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How to use a Reverse Mortgage in a Divorce Settlement

You may have heard about the ways in which a reverse mortgage can help improve your financial situation by allowing you to withdraw the equity in your home over time. For those people meeting the 62-year-old age requirement who have substantial equity in their homes, this can be a means to expand monthly cash flow or eliminate mortgage payments by paying off an existing mortgage through a federally insured loan. However, there is another important time when a reverse mortgage can be a helpful tool: in a divorce. While... Read Full Article

4 Times a Reverse Mortgage is a Good Idea (or even great!)

It's funny when you hear someone with a definite opinion, one way or the other about reverse mortgages that is the same no matter who you're talking about or what the circumstances are. The choice of whether or not to get this loan isn’t universally a “good idea” or “bad decision” - there are a lot of different factors that need to be considered. But it just could be the right choice for you! 1. Get Breathing Room for your Budget A reverse mortgage could be good idea... Read Full Article

Tom Selleck’s Reverse Mortgage Company Selling Snake Oil?

We just received this comment to 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 reverse mortgage on a tv commercial. Sounds very convincing even to the point of him swearing to have done his homework on the matter and telling the truth. An actor worth millions and before him was the other actor, Robert Wagner. Yet, does he really need to do a reverse mortgage on his estate? With his... Read Full Article

How a Reverse Mortgage Deed in Lieu of Foreclosure Works

My mom procured a reverse mortgage when property values were high, in 2005. She can no longer live alone in the home and has vacated it, we cannot sell it because the home has devalued in accordance with the failed economy. The family is attempting to process, through an attorney, a Deed in Lieu of Foreclosure, but the loan has been transferred to 3 different loan companies since mom vacated the property 5 months ago, and they have ignored the attorney's letters and continue to send mailings telling my... Read Full Article

Family Trust & Reverse Mortgages: Eligibility & Requirements

I have the home in family trust. I am unmarried but have lived with my "wife" for years. She inherits the home by last will. Do we qualify for a reverse mortgage? Hi John, The short answer is yes, you can have your home in a family trust if you have a reverse mortgage. Firstly, as a lender, we only get so much information and then we do rely on the title and affidavits we receive when originating the loan. For example, we would do a title search... Read Full Article

10 Best Reverse Mortgage Lenders of 2022 (Compare Rating & Reviews)

When used correctly, a reverse mortgage can add stability to your retirement years. Selecting the right reverse mortgage lender to originate your loan is an important first step. We created this guide to provide insight into how HECM lenders are rated and how reviews are collected across the web, (both independent and sponsored review sites). 5 helpful tips when selecting the best reverse mortgage provider: #1. Get your reverse mortgage from a lender who is looking out... Read Full Article

Here’s How Much Time is Allowed to Pay Back a Reverse Mortgage

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Hello ARLO, My stepmother is in her 80's, has dementia, and is the sole Trustee of a Family Trust set up by my father years ago. My brother and I are the beneficiaries. A few years back her neighbors advised and assisted her in placing the house (which had been assigned to the Trust and is in the name of the Trust) into a Reverse Mortgage without consulting or notifying either myself or my brother beforehand. As sole Trustee, she has never provided required accountings and generally does not understand... Read Full Article

How to Get a Reverse Mortgage if You Still Owe on Your Home

In this article, you’ll learn: How to eliminate your monthly forward mortgage payment with a reverse mortgage What expenses you’ll still be accountable for after eliminating your mortgage payment How you can still make payments without worrying about a monthly deadline How to get the best deal / highest principle lending limit The ability to tap into the value of your home by turning its equity into cash can be a powerful tool for someone trying to find a way to expand their financial options for a whole host... Read Full Article

How Reverse Mortgage Appraisal Laws & Appeals Work

One thing you should know if you are contemplating a reverse mortgage is that your home will have to undergo an appraisal by an FHA-approved appraiser. This will be a very extensive appraisal in which the appraiser should inspect your entire property, should do a head and shoulders inspection of the attic (pop his/her head up and take a look around) measure the home and will be responsible for checking a large number of items. The physical inspection is only a portion of the actual appraisal, the appraiser will usually... Read Full Article

4 Reasons a Reverse Mortgage Line of Credit is the Best Hedge Against Inflation

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Have you been thinking about a reverse mortgage but worried about inflation and rising interest rates?  I recently had a borrower tell me that he was considering one but felt that he may have missed his opportunity before rates started to increase due to recent Fed rate hikes and inflation. He stated that he probably would not benefit now, with all the uncertainty of the future and based on everything that was going on in the economy, (inflation, interest rates, etc.) he just did not think a reverse mortgage made... Read Full Article
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