America’s #1 Rated Reverse Lender

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

Reverse Mortgage for Condo on Leased Land Requirements

November 19, 2014     2 comments

I would certainly – and for a second time – apply for a reverse mortgage immediately, but I know I’m ineligible. Why? Because the ground lease my condo apartment building has with the Battery Park City Authority (BPCA) does not satisfy a requirement that FHA imposes on condo and co-op applicants – and only on condo and co-op applicants -- for reverse mortgages. That condition is:  to be eligible for an FHA reverse mortgage either (a) the lease agreement the Homeowners’ Association holds must be no less than 99 years... Read Full Article

April 27, 2015 – Reverse Mortgage Financial Assessment Begins!

November 11, 2014     11 comments

HUD issues dates for implementation of financial assessment for reverse mortgages. In 2013, HUD shocked the reverse mortgage world by announcing that they planned to implement financial assessment guidelines in response to the heavy losses the program sustained in 2012.  The guidelines were set to require borrowers to qualify on the basis of income and past credit history for the first time to obtain a reverse mortgage.  However, at the end of 2013 the heavy losses sustained just one year earlier in 2012 were not present. Many credited... Read Full Article

Yes, You Can Purchase With a Reverse Mortgage (Audio Interview)

November 11, 2014     no comments

Have a question about the reverse mortgage for Purchase? Call us Toll Free (800) 565-1722. Or, use our purchase calculator to see how the loan may work for you. Other Purchase Articles by All Reverse HECM Purchase FAQ’s  HECM Purchase Reverse Mortgage in Today’s Top-10 Retirement Cities 12 Tips Before Purchasing with a Reverse Mortgage

Is the Reverse Mortgage the Best Choice For You?

October 20, 2014     no comments

Comment: my partner is 71, I am 75, We own our condo in CA  the balance on the mortgage is 52,000 and the approx value is 150,000-160,000.  is this program the best choice for us? Hi Rudy, You know, you used the magic words in there, "..the best thing for us".  We are of the opinion that reverse mortgages are not for every borrower and the little bit of information that you have given doesn't really give me a chance to answer your question.  Borrowers have to ask themselves... Read Full Article