America’s #1 Rated Reverse Lender

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

Reverse Mortgages can be LESS EXPENSIVE than alternatives.

January 23, 2017     no comments

Overcoming  Objections to Reverse Mortgage High Fees. Compared to alternatives.  Read about home equity conversion mortgages (HECMs), and read about those who object to them—often citing high fees and risks to tapping home equity. Like other financial products, reverse mortgages come with certain borrowing costs. But, by understanding how these costs break down, you may discover that a HECM actually could be a less expensive way to make the most of your retirement than the alternatives. HECMs allow homeowners age 62 and older to convert a portion of their home equity... Read Full Article

Can I get a reverse mortgage while in Chapter 13 bankruptcy?

January 20, 2017     10 comments

We are under chapter 13 bankruptcy would we be able to do a reverse mortgage? I am 64 my husband is 78 HUD has different requirements for the purchase program and someone who is doing a loan on their existing property.  If your desire is to utilize the reverse mortgage for purchase program, you cannot have a bankruptcy for the previous 24 months prior to the loan. If you are looking at doing a loan on your existing property, you can do a reverse mortgage, even if you are still... Read Full Article

Reverse Mortgage Final Rule Takes Effect September 19, 2017

January 20, 2017     no comments

Reverse Mortgage Final Rule The purpose of this bulletin is to announce upcoming changes to HECM program due to the HUD Final Rule. This bulletin summarizes the key changes affecting the origination of HECM loans. Additional guidance on how to implement and apply the below changes is forthcoming. Implementation The changes will take effect on all loans with a case number assignment date on or after September 19, 2017 for all channels. The changes are not retroactive for loans with case numbers assigned prior to September 19, 2017.... Read Full Article

Can I get a New Reverse Mortgage?

January 19, 2017     no comments

I received notice from unnamed company indicating my property value has increased and I might be eligible for a new reverse mortgage with additional cash lump sum or increased line of credit. Is this a scam? We don't participate in this type of marketing because we don't agree with it but it is not a scam.  If your property goes up enough in value so that even with the changes to the HUD program over the years, you meet the HUD and industry parameters for a new reverse mortgage and you... Read Full Article

Why Does a Reverse Mortgage Have a Balloon Repayment?

January 19, 2017     4 comments

With regard to balances going up and equity going down, this sounds like those nightmare balloon situations one hears of. Is the rate of interest fixed for the life of the loan, and is it possible to make payments against principle? You packed a lot into a very short comment/question! Any time a loan has a single repayment instead of requiring equal monthly payments over a period of time, it is considered a "balloon" payment. Not all balloons are equal though. The reverse mortgage requires a single repayment when a... Read Full Article

Can I get a Reverse mortgage Purchase with a Line of Credit?

January 19, 2017     no comments

I am close to 62 years old and am looking to purchase a home with a reverse mortgage. After escrow is closed, will I get either a line of credit or payments for this transaction? When using a reverse mortgage to purchase a home, most borrowers use all their eligible funds to complete the purchase, which means there are typically no funds left over to create a line of credit or receive monthly payments. Let’s say you’re 62 years old and are buying a home using today’s reverse mortgage programs. The HECM LIBOR... Read Full Article

Can my attorney review sample documents / loan agreement?

January 19, 2017     no comments

If I decide on a reverse mortgage with your company, would you have any objections to my attorney reviewing the sample documents before signing? There is never a problem with your attorney reviewing anything you sign but I would just like to ask to which documents you are referring?  Do you mean the original application package, the final loan documents that actually constitute the loan agreement or both?  The reason I ask is because both sets of documents afford you ample time to receive legal counsel before you are in any way... Read Full Article