2018 Reverse Mortgage Interest Rates On The Rise!

December 20, 2018     no comments

What Rising Interest Rates in 2018 Mean for Reverse Mortgage Borrowers Interest rate increases impact reverse mortgage borrowers differently from how they impact forward mortgage borrowers. While gains in short-term rates have a minimal effect on the amount of loan proceeds reverse mortgage borrowers may be eligible to receive, hikes in longer-term rates can significantly reduce their borrowing power over time. Much of the difference has to do with how rates are calculated on reverse mortgages. The vast majority of reverse mortgages are Home Equity Conversion Mortgages (HECMs), which... Read Full Article

One Reverse Mortgage Problem No One is Talking About

November 1, 2018     2 comments

..one originator’s observations about the undiscussed reasons for problems with the MMI fund. We heard from Brian Montgomery at the annual NRMLA meeting that he envisions further changes coming down the road for the HUD HECM program.  Jessica Guerin at The Housing Wire (Housing Wire on Brian Montgomery) tells us that Montgomery outlined the “fixes” attempted by HUD and that they amounted to, in his words, short term fixes that have not worked to stop the losses the reverse mortgage program is suffering. FHA Commissioner Montgomery Hints That... Read Full Article

How to Obtain a Partial Reconveyance from the Lien-holder

October 29, 2018     8 comments

My neighbor has a reverse mortgage loan, but she has passed away and her relatives live in the home. They are now in the process of selling the home. They have 5 acres with the home and I am interested in buying an acre of the land that borders my property. Is there a way to buy the land and will the proceeds go to the mortgage company and reduce the amount owed on it or could it go to the relatives who live in the home? Or will I... Read Full Article

ALL-NEW Jumbo Reverse Mortgage with Line of Credit Feature!

October 26, 2018     2 comments

All Reverse Mortgage, Inc. is excited to unveil our innovative Jumbo Reverse Mortgage Line of Credit (RMLOC).  Mirroring the non-recourse nature of the Home Equity Conversion Mortgage (HECM), our Jumbo RMLOC ensures that neither borrowers nor their heirs are personally liable for the loan.  A standout feature of this product is the absence of mortgage insurance, both upfront and on an annual basis. What sets our Jumbo RMLOC apart is its dynamic line of credit, which grows annually at a rate of 1.5% on the unused portion.  This unique aspect... Read Full Article

How to Avoid Problems with a Reverse Mortgage Lender

October 23, 2018     no comments

What's the most effective legal way to avoid any expected problems with a new reverse mortgage lender? -Alfred Hello Alfred, This is a very open question.  There are several ways to handle issues with lenders, but it depends on the issue you are having. And when you say, “expected problems with a new reverse mortgage lender”, that indicates to me that you aren’t even having the issue yet and that this is a new loan you recently closed so it makes it even more difficult to... Read Full Article

Reverse Mortgage Options with Disabled Child

October 22, 2018     6 comments

My parents have reverse mortgage. My dad died 5 years ago, my mom is in a nursing home, and I am a 53-year-old disabled woman living in the home. What do I do about living in my home? I have no place to go! - Sylvia Hello Sylvia, I am very sorry to hear of your circumstances.  We have seen this play out many times, where family members are living with the owners of a property with a reverse mortgage but then when the loan becomes due... Read Full Article

Dangers of Leaving Spouse off Title for a Reverse Mortgage

October 16, 2018     30 comments

I am in North Carolina, and I'm not on the house deed. We applied for a reverse mortgage, signed the papers and appraisal was done today. I question them about me not being on the house deed and I was told it was not necessary. Is this true? If it is, where do I stand? I hate hearing stories like this. I believe you should be given all the information and then allowed to make an informed decision, not just told that it’s not necessary.  It may or... Read Full Article

Can You Surrender Home with a Reverse Mortgage?

September 28, 2018     2 comments

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? 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

2018 Reverse Mortgage Condo Spot Approval Update

August 31, 2018     4 comments

ALERT: HUD Announces Condo Changes Effective October 15, 2019! 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... Read Full Article

Champion Reverse Mortgage Foreclosure Problems – Help!

August 27, 2018     35 comments

ATTENTION: This website is NOT affiliated with Champion Mortgage. To contact Champion reverse mortgage servicing department call (855) 683-3095 Good Afternoon, I am hoping you can help me with something. My mother in her haste did a reverse mortgage. We as her children were 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... Read Full Article