Reverse Mortgage Lenders in Texas: Saving TX Seniors Thousands!

August 2, 2013     1 comment

If you are thinking about getting a reverse mortgage in Texas, there are a few things to know about why the loans are slightly different in Texas. As a reverse mortgage borrower and Texas resident, however, you will still be able to get a reverse mortgage under the Federal Housing Administration’s insurance program, which applies nationwide. You’ll face all of the same rules and you’ll have all of the same protections offered as you would in any of the other 49 states. The Basics With the exception of... Read Full Article

Reverse Mortgage Stabilization Act Passes: What’s Ahead

July 31, 2013     1 comment

For all those who have been asking when we would know about the coming changes to the reverse mortgage program, hang on to your hat!  Late Tuesday, July 30th, the Senate passed the House Bill, H.R. 2167 which is known as the Reverse Mortgage Stabilization Act of 2013. The President is expected to sign the Bi-Partisan Bill.  The legislation empowers HUD to make changes to the reverse mortgage program more quickly by use of Mortgagee Letters allowing them to more closely monitor the program and make any changes... Read Full Article

Reverse Mortgage Appraisal Guidelines: Fees, Rebuttals & Disputes

July 11, 2013     no comments

Question from our reader: Hi, We were in the middle of a reverse mortgage with one company. We had done the required counseling but they could not find an appraiser to do our home. We are located just 20 minutes from the state Capitol in Sacramento, CA. Finally after about 3 weeks of pushing an appraiser showed up on a Friday and was in a hurry to get it done. Weeks passed while we kept asking our loan officer about the appraisal. Finally, we gave up and asked... Read Full Article

Reverse Mortgage Pros Cons Reexamined for 2013

July 3, 2013     no comments

A reverse mortgage can help improve your financial situation if you are at least 62 years of age, have a substantial amount of home equity and are looking to improve cash flow in retirement. But this type of loan is not for everyone—like any long-term financial decision, it’s important to consider the pros and cons of reverse mortgages before taking one out. In 2013, there are several new considerations that should come into the decision making process, as well. Today we reexamine the reverse mortgage pros cons of 2013.... Read Full Article

How Rising Reverse Mortgage Rates Lower Principle Limit Factors

June 21, 2013     no comments

All Reverse Mortgage® is an Award-Winning HUD Approved Direct Lender. Compare our NEW 3.99% (5.72%APR) Fixed Rate and Save Thousands! - Request Free Quote! -  We have had such low rates for so long that we have all come to take them for granted.  We had borrowers call back on proposals that they received as much as a year prior to their second call in some instances and the numbers had not changed…but that is all changing now!  Interest rates are rising and it started slowly even before the other... Read Full Article

FHA May Soon Discontinue Reverse Mortgage Lump Sum Payout

June 14, 2013     3 comments

Reverse Mortgage Borrowers are about to see some major changes with a possible elimination of the lump sum payout option.  The House of Representatives just passed a Bill (REVERSE MORTGAGE STABILIZATION ACT OF 2013) which allows HUD to make some major changes to the Home Equity Conversion Mortgage (HECM or “Heck-um”) which is better known as the government-insured reverse mortgage. HUD was under pressure from the House and the Senate to explain and minimize losses to the HECM program and this move is being made to allow HUD the authority to make... Read Full Article

Reverse Mortgage Lenders in North Carolina (A+ BBB 5 Stars!)

June 7, 2013     no comments

More than one in every ten people in the United States is aged 65 or older, and that number is expected to nearly double to 20% by 2030, according to U.S. Census Bureau data. North Carolina is no exception—it was one of 13 states that saw their 65+ population increase by 25% or more between 2000 and 2010 to more than 1 million. That translates to about 13.2% of North Carolina’s overall population as of 2011, according to the Census Bureau, in line with the average rate... Read Full Article

What is a HECM: Home Equity Conversion Mortgage

May 3, 2013     2 comments

We have all seen the commercials with Fred Thompson or Henry Winkler (a.k.a. “The Fonz”) touting reverse mortgages as a financial product that can help you remain in your home and improve your cash flow in retirement. However, you may not be too familiar with how reverse mortgages actually work, who they can benefit, and the different kinds of options that are available for this kind of loan. History of the HECM and Who It Helps This government-insured program has been in existence for more than two decades, since a... Read Full Article

Use a Reverse Mortgage to Finance Your Next RV Purchase

April 19, 2013     4 comments

Reverse mortgages are a great way to improve your cash flow during retirement by borrowing against the equity in your home or even to purchase a brand new primary residence. What you may not know is that if you’re in the market for a Recreational Vehicle (RV), you can use a reverse mortgage in place of financing for that too. And you’ll ultimately find some benefits that don’t come with traditional bank RV financing. As with any reverse mortgage that is insured by the Federal Housing Administration (FHA), you’ll need... Read Full Article

Reverse Mortgage for Purchase: Adjustable Vs. Fixed Rate Options

April 15, 2013     no comments

If you’re one of the 78 million baby boomers approaching retirement, you may be thinking about downsizing or moving into a home more geared toward aging in place. Some older adults have difficulty obtaining a mortgage to buy a new home, especially if they no longer have steady income from a job. Rather than use a conventional mortgage to purchase your home, you could opt for a reverse mortgage, which allows borrowers aged 62 and older to access their home’s equity in the form of a loan. ... Read Full Article