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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

5 Reverse Mortgage Rules & Requirements to Know in 2024

June 17, 2024     19 comments

Reverse mortgages can be a helpful financial tool for many seniors, but the requirements can sometimes be a bit confusing.  It's 2024, and some requirements have changed.  Knowing the current guidelines is important if you're over 62 and considering a reverse mortgage. That's why we've compiled an easy-to-understand guide on the five basic rules for reverse mortgages.  We want to ensure you have all the information you need to make the right choice. To fully understand the ins and outs of the reverse mortgage, homeowners should remember and be aware... 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

How to Qualify for a Reverse Mortgage: Key Requirements Explained

June 11, 2024     13 comments

If you're considering a reverse mortgage, you must meet specific qualifications.  In this article, we will discuss the requirements for obtaining a federally insured reverse mortgage. We'll highlight the key differences between government-insured and private programs and provide guidance on how to best prepare if you decide that a reverse mortgage is right for you. Credit Considerations for Reverse Mortgages While your home equity is crucial, it's not the only factor in obtaining a reverse mortgage.  Your overall debt and credit history also play significant roles. Credit History... Read Full Article

How the Reverse Mortgage Margin & Libor Rate Works

June 10, 2024     8 comments

Understanding Your Reverse Mortgage: Key Factors One of the most common questions about a reverse mortgage is how much money you, as the borrower, can receive.  The amount you can get depends mainly on two factors: your age and the loan's interest rate and margin. Typically, the older you are, the more money you can receive.  Lower interest rates also mean you can borrow more.  A higher loan margin means the interest rate must be lower to increase the amount you can receive from a reverse mortgage. The important... Read Full Article

What to Expect When Your Reverse Mortgage is Assigned to HUD

June 7, 2024     88 comments

We received a notice that our reverse mortgage loan is being assigned to HUD, along with the name of the handling company.  This company has numerous complaints, especially about foreclosing before heirs can settle the home.  I am the beneficiary of my mom's house, which is in a trust and a will to avoid probate.  What recourse do I have if they refuse to work with me and foreclose despite my efforts?  The complaints mention lies, runarounds, no payoff amounts, and unreturned calls.  This is terrifying, as there's enough equity... Read Full Article

Is Tom Selleck Reverse Mortgage Company Selling Snake Oil?

May 20, 2024     84 comments

We just received this comment on our blog: It boils down to the saying, If it's too good to be true, then it is.  I watched this actor named Tom Selleck pitching for a reverse mortgage on a TV commercial.  That sounds very convincing, even when he swears to have done his homework on the matter and told the truth.  An actor worth millions, and before him was another actor, Robert Wagner.  Yet, does he really need to do a reverse mortgage on his estate?  With his king of dough? ... Read Full Article

3 Best Reverse Mortgage Calculators | No Personal Info Needed

May 20, 2024     no comments

Are you exploring reverse mortgage options?  Our guide to the 3 best reverse mortgage calculators, which require no personal information, will help you make an informed decision quickly and easily. Whether you are a homeowner thinking about a reverse mortgage, a family member helping with financial planning, or just curious, this guide is for you.  We explain how these calculators work and give you tips on using them so you have all the information you need to feel confident in your reverse mortgage journey! Understanding Reverse Mortgage Calculators... Read Full Article

Reverse Mortgage Pros and Cons: Understanding Benefits & Risks in 2024

May 19, 2024     12 comments

Welcome to our comprehensive guide on the pros and cons of reverse mortgages!  When used correctly, a reverse mortgage, also known as a Home Equity Conversion Mortgage (HECM), can add stability to your retirement years. However, as with any financial product, reverse mortgages are not always the best program for everyone.  This guide will help homeowners evaluate financial options, understand potential risks and benefits, and make informed decisions about reverse mortgages. Introduction to the Downsides Before exploring the benefits, it's important to understand the potential drawbacks of reverse... Read Full Article

Free Reverse Mortgage Amortization Calculator

May 16, 2024     4 comments

All Reverse Mortgage, Inc. (ARLO™) has created a new reverse mortgage amortization calculator that helps you understand how your loan will change over time. With the amortization calculator below, you can: Choose how much to borrow or repay. Instantly see how this affects your loan balance and credit line. Adjust for future interest rates, home value changes, and payment plans. Welcome to our Reverse Mortgage Amortization Calculator NOTE: Drop us a comment below if you want a copy of this amortization calculator, which is available as an Excel... Read Full Article