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Reverse Mortgage Insurance Explained (2019 Update)

    20 comments
A federally-insured reverse mortgage comes with the benefit that you, the borrower, will receive loan payments as agreed upon by the terms of your loan, and will never owe more than your home is worth. Those benefits are guaranteed by the Federal Housing Administration through its Home Equity Conversion Mortgage program, which includes the vast majority of reverse mortgages out there. In order to receive that guarantee, borrowers pay for it through the reverse mortgage insurance premiums. The first is a one-time insurance payment that is made upfront, and the other... Read Full Article

Reverse Mortgage Closing Costs & Fees Explained (2019 Update)

    10 comments
There are several closing costs borrowers are required to finance when getting a reverse mortgage. What many people don’t know is that some of the costs vary by lender and the area in which the borrower lives. It is in the borrower’s best interest to shop around and compare prices when considering a reverse mortgage. Some of the most common variable costs include origination fees and appraisal costs. Rates will also have an impact on the amount you can borrow, and the amount of interest you’ll accrue over the course... Read Full Article

Having Problems with Celink Reverse Mortgage – Please Help!

    2 comments
Hi Arlo, My Father passed away on 5/15/19 at 91 years of age. He divorced his second wife of 12 years in 2007. She has since returned to her home country of Mexico with no further family contact since then. She quitclaimed her interest in the property in exchange for a $70,000 financial settlement with funds obtained from their reverse mortgage line of credit. His last will and testament list my brother and I as co-executors (Five surviving sons, we are not on title). His estate does not require... Read Full Article

How You Can Lose Your Home with a Reverse Mortgage

    no comments
A reverse mortgage is a specific kind of loan available to seniors age 62 and older that allows them to turn the equity they’ve built up in their homes into cash they can use for any expense. Because the reverse mortgage is a transaction in which someone borrows against the value of their home, a borrower losing his or her home is possible, but only if he or she does not uphold the terms of the loan. One of the key conditions that a borrower must observe when engaging... Read Full Article

Kosher Reverse Mortgage for Veterans by Jack Guttentag (Mtg Professor)

    2 comments
We had a “unique” caller leave us a message this weekend 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... Read Full Article

Reverse Mortgages Can Affect Medicaid and SSI, Know the Facts!

    13 comments
Those who are 62 and older who are looking to supplement their retirement income through a reverse mortgage should also consider the implications this decision could have on their eligibility for Medicaid or Supplemental Security Income (SSI). An important and common factor that Medicaid and SSI share is asset level limits, and depending on which payment route a borrower chooses for a reverse mortgage, the loan proceeds could disrupt eligibility. When borrowers take out a reverse mortgage loan, they have the option of receiving their home equity through a line... Read Full Article

How Capital Gains and Proposition 13 affect Reverse Mortgages

    no comments
How would capital gains tax and California’s Proposition 13 affect my ability to get a reverse mortgage for purchase? Prop 13 and the Reverse Mortgage for Purchase A Home Equity Conversion Mortgage (HECM) for Purchase, sometimes called an “H4P,” is a product that allows a borrower that’s at least 62 years of age to take out a reverse mortgage in order to fund the purchase of a new home, without the need to make a monthly mortgage payment. By using the reverse mortgage along with the cash required to close,... Read Full Article

Reverse Mortgage After Death: What Heirs & Family Must Know.

    109 comments
It seems that one of the most popular questions we get is what happens with my reverse mortgage and my home after death. The reverse mortgage is intended to be the last loan that borrowers will ever need, so this is a question many homeowners and their heirs have on their minds as many of them intend to keep the loan and the home for life. If they do get a reverse mortgage and it does enable them to live in their homes without paying a mortgage payment for the... Read Full Article

Dave Ramsey Hates Reverse Mortgages, But is He Telling the Truth?

    no comments
The plain and simple answer is a little bit, but not really.  Dave Ramsey does a hit piece on reverse mortgages in which he does point out some of the less popular aspects of reverse mortgages, but he has no problems either exaggerating or just shows his ignorance about the product. Souce: https://www.daveramsey.com/blog/how-reverse-mortgages-work Is Dave Right About Reverse Mortgages?  Firstly, let’s give Dave his due when he tells the truth. He is right when he says a reverse mortgage operates in reverse of a standard or forward loan. ... Read Full Article

AARP Reverse Mortgage | What is AARP’s Role in Reverse Mortgages?

    4 comments
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 mortgage products... Read Full Article
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