This rate option will give you access to more cash proceeds over the life of the loan than any other product option available. You will notice that there
is a line of credit available after 12 months which will allow you to receive the most money possible in the first 12 months. If your number one goal with
the Reverse Mortgage is to get your hands on as much money as possible this is the option for you.
If your priority is to preserve as much equity in your home while still leaving access to a line of credit to have in case of an emergency this is the product
you would want to choose. If you review the amortization schedule for this product, you will see that over the years your outstanding loan balance with
this selection will be lower than the other product options.
With this product option you will keep your closing costs as low as possible in order to establish your Reverse Mortgage. If you are most concerned
with the costs to set up the loan and less concerned with the amount of proceeds you will receive, this is the product I would recommend for you.
As the name indicates this is a Fixed Rate loan option. Your rate would never be subject to change if you choose and close on this product option.
This is the option you would select if your biggest priority was to secure a rate that would not be subject to change. Fixed Rate loans are a single
disbursement lump sum so there is no option for a credit line. Depending on your individual circumstances, a Fixed Rate loan option may not provide
you with as much available loan proceeds as one of the adjustable products so you will want to compare the amount of proceeds available when making
If your current home value is higher than $1.25 Million, this is a product you will want to look at in comparison to the Government product.
The Government Insured Reverse Mortgage has a maximum value currently of $679,650. This means that any additional value above that
figure is not factored into the loan amount calculation. Having a value higher than $679,650 does not prohibit you from still considering the
Government Product, but at higher home values, this product may provide you with significantly more funds available than the Government
Product can. There is no Mortgage Insurance Premium on this product so the closing costs are usually lower for this product in most cases. This is a
Fixed Rate product so the proceeds are given as a lump sum only in lieu of the option for a credit line. If you have a larger existing mortgage or are
looking to receive additional proceeds above what the Government product can provide, this is the best option to accomplish that goal.
Welcome to the official blog of All Reverse Mortgage®
An Award-Winning HUD Approved Direct Lender
My name is ARLO™ and My job is to fetch you the very best reverse mortgage available today. Let’s get started!
Calculating Your Reverse Mortgage Options
Great! It looks like your home value estimate is about $~hvalue~. If you feel this estimate is not correct you can manually change it below. If you have an
existing mortgage balance I'll need to know the amount we are going to pay off to get rid of that mortgage payment!
I was unable to fetch a home value for the property details given. Please input the value manually below. If you presently have an
existing mortgage on your home this info will be needed as well.
About Existing Mortgage
If your home currently has a mortgage, please specify the full amount balance in the existing mortgage field.
Up to $20,000+ More in Available Proceeds*
*Scenario Illustrated: Age 67, Home Value 300,000. Difference of All Reverse Mortgage lower rate improves principal limit by $22,200
Our lower rates provide greater advantage of your home’s equity.
Here is where Appraisals are not updated and correct? Zillow and others use sales per sq ft for cookie-cutter homes. They omit custom built homes in comparable homes because of lack of construction knowledge and insurance coverage? Costs of replacement coverage and appraisals would place a 5000 sq ft total home cost at $800,000-min w/o lot? Go Figure how you could be insulted at $600k on a no-nothing Appraisal? You just hit the nail squarely on the head but from an angle you didn't mean to go. Appraisers... Read Full Article
How a Reverse Mortgage Really Works What is a reverse mortgage and how does it really work? We get this question all the time, from borrowers, family members and even others in the lending industry and other professional industries who just don’t understand the product. It seems that almost everyone has an opinion on reverse mortgages and often they are based on almost no factual knowledge. Often people base their opinions on something they heard, some report they read from a reporter who may not have had all the information themselves... Read Full Article
A browser Laura P. has sent the following question(s) in the ask experts blog. If I surrender my home to you do I owe any money? Hello Laura, I want to be sure I answer this correctly and your question leaves the door open a little so please give me a little room to explain myself here. The reverse mortgage itself is a non-recourse loan. This means that if you must leave and the home is not worth enough to repay the obligation, you will not have to pay the... Read Full Article
HUD announced today that reverse mortgage lenders could not close loans to be insured under the HECM program unless they have the appraisal submitted and approved by FHA in advance. Note that this does not say until HUD does something, it says that the loans cannot be closed unless HUD does something on the loan before the loan is approved or closed. This was a huge announcement. For the first time, HUD is stepping into the origination process of the loans and requiring lenders to submit a loan or a... Read Full Article
The HomeSafe® Second Mortgage is the first proprietary reverse mortgage loan that allows for 2nd position. Like the Home Equity Conversion Mortgage (HECM), it is a non-recourse loan, meaning neither the borrowers nor their heirs shall have personal liability. The HomeSafe® Second allows borrowers to keep a forward first lien in place while accessing the remaining equity available for additional funds. It also offers lower closing costs by instituting an origination fee cap and bases title and mortgage coverage requirements off lower amounts than the government insured HECM or... Read Full Article
I live in an active retirement community called Somers Village which is an ASSOCIATION. I applied for a reverse mortgage with AIG beginning in Jan 2018. working with a broker or agent. After 6-8 weeks of supplying all the required paperwork, etc, ending with the my condo appraisal. When my agent went to AIG to get the final approval, it was suddenly denied. Reason: The FDA does not approve of associations. Needless to say this was heartbreaking after all our work and time spent. I brought this up with our... Read Full Article
Good Afternoon, I am hoping you can help me with something. My mother in her haste did a reverse mortgage. We as her children where not aware of it. Here she is 10 years later and now the chickens have come to roost.. in my opinion. First she is with Champion Mortgage, who I have heard and read nothing good. They are very vague on the phone and it is difficult to get an actual person. Secondly, she let her flood insurance lapse 3 months, in doing so Champion tacked... Read Full Article
I can almost hear it now... “This is an article written by a guy who does reverse mortgages, there probably won’t be any cons!” As passionate as we are about the reverse mortgage program, there are drawbacks in some instances, and we make certain that we point out the pros and cons to all reverse mortgage applicants. The product is great, but it is not for everyone, and we advise anyone considering this loan to know your goals and to have the help and support of your family and a... Read Full Article
A reverse mortgage works by allowing homeowners age 62 and older to borrow from their home’s equity without having to make monthly mortgage payments. As the borrower, you may choose to take funds in a lump sum, line of credit or via structured monthly payments. The repayment of the loan is required when the last surviving borrower vacates the home permanently. How It Works: Access a portion of your home’s equity Percentage is based on age of youngest borrower Make no monthly mortgage repayments Funds are tax-free, and may... Read Full Article
Steps to receiving a reverse mortgage counseling certificate: Request your pre-counseling document set. (Includes loan comparison, closing cost worksheet, amortization schedule, TALC - total annual loan costs) Have these mandatory documents available: HUD document titled "preparing for your counseling session" and NCOA booklet "use Your Home to Stay Home" (.PDF versions provided below) Determine whether or not you wish to see a counselor in person or obtain counseling by phone Call around and check counselor availability and pricing. Some counseling agencies only accept payment upfront... Read Full Article