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2014 Reverse Mortgage Payment Plans: Lump Sum vs Credit Line

October 9, 2014     2 comments

If I take an initial lump sum is it possible to obtain further equity in a lump sum after a number of years or would I have to pay the loan off and get a new loan? HUD allows you to take your loan as a fixed rate or an adjustable rate loan.  The fixed rate loan is a closed-ended instrument and requires you to take all funds available to you in one draw at closing and then there are no future draws available to you.  This would include if... Read Full Article

Getting a Reverse Mortgage – How to determine Appraised Value?

October 8, 2014     no comments

how do I determine the appraised value of my home - Lana Hi Lana, This is a great question and the answer is not as simple as it may seem.  Let me explain.  An appraisal on a property is an estimate of value based on the information available as of a certain date, a snapshot in time if you will, and it is just one person's opinion of value.  There are three methods or approaches that are commonly used to determine the value of real property.  Those are:... Read Full Article

Reverse Mortgage to Purchase a Condo

September 26, 2014     no comments

ALERT: HUD Announces Condo Changes Effective October 15, 2019! If I want to buy a condo for $200k all cash, can I then borrow against the equity in a reverse mortgage? Could I take out a sum certain each month or do I have to take it out all at once? I am thinking that the savings from not paying rent would exceed the interest that the $200k gets in the stock market. Also with my stock portfolio I would be subject to judgments while if I put the... Read Full Article

How to Purchase a Reverse Mortgaged Home

September 25, 2014     no comments

I have found a place that we would like to purchase but the couple have passed away and also found out they had a reverse mortgage on the place. The family don't want the property and are letting it go back to the mortgage company. How can I get the property with out going through auction and would it have a clean title? Please help me, my family wants this house. - Rhonda Hi Rhonda, There is no magical formula that can be used with a home that... Read Full Article

Why Should I Choose All Reverse Mortgage?

August 8, 2014     no comments

This is a question we get all the time.  Borrowers tell us that they have talked to other, larger companies, who have even pulled out HUD stats with a higher number of closed loans versus the number that All Reverse Mortgage has, while citing that because they have closed more loans, the borrower should work with them. I then ask the borrowers to look at the terms of the loan.  Are those larger companies offering a different, better loan, or is it the same FHA-insured, HUD Home Equity Conversion... Read Full Article

Rule Change Brings Higher Reverse Mortgage Principal Limits

July 3, 2014     no comments

If you’re in the process of applying for a reverse mortgage, or if you have been considering tapping into your home equity with a government insured Home Equity Conversion Mortgage (HECM) loan, a recent change may mean you can qualify for more loan proceeds.  HUD surprised everyone with a Mortgagee Letter of the changes at the very end of June and then had an industry-wide conference call on July 2, 2014 to explain to lenders how the changes would work. The Federal Housing Administration, under its HECM program, offers government-insured... Read Full Article

Drastic Reverse Mortgage Changes Are Coming Soon

June 18, 2014     no comments

HUD previously delayed their Financial Assessment, but it looks like they will be taking place soon. There are  changes that will go into effect in the near future that will affect many reverse mortgage applicants. At All Reverse Mortgage, we feel that we wouldn't be doing our jobs if we didn't keep everyone up to date on what's happening. Here are some things you need to know about the upcoming Financial Assessment guidelines (if you have not yet started an application). Documentation will soon be required.  Like the underwriting for a “forward”... Read Full Article

Big Changes Ahead for Reverse Mortgage Non-Borrowing Spouses

May 5, 2014     4 comments

An upcoming rule change is spelling big news for non-borrowing spouses of reverse mortgage borrowers. Historically, a non-borrowing spouse who wasn’t named on the loan could be held responsible for repaying the reverse mortgage when the named borrower passed away or had to move from the home permanently. This left some non-borrowing spouses lacking financial options if they didn’t have any savings outside of the home. But now, non-borrowing spouses will be able to defer repayment of the loan as long as they occupy the home, protecting them... Read Full Article

Americans to Move – Reverse Mortgage Purchase Can Help

April 24, 2014     no comments

Retirement can mean different things for different people. For many, it means moving out of their longtime home and embarking on a new chapter in a different place. Approximately 57% of Baby Boomers, adults ages 49 to 67, say they plan to to move out of their current homes during their retirement years, according to a recent survey from Better Homes and Gardens Real Estate. And a quarter of those boomers are also planning to purchase a second home during retirement, Better Homes and Gardens Found, as they... Read Full Article

Reverse Mortgage to Buy a New House: How much home can I buy?

April 22, 2014     no comments

Many people take out a reverse mortgage as a way to enable them to remain in their homes while reducing their housing expenses in retirement, but an increasing number of people are using a relatively new type of reverse mortgage to purchase a brand new home that will help them live out that same goal. Even if you already have a reverse mortgage, using the HECM for Purchase as a way to relocate is still an option. The HECM for Purchase This reverse mortgage type was... Read Full Article