America’s #1 Rated Reverse Lender

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

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