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How Does a Reverse Mortgage Work? Know the Facts!

    17 comments
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

Reverse Mortgages: Know the Pros and Cons! (2020 Update)

    42 comments
When used correctly, a reverse mortgage can add stability to your retirement years. But as with any financial product, it is not always the best program for everyone. We have created our "Reverse Mortgage Pros and Cons" guide to help you make an informed decision about reverse mortgages and if the program is suitable for your long-term retirement goals. If you have a questions about whether a reverse mortgage is right for you, Ask ARLO, or discuss your situation with an independent housing counselor. The Pros  No Monthly Mortgage Payments... Read Full Article

5 Tips to Selecting the Best Reverse Mortgage Lender

    16 comments
A reverse mortgage, when used correctly can add stability to your retirement years and selecting the right lender to originate your loan is an important first step. We created this review guide to provide insight into how lenders are rated and how reviews are collected across the web, (including independent and sponsored review sites). With a federally insured HECM loan, the lender is NOT the entity who is guaranteeing access to your funds or the terms of the loan. HUD guarantees that if a lender servicing your loan goes out... Read Full Article

Reverse Mortgage Line of Credit & Growth Rate Explained

    78 comments
In 2020, the reverse mortgage line of credit continues to be the most popular option for homeowners when choosing how to access their funds.  According to an article by AARP, borrowers recognized this choice at about 66% of the time when obtaining a reverse mortgage as being the right choice for them. The credit line option allows borrowers a great deal of freedom when planning their finances. Homeowners like the fact that they can take as much as they want when the loan originally closes up to the maximum allowed... Read Full Article

Reverse Mortgage Counseling (Free, Online, In-Person)

    14 comments
The U. S. Department of Housing and Urban Development (HUD) requires that homeowner(s) interested in pursuing a Home Equity Conversion Mortgage (HECM) receive mandatory reverse mortgage counseling regarding the implications of and alternatives to a reverse mortgage from a HUD-approved HECM counseling agency. We are required by HUD regulations to provide you with a list of reverse mortgage counseling agencies. The list must include all HUD-approved counseling intermediaries that can provide telephonic counseling, as well as five (5) counseling agencies within your local area, state or both, with at least... Read Full Article

Proprietary Reverse Mortgage: Rates, Limits & Loan-to-Values

    10 comments
Are you thinking about taking out a reverse mortgage? Have you heard the word ‘proprietary’ thrown around, and wonder what the differences are between a ‘regular’ and ‘proprietary’ reverse mortgage? Read on to learn about what those differences are, and what you should know when thinking about whether any reverse mortgage is right for you. In this overview, you’ll learn about the following topics: What does ‘proprietary’ mean? What is a ‘regular’ reverse mortgage? What is a ‘proprietary’ reverse mortgage? Maximum reverse mortgage proceeds Why would I bother with a... Read Full Article

2020 Reverse Mortgage Limits Officially $765,600

    no comments
HUD just announced that the current reverse mortgage loan limit for the HUD Home Equity Conversion Mortgage (HECM) will be raised from $726,525 to $765,600 effective January 1, 2020. The HUD Mortgagee Letter announcing the increase, can be found on the HUD website here: https://www.hud.gov/sites/dfiles/OCHCO/documents/19-20hsgml.pdf . After the limits remained unchanged for many years, this is the 4th year in a row where HUD has raised the lending limit. It had remained stagnant at $625,500 since 2009 when the limits were originally raised from $417,000 as part of the American... Read Full Article

Here’s the Timeframe to Vacate Home After Reverse Mortgage

    no comments
Hello ARLO - My father passed away in October 2018. He had a live-in caretaker for several years. I decided to sell the house in California, while the caretaker is occupying the home to keep the property safe and away from squatters and facilitate the viewing. One offer from a buyer fell through and the caretaker approached my agent wanting to put in an offer and Celink has been working on the short sale approval on his offer for 2 months, with very little communication and feedback. The appraisal... Read Full Article

Shocking Truth About Condominiums and Reverse Mortgages

    32 comments
Update 12/02/2019 HUD Sends Publishes New Single Condo Rules, Not as Much Relief as Hoped. Senior homeowners who owned condominiums in projects that were not approved by HUD have been waiting for HUD to reintroduce a spot or single unit approval process since it first disappeared in 2009. There were rumors of the spot approvals returning several times through the years until HUD made the announcement everyone was waiting for, the single unit approval was returning effective October 15, 2019. Borrowers lined up for the opportunity to finally obtain a... Read Full Article

If I Take a Reverse Mortgage Does the Bank Own My Home?

    2 comments
I just received a great question from from one of our visitors...  Am I applying for both a loan, and a line of credit? Where does the possibility of any cash equity affect me? What  I had been told was:  This is to be a simple transferral of my home to the company, with no further mortgage payments from me for the rest of my life.  Upon my passing, the bank will own my home.  Am I too simple and naive in my understanding and explanation? I remain... Read Full Article
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