4 Times a Reverse Mortgage is a Bad Idea (or even terrible!)

September 28, 2021     11 comments

A reverse mortgage can be a very viable solution for the right homeowner—one who is primarily seeking a way to effectively age in place. Available to people who are age 62 or older and have built up a substantial amount of equity in their homes, reverse mortgages allow borrowers to wipe out their mortgage payments and can also serve as a means to generate additional cash flow in retirement. But reverse mortgages are not right for everyone. Here are some telltale signs that another financial solution may be a better... Read Full Article

6 Questions to Ask Your Reverse Mortgage Loan Officer

September 28, 2021     4 comments

You’ve made the decision to pursue a reverse mortgage and now you’re meeting with a loan officer for the first time. Though you may understand the basics of a reverse mortgage, there are certain questions you may want to bring with for your first meeting to clarify some of the details that could potentially catch you off guard down the road. Here are a few questions to address in your first meeting with your reverse mortgage loan officer. How do I get counseling? Before you can apply... Read Full Article

How to Understand Your Reverse Mortgage Statement

September 23, 2021     14 comments

Reverse Mortgage Statement - Explanation of Terms: 1. Statement Date: The time period that the statement represents. In the sample statement, it is displaying all of the loan activity that occurred during the month of October. 2. Payment Plan: This is the current payment plan type that has been selected. In the sample statement, the borrower selected a “Line of Credit” payment plan option. 3. Loan Number: This is your reverse mortgage loan number. You will want to reference this loan number when you call our Reverse Mortgage... Read Full Article

Resolute Bank Reverse Mortgage Review (2021 Update)

September 23, 2021     no comments

The reverse mortgage industry in the United States has had to wrestle with some issues related with some new regulatory rules handed down by the U.S. government in 2017 and 2018, and for some companies that had formerly offered loans in the space, the issues that stemmed from these changes to the federally-insured Home Equity Conversion Mortgage (HECM) program caused some companies to exit the market and cease offering reverse mortgages altogether. One such company that decided to exit the reverse mortgage space was Maumee, Ohio-based Resolute Bank, which was... Read Full Article

Livewell Reverse Mortgage Review (2021 Update)

September 23, 2021     12 comments

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 reverse... Read Full Article

“My wife is Under 62, can I still do a reverse mortgage?”

September 21, 2021     no comments

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

Reverse Mortgage Expected Rate is Key to the Principle Limit

September 20, 2021     4 comments

Most people are aware that they receive a percentage of their home's value or the Government lending limit (whichever is less) based on their age when qualifying for a Reverse Mortgage loan. However, what many consumers are not aware of is the effect of the "Expected Interest Rate" as it correlates to their available proceeds on a Reverse Mortgage loan. The Expected Interest Rate is not the interest rate at which an individual Reverse Mortgage loan accrues interest, but the rate which is used to determine how much money the... Read Full Article

How Reverse Mortgage Financial Assessment Works

September 15, 2021     6 comments

Lenders must conduct a mandatory financial assessment of all borrowers as part of the loan application process. Historically, borrowers qualified for a reverse mortgage based on their: Age: a minimum of 62 Home equity: a level deemed substantial enough by the lender based on guidelines provided by the Department of Housing and Urban Development (“HUD”) Those factors along with interest rates were used to determine a loan amount for each borrower. The new financial assessment will take a look at additional criteria to determine whether a... Read Full Article