America’s #1 Rated Reverse Lender

Reverse Mortgages on Modular Homes & Commercial Use Now Eligible

November 2, 2012     2 comments

All Reverse Mortgage is pleased to announce enhancements to our reverse mortgage guidelines in the following areas: Modular Home Eligibility Modular homes are an eligible property type. Definition: A modular home is constructed of pre-made parts and unit modules that are transported on a flatbed truck from the factory to the building site. At the building site, these house sections are lifted onto the foundation where they are permanently anchored. Modular refers to the construction method and not a type of home. Note: Manufactured or Mobile homes are not considered Modular... Read Full Article

Reverse Mortgage vs HELOC: Side-by-Side Comparison

October 23, 2012     no comments

I would like to know how a "line of credit" would work compared to a HELOC.  I owe a 2nd on my home for approx. 9,000.00.  The first will be paid off in Dec. 2012.  My home NOW is worth approximately $210,000.00.  The 2nd is with Chase Home Equity. I would like to ONLY borrow enough at times on the LOC to supplement my SS check of 1272.00 and I also have income from a private loan that pays my second each month. I have NO other bills except insurance,... Read Full Article

Purchase Reverse Mortgages in Texas Are Coming Soon…

October 22, 2012     no comments

Update: 11/08/2013 Prop 5 Passes in Texas, But Implementation May Take Longer Proposition 5 passed by a wide margin this week, paving the way for HECM for Purchase to be offered in Texas. To pass, Prop 5 needed approval by 51 percent (50% plus 1) of voters, but the final tally was 62 percent. During the NRMLA Business Meeting, NRMLA President & CEO Peter Bell presented an award to Scott Norman, Vice President at Sente Mortgage, for his efforts to get Proposition 5 passed. Norman indicated in a separate email... Read Full Article

Tax & Insurance Defaults Will Change Reverse Mortgages

October 19, 2012     12 comments

We just returned from the National Reverse Mortgage Lenders Association (NRMLA) annual meeting at which we were able to listen to several speakers from HUD who spoke about the reverse mortgage and some of the challenges they are having with the program.  Seems that they are very concerned with the high number of tax and insurance defaults from many borrowers.  The tax and insurance defaults increase for those borrowers in certain areas an under certain circumstances.  In order to be certain the reverse mortgage program remains sound, HUD indicated changes are... Read Full Article

Which Presidential Candidate is Better for Reverse Mortgages?

October 5, 2012     2 comments

The clock is ticking down to the 2012 presidential election as Republicans and Democrats battle for control of the White House. Looking at senior-related issues, both candidates’ plans for Medicare are getting a lot of coverage, but another topic that’s also garnering attention is the ability for seniors to age in place. While reverse mortgagesaren'tspecifically on either candidate’s platform, they can be a great option for people who want to stay in their homes while either eliminating their monthly mortgage payment, or providing additional cash flow. However, a Republican or... Read Full Article

Reverse Mortgage Celebrities: Fred Thompson & Henry Winkler

September 14, 2012     9 comments

If you were channel-surfing recently and caught a glimpse of the Fonz (a.k.a. Henry Winkler) on TV, chances are it wasn't a rerun of Happy Days—it was a reverse mortgage commercial. That’s right: In addition to acting and authoring children’ books, Winkler has added ‘spokesman’ to his resume. The product he’s endorsing is the reverse mortgage, which allows homeowners aged 62 and older to tap into the equity they've built up in their homes in the form of a loan that doesn't come due until the borrower passes away or... Read Full Article

Purchase in Today’s Top-10 Retirement Cities

August 31, 2012     no comments

You may know that a reverse mortgage allows you to withdraw funds from the home equity you have built over time to help improve the quality of life in retirement. What you may not know is that you can also use a new kind of reverse mortgage to purchase a home in one of the top retirement destinations in the U.S. The Home Equity Conversion Mortgage HECM Purchase is a reverse mortgage insured by the Federal Housing Administration. It allows for a borrower to take out a reverse mortgage and... Read Full Article

New Study Shows Reverse Mortgage Saver as Retirement Savior

August 27, 2012     no comments

While historically, financial planners have taken a mixed public view on reverse mortgages, recent research conducted by figureheads in the financial planning community, in conjunction with Texas Tech University, indicate the population may be in for a sea change. Further, they are pointing to a fairly new way to use reverse mortgages: as a standby cash flow means that can be used in place of drawing down on under-performing investments for people who are 62 and older. The new research, published in the August issue of the Journal of Financial... Read Full Article

Lowest Reverse Mortgage Closing Costs for Short Term Needs

August 24, 2012     no comments

All Reverse Mortgage® is an Award-Winning HUD Approved Direct Lender. Compare our NEW $0 Orig. Fee Plans and Save Thousands! - Calculate Your Loan Now -  My sisters and I are helping our oldest sister. She's a 66-year old widow and is suffering from early dementia. She has a large financial obligation with the IRS and lives solely on her Social Security income. Her house is completely paid for, so we were thinking that a reverse mortgage might be the way to satisfy her IRS debt. We would then work to move her... Read Full Article

Stay in Home with a Reverse Mortgage: NCOA’s Age In Place Survey

August 17, 2012     no comments

Almost 90% of Americans 50+ Desire to Age in Place The desire to “age in place,” is defined as the ability to stay in one’s home or current living situation in the years ahead, and is the preference of almost 90% of Americans over age 50 according to recent survey results from the National Council on Aging. Of the 1,000 respondents in NCOA’s survey, 85% said they are confident that they will be able to live in their homes without making any significant modifications. In addition, the downturn of the... Read Full Article