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How Occupancy Fraud Threatens the Reverse Mortgage Program

    26 comments
Because of health issues, I've moved my Mom in with me, and at some point, I will most likely have to move her to a nursing home. Her granddaughter lived there until a couple of weeks ago. She has wrecked the house. The monthly statement has the house at way more than I could ever sell the place for to pay it back. What are my options? ~Jan Reverse mortgages are designed as non-recourse loans, offering a significant safety net for borrowers and their estates. In situations where the property's... Read Full Article

Credit Requirements for a Reverse Mortgage in 2024

    62 comments
An important part of qualifying for a reverse mortgage is evaluating a borrower’s credit history.  This article explains the credit qualifications necessary for a reverse mortgage in 2024, highlighting key factors such as payment history, satisfactory credit, and additional considerations that underwriters will evaluate in the loan approval process. How will my credit history be examined for a reverse mortgage? Your lender will evaluate your credit history as part of the financial assessment and will require a credit report for all borrowers to document that history. ... Read Full Article

How Reverse Mortgage Appraisal Laws & Appeals Work

    6 comments
One thing you should know if you are contemplating a reverse mortgage is that your home will have to undergo an appraisal by an FHA-approved appraiser. This will be a very extensive appraisal in which the appraiser should inspect your entire property, do a head and shoulders inspection of the attic (pop their head up and look around), measure the home, and be responsible for checking many items. The physical inspection is only a portion of the actual appraisal.  The appraiser will usually have done a lot of research on... Read Full Article

Reverse Mortgage Pros and Cons: Starting with the Downsides!

    10 comments
When used correctly, a reverse mortgage, also known as the Home Equity Conversion Mortgage (HECM), can add stability to your retirement years.  However, as with any financial product, it is not always the best program for everyone. We published this pros and cons guide to help you make an informed decision about reverse mortgages and determine if this program suits your long-term retirement goals. First, the downsides! #1. Higher Initial Costs Reverse mortgages, particularly the HUD HECM (Home Equity Conversion Mortgage), often come with higher costs compared to traditional loans. ... Read Full Article

Understanding Reverse Mortgage Qualifications (Updated 2024)

    9 comments
You may be interested in applying for a reverse mortgage, but like any loan, there are specific qualifications you must meet.  And because the Federal Housing Administration insures most reverse mortgages, many aspects of your finances and home condition need to meet government standards for this to happen. Some more apparent reasons someone may not qualify for a reverse mortgage are not meeting the minimum age requirement of 62 or simply not having enough home equity.  But some other reasons might not be as obvious and that you might not even... Read Full Article

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

    249 comments
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

    44 comments
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

    54 comments
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)

    17 comments
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)

    14 comments
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
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