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

Reverse Mortgage Appraisal Problems? Ask The Expert

April 21, 2014     9 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