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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

Introducing the HomeSafe Second Mortgage

September 25, 2018     4 comments

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 other... 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

Downright Illegal Reverse Mortgage Advertising Scams

August 7, 2018     no comments

Downright Despicable (and illegal) Advertising Every once in a while, we run into misleading or questionable advertising.  Then there are times we see things that are downright misleading and illegal, and we should bring those to people's attention so that borrowers and their families will not fall prey to bad actors. I was at my mom's house over the weekend, helping her with her bills.  I opened an envelope she had set aside in which she said she would call the people on the letter because she felt it was... Read Full Article

First Steps for Heirs of a Reverse Mortgage

August 6, 2018     no comments

A browser Trish  has sent the following question(s) in the ask experts blog. My dad did an AAG reverse mortgage in 2016 and he just passed away on July 29 2018. He left me in charge of everything after he died (verbally only) nothing notarized, what is my first step to do? I am completely lost about everything. Hello Trish, Sorry to hear about your father.  Did dad leave any type of will or family trust?  If so, then he did have written “instructions” on what he wanted... Read Full Article

Can a Reverse Mortgage Lender Kick Me Out of My Home?

August 3, 2018     10 comments

I have lived in the home with my mother and paid all of the property taxes and home insurance plus maintenance for the home and lived there for seventeen years. Can the reverse mortgage lender kick me out of the home? I get this question or one very similar to it a lot and you’re looking at the loan in the wrong manner.  The reverse mortgage is a loan just like any other loan. The reverse mortgage lender cannot do anything that the owner of the property does not agree... Read Full Article

Reversemortgage.org Releases New Consumer Guides

March 22, 2018     no comments

New Consumer Guides Walk You Through the Reverse Mortgage Process More than one million American homeowners have been served by Federal Housing Administration-backed reverse mortgages via the Home Equity Conversion Mortgage program. Now in its 27th year, the HECM program continues to enhance its consumer protections as lenders strive to improve the customer experience for both reverse mortgage borrowers and their families. Like the acronym suggests, HECMs allow homeowners age 62 and older to convert a portion of their home equity into loan proceeds. The borrower can access these... Read Full Article

When a LESA (Life Expectancy Set-Aside) is Required

March 21, 2018     no comments

How to Tell if You Need a Reverse Mortgage LESA Qualifying for a reverse mortgage today is a different process than it was in the past. As underwriting standards have tightened considerably in recent years, becoming eligible for a reverse mortgage now requires a more complex analysis of the loan applicant’s financial circumstances. As a prospective borrower, it helps to know just what you’re going up against during the application process, including what aspects of your financial history are most likely to impact the overall determination of whether... Read Full Article

Top 5 Reverse Mortgage Rules You Must Know

March 6, 2018     no comments

Applying for and taking out a reverse mortgage loan is an important decision for senior homeowners, and it’s one that deserves time and research. Reverse mortgages enable homeowners 62 years or older to supplement their retirement income by converting a portion of their home’s equity into accessible cash flow. Reverse mortgages are powerful financial tools, but they are not one-size-fits-all. To fully understand the ins and outs of this product, homeowners should remember and be aware of the following reverse mortgage rules: There’s a Lending Limit For HECMs As... Read Full Article