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Appraisers Use the Sales Comparison Approach, Not Zillow.

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Here is where Appraisals are not updated and correct? Zillow and others use sales per sq ft for cookie-cutter homes. They omit custom built homes in comparable homes because of lack of construction knowledge and insurance coverage? Costs of replacement coverage and appraisals would place a 5000 sq ft total home cost at $800,000-min w/o lot? Go Figure how you could be insulted at $600k on a no-nothing Appraisal? You just hit the nail squarely on the head but from an angle you didn't mean to go.  Appraisers... Read Full Article

Reverse Mortgage Example: How Much You Can Receive in 2018

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How a Reverse Mortgage Really Works  What is a reverse mortgage and how does it really work? We get this question all the time, from borrowers, family members and even others in the lending industry and other professional industries who just don’t understand the product.  It seems that almost everyone has an opinion on reverse mortgages and often they are based on almost no factual knowledge. Often people base their opinions on something they heard, some report they read from a reporter who may not have had all the information themselves... Read Full Article

If I surrender my home to you do I owe any money?

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A browser Laura P. has sent the following question(s) in the ask experts blog. If I surrender my home to you do I owe any money? Hello Laura, I want to be sure I answer this correctly and your question leaves the door open a little so please give me a little room to explain myself here.  The reverse mortgage itself is a non-recourse loan.  This means that if you must leave and the home is not worth enough to repay the obligation, you will not have to pay the... Read Full Article

HUD Imposes New Appraisal Review & Second Appraisal

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HUD announced today that reverse mortgage lenders could not close loans to be insured under the HECM program unless they have the appraisal submitted and approved by FHA in advance.  Note that this does not say until HUD does something, it says that the loans cannot be closed unless HUD does something on the loan before the loan is approved or closed.  This was a huge announcement.  For the first time, HUD is stepping into the origination process of the loans and requiring lenders to submit a loan or a... Read Full Article

Introducing the HomeSafe Second Mortgage

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The HomeSafe® Second Mortgage is the first proprietary reverse mortgage loan that allows for 2nd position. Like the Home Equity Conversion Mortgage (HECM),  it is a non-recourse loan, meaning neither the borrowers nor their heirs shall have personal  liability. The HomeSafe® Second allows borrowers to keep a forward first lien in place while accessing the remaining equity available for additional funds. It also offers lower closing costs  by instituting an origination fee cap and bases title and mortgage coverage requirements off lower  amounts than the government insured HECM or... Read Full Article

2018 Reverse Mortgage Condo Spot Approval Update

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I live in an active retirement community called Somers Village which is an ASSOCIATION. I applied for a reverse mortgage with AIG beginning in Jan 2018. working with a broker or agent. After 6-8 weeks of supplying all the required paperwork, etc, ending with the my condo appraisal. When my agent went to AIG to get the final approval, it was suddenly denied. Reason: The FDA does not approve of associations. Needless to say this was heartbreaking after all our work and time spent. I brought this up with our... Read Full Article

Champion Reverse Mortgage Foreclosure Problems – Please Help!

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Good Afternoon, I am hoping you can help me with something. My mother in her haste did a reverse mortgage. We as her children where not aware of it. Here she is 10 years later and now the chickens have come to roost.. in my opinion. First she is with Champion Mortgage, who I have heard and read nothing good. They are very vague on the phone and it is difficult to get an actual person. Secondly, she let her flood insurance lapse 3 months, in doing so Champion tacked... Read Full Article

Reverse Mortgage Pros & Cons, Starting with the Downsides!

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I can almost hear it now... “This is an article written by a guy who does reverse mortgages, there probably won’t be any cons!”  As passionate as we are about the reverse mortgage program, there are drawbacks in some instances, and we make certain that we point out the pros and cons to all reverse mortgage applicants. The product is great, but it is not for everyone, and we advise anyone considering this loan to know your goals and to have the help and support of your family and a... Read Full Article

How Does a Reverse Mortgage Work? Know the Facts! (Updated 2018)

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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 Mortgage Counseling Agencies | Free, Phone & Online Options

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Steps to receiving a reverse mortgage counseling certificate: Request your pre-counseling document set. (Includes loan comparison, closing cost worksheet, amortization schedule, TALC - total annual loan costs) Have these mandatory documents available: HUD document titled "preparing for your counseling session" and NCOA booklet "use Your Home to Stay Home" (.PDF versions provided below) Determine whether or not you wish to see a counselor in person or obtain counseling by phone Call around and check counselor availability and pricing. Some counseling agencies only accept payment upfront... Read Full Article

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