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Reverse Mortgage Appraisal Problems? Ask The Expert

April 21, 2014     7 comments

About 6 years ago we had our home appraised for refinancing and it came in at over 210K.  As seniors with no children we decided a reverse mortgage would be a wonderful solution to our money issues and I went on www.homes.com, entered our zip code and zoomed to our block which consists of 6 duplex houses.  According to the website, each of the individual halves of those duplexes are valued at 179 to 181K, so we pursued a RM.  The company sent an appraiser to our home (which we... Read Full Article

Growing Demand Ahead for Reverse Mortgages

March 21, 2014     2 comments

If you’re a homeowner who’s considering retiring, you may already be in possession of your most important source of retirement funding: your home. Demand for reverse mortgages—a type of loan that allows you to borrow against the equity in your home, if you’re 62 or older—is expected to increase as a retirement planning tool, finance and economics experts say. “Having alternative sources of retirement income is critical for those who are currently retired, those retiring in the near future, and those planning to retire in the next 30... Read Full Article

Can You Purchase Reverse Mortgage with Bad Credit?

March 18, 2014     no comments

Married borrowers #1 has good credit-no blemishes #2 has a bankruptcy with 2 foreclosures 2.5 years ago #1 self employed and #2 employed full time. Combined income about $160,000 per year. #1 owns two properties which he intends to sell and use the proceeds from sales as a down payment for a new home for #1 and #2 to own jointly using a reverse for purchase. Questions: 1) Can both be on the loan and on title considering #2's credit issues? 2) Assuming a cash down payment of $150-160,000 what... Read Full Article

Why Do Reverse Mortgages Have Mortgage Insurance?

March 17, 2014     6 comments

If I take a reverse mortgage do I have to pay PMI insurance even if I pay my own home owners insurance? Hi Sue, PMI is the acronym that stands for "Private Mortgage Insurance".  PMI is used on conventional loans and allows borrowers who wish to obtain a loan with less than 20% equity in a property to qualify for the loan.  This insurance insures the lender against any losses that they might incur if the borrower should default on the loan.  Its one real benefit to the borrower... Read Full Article

Issues that can arise when a condo owner obtains a reverse mortgage?

March 13, 2014     no comments

ALERT: HUD Announces Condo Changes Effective October 15, 2019! What are the issues that can arise when an individual condo unit owner obtains a reverse mortgage? - Ashley Hi Ashley, If you are asking me if there are any additional issues that may arise after the loan is complete, then I would have to say that there are no special issues that condominium owners need to worry about after their loan is closed that the owner of a single family detached dwelling would not also need to concern themselves... Read Full Article

ALL-NEW: Fixed-Rate Reverse Mortgage Line of Credit!

February 23, 2014     no comments

New Reverse Mortgage Product Offers Certainty of Fixed Rate, Flexibility of Payment Plans For the first time ever, a new reverse mortgage is available that offers borrowers all the certainty of a fixed-rate loan as well as the flexibility of multiple payment options all in one product. In years past, borrowers who opted for a fixed rate reverse mortgage were required to draw their loan proceeds in a single, upfront payment. Today, borrowers have much more flexibility in choosing how they wish to receive the money from... Read Full Article

Avoid Payment Shock—Turn your HELOC into a HECM

February 14, 2014     no comments

Billions of dollars worth of home equity lines of credit (HELOCs) are about to amortize this year, and if you’re one of those borrowers who has one and you’re aged 62 or older, don’t panic—you might be able to use a reverse mortgage to pay off your loan. According to a recent report from Moody’s Investor Services, around $30 billion of HELOCs are going to start amortizing in 2014. What this means is that the loan’s initial 10-year interest-only period is over, and borrowers must start making payments on... Read Full Article

New Programs: Choice, Advantage & Fortune

February 9, 2014     no comments

Each new year brings opportunities, and 2014 is no different: Reverse mortgage borrowers have new loan options available to them starting this year. If you’re interested in getting a reverse mortgage, here’s some information about the most popular product, the federally insured Home Equity Conversion Mortgage (HECM), and some of its new loan variations that are now on the market. The HECM The Federal Housing Administration-guaranteed HECM loan is the most popular reverse mortgage on the market. With a HECM, administered through the Department of Housing and... Read Full Article

Reverse Mortgage Rule Change will Address Non-Borrowing Spouses

February 4, 2014     no comments

NEWS: FHA Now Allows Non-Borrowing Spouses to be Protected! Read More The Department of Housing and Urban Development is getting ready to resolve an age-old reverse mortgage problem: the issue of the non-borrowing spouse. A reverse mortgage is a financial tool that allows borrowers who are 62 or older to tap into their home equity either in a lump sum, in payments over time, as a line of credit or some combination of those options. For several decades to date, the Federal Housing Administration has insured... Read Full Article

HECM Choice: Fixed Reverse Mortgage Offers Term & Tenure Payouts

December 18, 2013     no comments

Americans 62 years of age and older have a new reverse mortgage option that is being offered first by All Reverse Mortgage Company. It’s called the HECM Choice. The product allows borrowers to withdraw a lump sum at a fixed rate and receive additional funds one year later using fixed rate term or tenure payments. The product provides borrowers the best of both worlds, by combining a fixed rate loan with added benefits previously only available through an adjustable rate product. The need for such a product... Read Full Article