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Reverse Mortgage Meaning: Common Terms Explained

May 31, 2017     no comments

Reverse Mortgage Meaning Video When it comes to exploring reverse mortgages and how they could be helpful to your situation you first should have an understanding of the terms that will be used throughout the process. These terms will help you fully understand how a reverse mortgage works. Here are a few terms that may be helpful in your research to find out what a reverse mortgage is. Use these as guides during conversations with reverse mortgage professionals. Amortization: Amortization refers to the paying off of debt with... Read Full Article

Reverse Mortgages Now Available in the USVI | US Virgin Islands

May 19, 2017     2 comments

Are you over 62 and looking to eliminate a mortgage payment or purchase a new home in the U.S. Virgin Islands? If so, a reverse mortgage might be the perfect product. If you live in the U.S. Virgin Islands and are over 62 years old, you may be able to qualify for a reverse mortgage that will allow you access to your home equity or purchase a new retirement home. The islands of St. Croix, St. Thomas and St. John, located in the Caribbean to the east of the Dominican... Read Full Article

The New Reverse Mortgage Era Is Here.

May 19, 2017     no comments

Are you looking to tap into your home equity as a way to boost monthly cash flow or save for a rainy day? The new reverse mortgage can help. Reverse mortgages have been around for decades to help retirees improve their financial situations as their incomes decline. Under the federally insured Home Equity Conversion Mortgage (HECM) program, these loans have long allowed people ages 62 and older to borrow a lump sum, open a line of credit, or receive term or tenure payments based on the amount of home... Read Full Article

The Reverse Mortgage Purchase Guide for Real Estate Professionals

May 13, 2017     no comments

Reverse Mortgage for Home Purchase A Guide for Real Estate Professionals By All Reverse Mortgage® At All Reverse Mortgage®, we're looking to partner with you in educating and helping mutual clients to purchase their retirement home. We have seen how knowledgeable real estate professionals have increased their market share and sales by simply identifying this buyer, you will find yourself with more listings and sales for years to come. Why is this market is important? Approximately 57% of Baby Boomers, adults ages 49 to 67, say they plan to move out... Read Full Article

Reverse Mortgage Solutions (RMS) Foreclosure Problems

April 1, 2017     6 comments

My brother passed away Sept 22,2016. Being his brother he made sole heir and ex. of the estate. Did not find out until Oct. 2016 that he had a reverse mortgage I contacted them about my brother death at which time they wanted to know what I wanted to do, I didn't know at the time. As we continue to speak later in the month of December I advised them I was either selling or paying off with money from the estate and selling misc. items.They told me I had... Read Full Article

When Reverse Mortgage Counseling and Appraisal Expires

March 23, 2017     2 comments

Our HECM counseling has just expired and we had to retake a counseling. However, a month before the counseling expired, an appraisal of our house was ordered by our lender. Now, our reverse mortgage lender ordered another appraisal because he said that the month old appraisal cannot be used because we were just given a new case number as a result of the new counseling and therefore they cannot use the month old appraisal per FHA rules. Is this true? If true, can they not ask for exemption from FHA and... Read Full Article

Reverse Mortgage Appraisal Tips: Laws & Requirements

February 14, 2017     no comments

Question from our reader: Can you influence the appraiser to give a higher appraised value? This is one that I would tell you absolutely NO!  It is against the law to try to influence an appraiser to raise a value. This is not to say that if you feel that an appraiser has given you a bad value that you cannot rebut the appraiser's opinion of value once you receive it with factual information though. Chance to Rebut Appraisal  If you receive an appraised value that you... Read Full Article

Can I Opt for a Voluntary Life Expectancy Set-Aside? (LESA)

February 10, 2017     2 comments

Just learned of this feature, LESA. Am a current Reverse Mortgage holder and received a solicitation from a mortgage co. There is a lot to absorb regarding RM's and unless you are an educated real estate professional, it is virtually impossible to understand all the ramifications of these deals. Even with the "counseling" as required, total understanding remains murky. I would have many questions about refinancing, but my main question would be: Unless you need a LESA why would you consider one? Aren't you better off without one unless you... Read Full Article

Reverse Mortgages and Solar Panels: What You Need to Know

January 29, 2017     20 comments

As our homes age, it is not uncommon to invest in renovation projects that enhance our ability to age in place, especially if those upgrades help lower monthly utility bills. Installing solar panels is one effective solution to reduce your overall electricity expense, but if you’re a homeowner considering a reverse mortgage to support your retirement, there are a few things you should consider before retrofitting your home into an eco-friendly abode. Reverse mortgages allow homeowners age 62 and older to convert a portion of their home equity into tax-free... Read Full Article

Any Reverse Mortgage Programs for Condos NOT Approved?

January 24, 2017     8 comments

ALERT: HUD Announces Condo Changes Effective October 15, 2019! Do you consider non hud reverse mortgages? My condo association is not fha certified There are only a very few private or proprietary  programs available at this time. Prior to the mortgage market meltdown in 2009 - 2010, there were several but they were very slow to reemerge and there have been very few if any sales of their mortgage backed securities in the secondary market secured by this product so there is a very limited knowledge of the investor... Read Full Article