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How a Reverse Mortgage Refinance Works

October 7, 2015     2 comments

Looking for a Reverse Mortgage Refinance? All Reverse Mortgage© has consistently brought exclusive offers to our customers. Let us show you how to get more from your equity with a federally-insured Reverse Mortgage Refinance. Try our New Refinance Calculator or call Toll Free (800) 565-1722 I am 70 and live with my 88 year-old mother. She is changing her current reverse mortgage to another lender. I was told that I can sign on to the new reverse mortgage and title deed and thus, not have to pay off the remaining... Read Full Article

HECM Financial Assessment & Extenuating Circumstances

April 2, 2015     1 comment

Extenuating Circumstances Can Help You Qualify for a Reverse Mortgage Under the new reverse mortgage rules set to take effect April 27, lenders will be required to conduct a thorough analysis of your financial profile before you can qualify—an analysis known as the reverse mortgage “financial assessment.” This assessment weighs things like proof of income and credit history in its determination. But even if you've struggled with bills or debts that are included in this analysis, you may still be able to qualify for a reverse mortgage, depending on the... Read Full Article

Reverse Mortgage in Foreclosure After Leaving Home Permanently

March 12, 2015     2 comments

when you move out of your home while having a reverse mortgage do you have a certain amount of time to sell the house or is it due asap? Hello Deborah, The reverse mortgage loan is governed by the terms of your legal documents.  In other words, the agreements you made with the lender and with HUD when you borrowed the money and signed the Note, the Deed and the Security Agreement.  Occupancy is a very important feature on reverse mortgages.  This topic is specifically covered in... Read Full Article

HECM Financial Assessment > Tax-Insurance Set-Asides

February 17, 2015     no comments

If you’re tapping into your home equity through a reverse mortgage, you have probably heard by now about the new reverse mortgage “financial assessment” that is soon to be part of the process of getting a government-insured Home Equity Conversion Mortgage (HECM). The financial assessment, which is similar to the assessment that a “forward” loan originator conducts for traditional mortgage borrowers, is being introduced this year as an extra safeguard for borrowers. On a basic level, the financial assessment takes a detailed look at your financial situation including... Read Full Article

How to Get Your Case Number Before Financial Assessment Begins

February 5, 2015     2 comments

We have been sending updates regularly and this will probably be our last call to action before the Financial Assessment (FA) guidelines go into effect for the HUD Home Equity Conversion Mortgage (HECM or "Heck-um") reverse mortgage program.  The new program parameters will require HECM borrowers to "qualify" for the reverse mortgage loans with income and credit criteria, not considered prior to the changes that go into effect on April 27, 2015 Rather than get into all the changes here, it is important that you understand the general idea of... Read Full Article

When will HUD Reintroduce the Condo Spot / Single Unit Approval?

February 1, 2015     4 comments

2018 New Program Alert: All Reverse Mortgage® Now Accepts Non-FHA Approved Condominium Projects on our All-New Platinum Reverse Mortgage Request our Non-FHA Condo Quote Today!  BREAKING: Federal Housing Administration (FHA) today proposed new rules which could soon allow lenders to process spot/single unit approvals for condominiums.  I have been told conflicting issues on this subject.  I own a condo which is my primary residence.  We went through litigation with our developer and won.  We reconstructed the entire complex.  One reverse mortgage lender told me that they could do a spot FHA reverse mortgage which could... Read Full Article

HUD Announces New Option for HECM Non-Borrowing Spouse

January 29, 2015     2 comments

On August 4, 2014 HUD implemented a new policy for reverse mortgage borrowers with ineligible or "non-borrowing" spouses that allowed the eligible non-borrowing spouse to remain in the home even after the death of the borrowing spouse for as long as they lived (providing they met certain requirements) but it did not make any changes for loans originated prior to that time.  Under the August 2014 changes, borrowers with non-borrowing spouses who closed reverse mortgages prior to that time were still subject to the loan being called due and payable upon... Read Full Article

What is a Reverse Mortgage Repair Set-aside

December 23, 2014     4 comments

what is "repair set aside" on the reverse mortgage estimate sheet and how does it resolve . -Louis Hi Louis, A repair set aside is money that is made unavailable to the borrower and is "set-aside" for the purpose of making needed repairs to the property.  HUD and lenders have specific guidelines as to which repairs will qualify for a set-aside, what minimum and maximum amounts can be set aside and which repairs must be completed prior to the close of the loan and which can be done after the... Read Full Article

How does a Reverse Mortgage for Home Purchase Work?

December 9, 2014     2 comments

You've probably heard about a reverse mortgage as a special type of loan that retirees can use to help pay off a mortgage or increase cash flow during their later years. A reverse mortgage can be a safe financial alternative to selling the home in which you live and moving away from family and friends, if it’s staying in your home you are trying to achieve. Or, if it is a move you are seeking, whether to a milder climate, or to relocate closer to family that has moved... Read Full Article

Can You Access Reverse Mortgage Funds Left After Death?

November 24, 2014     2 comments

My mother had a reverse mortgage since 2007. Her house at the time was appraised for $510,000. Her credit line was approximately $340,000. To date, she received payments totaling approximately $270,000 with $78,000 remaining available. We received a phone call from an appraiser for the bank a day after her funeral looking to set up an appointment to inspect the house. I was confused because I hadn't even called the bank yet to inform them of my mother’s death. My sister called the bank the next day and informed... Read Full Article