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Return of Non-FHA Reverse Mortgages are Here!

If you're in the market for a loan that can convert your home equity into cash flow or a line of credit in retirement, chances are you have explored the option of a reverse mortgage. But the reverse mortgage is not one-size-fits-all.  Many people don't know that there are several products to choose from, both under the Federal Housing Administration's popular Home Equity Conversion Mortgage (HECM) and private loan options. For the last several years, the number of reverse mortgage products on the market has been limited to the government-insured HECM and... Read Full Article

Top 20 Reverse Mortgage Lenders: In-Depth Comparison & Review

A reverse mortgage can add stability to your retirement years when used correctly.  Selecting the right reverse mortgage company to originate your loan is essential.  We created this guide to provide insight into how HECM lenders are rated and how reviews are collected across the web (independent and sponsored review sites). 5 Essential Tips for Choosing the Right Reverse Mortgage Lender 1. Get your reverse mortgage from a lender looking out for your best interests. Many people are convinced that they need one or two... Read Full Article

Unpacking 3 Types of Reverse Mortgages in 2023

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While the majority of reverse mortgages are Home Equity Conversion Mortgages, or "HECM" loans, there are several reverse mortgage loan types to be aware of if you are in the market for tapping into your home equity.  In this article, you will learn:  What differentiates each of the different reverse mortgage types Key elements that each type offers Resources and where to learn more In addition to HECM loans, there are proprietary or "jumbo" reverse mortgages and single-use reverse mortgages.  Proprietary loans have recently gained popularity, particularly in... Read Full Article

Revealed: 2023’s Best Banks for Reverse Mortgages

When getting a reverse mortgage, you may wonder which type of lender you should work with.  Then, more specifically, which banks offer reverse mortgages.  You may have used a national or regional bank for a mortgage loan in the past, as many big banks provide mortgage lending services. You may have worked with a non-bank mortgage lender, as these companies are also active in mortgage lending.  Many banks offer reverse mortgages, although most major national banks, such as Wells Fargo, Chase, and Bank of America, do not offer them. A... Read Full Article

3 Advantages of Making Payments on a Reverse Mortgage

A reverse mortgage allows you to receive payments from your home equity rather than make a monthly payment to repay the obligation. One little-known fact, for example, is that you can get a reverse mortgage and can make payments on it when that meets your goals and if you want to.  Or, you can turn it into an interest-only mortgage, meaning you don't pay toward the principal of the loan, just the interest that's accruing. Why make interest repayments on a reverse mortgage loan? 1. ... Read Full Article

4 Situations When a Reverse Mortgage is Good Idea

Whether or not to get this loan isn't universally a "good idea" or "bad decision" - many different factors need to be considered.  In this article, we unpack 4 considerations to determine if a reverse mortgage could be the right loan for you. 4 Compelling Advantages of Reverse Mortgages Get breathing room for your budget A reverse mortgage could be a good idea if you're "house-rich but cash-poor." In other words, you own your home outright (or have paid off the bulk of your mortgage)... Read Full Article

Is a Reverse Mortgage Right for You? Consider These 3 Questions!

Like many Americans in retirement, you may wonder about the best financial course to take and how to use the money and assets you have worked to build over time.  You probably have built up your equity over the years and may even own your home free and clear. For many baby boomers, the home is your largest asset, and you may wonder if a reverse mortgage is right for you.  If you are considering a reverse mortgage, here are some things to consider when deciding whether a reverse mortgage... Read Full Article

Lowest Cost Reverse Mortgage Options in 2023

Are you searching for the lowest-cost reverse mortgage? A few short years ago, people were reading about how expensive reverse mortgages were, but that does not have to be the case currently. Don't get me wrong; HUD still charges an Initial Mortgage Insurance Premium based on the home's value that can run as high as 2% for this one cost alone for the higher draws exceeding 60% of the available Principal Limit. Depending on the part of the country in which you live, some of the necessary costs like title... Read Full Article

What to Do If Your Home Suffers Fire Damage with a Reverse Mortgage

UPDATE: FHA Extends Foreclosure Protections to Maui Borrowers The Federal Housing Administration extended its existing disaster-related foreclosure moratorium in Maui County, HI, through May 6, 2024, for borrowers with FHA-insured single-family mortgages, including HECMs.  This extension provides additional time for borrowers in the process of recovering from the catastrophic Maui wildfires to consult with mortgage servicers and housing counselors and to access federal, state, and local housing resources without also having to contend with the burden of an impending foreclosure action.  I live in California, have a reverse mortgage, and would... Read Full Article

How Long Can You Leave Home with a Reverse Mortgage?

Carol wrote: Regarding the rule that the homeowner has to reside in the home, how long could that homeowner be absent (e.g., on an extended vacation) before they would be considered not residing in the house?  Would they be allowed someone else living in the house to care for them? Hi, and thank you for your questions.  I will start with the second question as it is more straightforward to answer without reservations. The reverse mortgage does not prohibit a borrower from having anyone else live on the property,... Read Full Article
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