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Many people get very confused when they try to grasp how a reverse mortgage works. They look at the different interest rates, the mortgage insurance, the servicing fees, principal limits, net principal limits and before long, they just want to know the bottom line as they're so confused they don't want to try to understand anymore. This will be possibly an over-simplified explanation for those who possess a great deal of "reverse mortgage savvy", but for those who just want to get a basic idea of what this program is... Read Full Article
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A browser Myrddin J. sent the following question(s) in the ask experts blog: I have a log home with no mortgage. I applied to quicken reverse mortgage and was told that because there aren't any other log homes sold in the area for the last six months (there are around 20 in the area but none sold) FHA would not insure as there have to be comps. They suggested that I try and find a company that does non FHA insured reverse mortgages. Can you help Hi Myrddin, It... Read Full Article
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I will be 62, and my wife is 58. We are both retired at present. We own acreage (deed) under an LP where we are both partners and intend to build a home on it. We can pay outright for the home and own 100% equity in the house and acreage. My thought is to take a reverse mortgage to fund the next 5-10 years of living expenses while delaying IRA withdrawal and letting it grow and also delay SS until full benefit or wait until 70 to collect. If... Read Full Article
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My husband is 64-yrs old and presently the only borrower in the mortgage. I am 60 yrs. old (wife), self-employed approx. $1800-2250/month as a Mobile Notary Agent. Do we qualify in this reverse mortgage program as joint borrower? or just him as a single borrower? his income at present $2500/month. -Mary Jean Hi Mary Jean, If you decide to get the reverse mortgage before your 62nd birthday, your husband would have to do the loan on his own and you would have to be a non-borrowing spouse. HUD has... Read Full Article
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Published in the Miami Herald 2/13/2016 The reverse mortgage can be a good choice for some older people on fixed incomes who want to stay in their homes or improve their lifestyles. Elizabeth Warren and her husband Thomas made mortgage payments faithfully every month on their home in Key West, their home loan had come from the bank where. Elizabeth was employed. Then in 2014, she had a life-changing medical event that forced her to quit working. She also got a notice that the bank was raising her interest rate. The couple looked around... Read Full Article
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Charlotte has sent the following question(s) in the ask experts blog. How can u do a no closing cost reverse mortgage when other companies charge upwards of $8,000? Hi Charlotte, That would be a little like asking why do some car companies charge more than others for their cars. But then, it really wouldn't because not all cars are made the same and when it comes to the HUD Home Equity Conversion Mortgage (HECM or "Heck-Um"), it is the same government insured loan that we all offer. So... Read Full Article
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A browser Donn H. has sent the following question(s) in the ask experts blog. My mother passed, age 92, She and my stepfather, married 14 years, obtained a reverse mortgage on the house she has owned for 50 years about 6 years ago.. She left my brother and me the house upon her death. My brother is the executor. The house was in her name alone. Did not leave my step father anything as he mishandled her money in the worst way. There is a trust. She took the house... Read Full Article
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My ex-husband just died. There was a reverse mortgage on the house. When we applied for the reverse mortgage, the lender told us to take me off of the deed because I was eleven years younger than him. She told us to wait three months and put me back on the title. We did this. I live in another state. My children want to just wait for the bank to notify them of what to do. I wonder if I am involved in any way. Should they notify the bank... Read Full Article
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Emery N. has sent the following question(s) in the ask experts blog. I am a 65 year old disabled person. I have been living with and taking care of my mother for 23 years. She took out a line of credit type of reverse mortgage, from Financial Freedom; only in her own name. She passed away a little over 3 months ago. Her will gives her estate to me, and also my sister and brother, who don't live here. The house is worth about 4 times what is owed to the... Read Full Article
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Ken Tighe has sent the following question in the ask experts series. My wife will be 65 on April 5, 2017 and I was 65 on 2/4/2015. We currently own our home but want to build a new home on a lot we own that will better accommodate us in our advanced age. We have the cash to build the new home but can a reverse mortgage be used to pay off the construction loan once the home is completed? Hi Ken, I would love to give you a... Read Full Article
