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Are Reverse Mortgages a Scam? Here’s the Facts You Need to Know

September 8, 2024     32 comments

The reverse mortgage is a scam! I am a banker, and I see elderly customers getting deceived daily by these 'reverse mortgages.' They end up losing everything and put their heirs in jeopardy. -Tim As a mortgage banker with over 45 years of experience, I've worked with many major banks, mortgage companies, and insurance firms, handling a wide range of lending products. While some financial products can be less favorable or risky for borrowers, reverse mortgages are not a scam. The key to avoiding confusion and misinformation is education. Understanding... Read Full Article

HECM: A Simple Guide to Home Equity Conversion Mortgages

August 30, 2024     12 comments

Understanding the HECM Program: A Comprehensive Guide The Home Equity Conversion Mortgage (HECM) program is the most widely used reverse mortgage option in the U.S. Insured by the Federal Housing Administration (FHA) and regulated by the Department of Housing and Urban Development (HUD), HECMs allow homeowners aged 62 or older to access their home equity while staying in their homes. In this guide, you’ll learn: How HECM loans work, including costs and requirements. Key benefits of FHA insurance and borrower protections. How HECMs compare to other home equity options like... Read Full Article

2025 Guide to Reverse Mortgage Purchase (HECM Purchase)

July 29, 2024     16 comments

All Reverse Mortgage flawlessly handled my reverse mortgage purchase, providing clear explanations and great professionalism. They promptly answered my questions and quickly returned calls. I highly recommend them to friends and family. -John P.(BBB) Introduction to Purchase Reverse Mortgages Welcome to our guide on Purchase Reverse Mortgages!  In this article, we will explain how you can buy a new home with a special kind of reverse mortgage, making it easier for you to transition to a new living situation as you age.  Whether you are considering downsizing, moving to... Read Full Article

Here’s an Ideal Reverse Mortgage Purchase Example

July 12, 2024     5 comments

Understanding the Reverse Mortgage for Purchase Program Many seniors prioritize finding a home that suits their lifestyle as they retire. Whether they’re looking to downsize, rightsize, avoid stairs, or find a low-maintenance property, the Reverse Mortgage Purchase program—also known as HECM for Purchase or "H4P"—is a valuable option that’s often overlooked. If you’re 62 or older, this HUD-insured program allows you to buy a new home without the burden of traditional mortgage payments. It offers the flexibility to move into a home that better meets your needs in retirement... Read Full Article

Purchase 2-4 Units with a Reverse Mortgage for Lifetime Cashflow

July 12, 2024     14 comments

Exploring Reverse Mortgages for Purchasing Multifamily Units If you’re retired and thinking about downsizing, moving closer to loved ones, or finding a more suitable living arrangement, the reverse mortgage purchase program might be a great option for you. This government-insured reverse mortgage is available to individuals aged 62 or older and allows you to use the equity in your current home to buy a new property, which can include up to four units in a single transaction. Unlike traditional mortgages, where your loan balance decreases as you make payments,... Read Full Article

Reverse Mortgage Income Requirements in 2025

July 1, 2024     46 comments

Understanding Reverse Mortgage Income Requirements Welcome to our guide on reverse mortgage income requirements!  This article will explain the financial assessment underwriting guidelines, particularly the minimum residual income requirements set by HUD. These requirements play a crucial role in the lender’s application process, ensuring that you, as a borrower, can comfortably manage ongoing property-related expenses such as property taxes, homeowner’s insurance, and maintenance costs after securing a reverse mortgage. We will provide clear, easy-to-follow tables that detail the minimum residual income needed based on your family size and the region... Read Full Article

Proprietary Reverse Mortgage vs. HECM: Which Is Right for You?

June 20, 2024     8 comments

Are you considering a reverse mortgage but unsure about the differences between a Home Equity Conversion Mortgage (HECM) and a proprietary reverse mortgage?  You’ve come to the right place. In this guide, we’ll cover: What a proprietary reverse mortgage is When a proprietary reverse mortgage might be better than a HECM Qualifications for a proprietary reverse mortgage How the costs compare to a HECM Whether you’re a homeowner looking to maximize your financial options, a family member helping a loved one, or simply curious about the benefits of proprietary reverse... Read Full Article

Debunking the Top 10 Reverse Mortgage Downsides

June 17, 2024     17 comments

Reverse mortgages have long been surrounded by misconceptions, leading many to believe they come with significant downsides.  In reality, many of these concerns are based on myths.  In this guide, we will debunk the top 10 common claims about the downsides of reverse mortgages, providing you with the clarity you need. Whether you're exploring reverse mortgage options for yourself or assisting a loved one, understanding the facts behind these so-called 'downsides' will help you make a confident and informed decision. Claim #1: Reverse Mortgages Have Growing Interest and... Read Full Article

Understanding Reverse Mortgage Rules: Your 2025 Guide

June 17, 2024     19 comments

Reverse mortgages can provide older homeowners with financial flexibility, but navigating the rules doesn’t have to be daunting.  As of 2025, important updates to reverse mortgage guidelines have been introduced, making it crucial for those 62 and older to stay informed. If you're considering tapping into your home equity, this guide simplifies the five essential rules for reverse mortgages.  From eligibility requirements to key protections, we’ll cover everything in clear, straightforward language to help you make a confident decision about your future. Let’s explore these rules step by step so... Read Full Article

Using a Reverse Mortgage Purchase for New Construction

June 14, 2024     22 comments

Can a contractor build a new home for you and finance it with a reverse mortgage upon completion?  Thank you -Bob The short answer to your question is, yes, you can.  As a matter of fact, HUD has just made changes to the program effective in 2024 and made financing reverse mortgage purchases and new construction easier than ever with a reverse mortgage. HUD Policies on Reverse Mortgages for New Construction In response to evolving needs in the housing market, HUD has continued to refine its approach... Read Full Article