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Reverse Mortgage After Death: What Heirs & Family Must Know.

It seems that one of the most popular questions we get is: What happens with my reverse mortgage and my home after death? When considering a reverse mortgage, an important question many borrowers and their heirs face is what happens to the reverse mortgage and the family home after the borrower's death.  This concern is particularly significant given that reverse mortgages are often viewed as the last loan a homeowner may need, designed to allow them to tap into their home equity while relieving them of monthly mortgage payments for... Read Full Article

Reverse Mortgage Income Requirements in 2024

When considering a reverse mortgage, it's important to be aware of financial assessment underwriting guidelines, specifically the minimum residual income requirements set forth by HUD. These requirements are an important part of the lender's application process to ensure that you, as a borrower, can comfortably handle ongoing property-related expenses such as property taxes, homeowner's insurance, and maintenance costs after obtaining the reverse mortgage. We will provide clear, easy-to-follow tables that outline the minimum residual income needed based on your family size and the region of the United States where you... Read Full Article

How Bankruptcy Can Affect Your Reverse Mortgage Eligibility

We recently had several borrowers who had previously obtained a reverse mortgage call and asked us what the effect would be on those reverse mortgages if they had to begin a bankruptcy proceeding. While we are not attorneys and would always advise you to seek competent legal advice from an attorney in your state, we did want to contact an expert in the field of loan servicing for reverse mortgages and get some additional information that we could pass on. We contacted Ryan LaRose, Chief Operating Officer of CELINK, the nation's... Read Full Article

Top 10 Reverse Mortgage Counseling Agencies (Free & Online Availability)

The U.S. Department of Housing and Urban Development (HUD) mandates that homeowners exploring a Home Equity Conversion Mortgage (HECM) must receive essential counseling.  This counseling, provided by a HUD-approved HECM agency, covers the details and alternatives of reverse mortgages. To assist you, we are required to offer a list of approved reverse mortgage counseling agencies.  This list includes five nationwide companies as specified by HUD for HECM, alongside local agencies near you.  The number of nearby agencies varies; some borrowers may have several options, while others might need to travel... Read Full Article

2024 Jumbo Reverse Mortgage (Lenders, Rates & Loan Limits)

As we step into 2024, the landscape of reverse mortgages continues to evolve, with Jumbo Reverse Mortgages emerging as a significant component for homeowners with high-value properties. In this article, we will dissect the critical differences between jumbo and traditional FHA-insured reverse mortgages, offering clarity on why and when a jumbo reverse mortgage could be the right choice for you.  We dive into the key benefits alongside a balanced discussion of the potential risks and rewards associated with these loans. Whether you are a homeowner, a financial advisor, or simply... Read Full Article

2024 HECM Reverse Mortgage Limits Surge to $1,149,825

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As the calendar turns to 2024, the Federal Housing Administration (FHA) has made a pivotal announcement that is set to impact the landscape of Home Equity Conversion Mortgages (HECM).  The maximum claim amount for HECMs in 2024 has been increased from $1,089,300 to $1,149,825, effective for case numbers assigned from January 1, 2024, onwards. Our guide breaks down the FHA's decision in an easy-to-understand format.  We've included handy tables comparing the reverse mortgage loan limits of 2023 and 2024, showing you exactly how much more you might be... Read Full Article

Reverse Mortgage Life Expectancy Set Aside (LESA) Explained

A key development in the overhaul of HECM guidelines was the introduction of the LESA.  This requirement is a response to past challenges where borrowers, after receiving a lump-sum equity payment, struggled to meet essential obligations such as homeowners insurance, property taxes, and home maintenance to FHA standards, leading to defaults. The LESA is designed to ensure that property charges are managed effectively, safeguarding borrowers from the risk of default. The Security of a LESA with a Reverse Mortgage The Life Expectancy Set Aside (LESA) is revolutionizing how... Read Full Article

Is a Reverse Mortgage Right for You? 3 Key Considerations

Like many of our readers who are navigating retirement, you might wonder if a reverse mortgage is right for you.  You've likely seen your equity grow substantially, possibly even owning your home outright - a common scenario for many baby boomers. Your home, often your largest asset, may lead you to consider the option of a reverse mortgage.  At All Reverse Mortgage, we understand the importance of this decision.  This article integrates our insights with 3 important questions, helping you evaluate whether a reverse mortgage fits your financial future. We'll... Read Full Article

5 Ways To Lose Your Home With a Reverse Mortgage

With a Federal Housing Administration-insured Home Equity Conversion Mortgage (HECM), the borrower retains ownership of the property while continuing to live there throughout the loan.  They are not required to make monthly mortgage payments during that time. Reverse mortgages are often misunderstood, and a common misperception is the idea that in a reverse mortgage, "the bank takes the home." On the contrary, if the borrower meets the loan terms, that borrower maintains ownership of the home throughout the entire course of the loan. The loan balance grows over time, and... Read Full Article

2024 Reverse Mortgage Refinance Guide: New Limits, Rates & Expert Tips!

As we step into 2024, the landscape of reverse mortgage refinancing is evolving, bringing new opportunities and considerations for existing reverse mortgage holders. Our guide is tailored to provide you with the most up-to-date information on the new 2024 HECM limits, current rates, and expert tips to consider when refinancing your reverse mortgage. When should you consider refinancing your reverse mortgage? Your home value has increased considerably. You originally obtained your loan when the lending limit was less than the 2024 HECM limit of $1,149,825.  Your value is... Read Full Article
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