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Reverse Mortgage Advantages; Why You Could Miss The Boat…

June 21, 2012     no comments

From our reader: We have 2 homes, no mortgage. We do not need money at the present time. Could it be to our advantage to get reverse mortgage? Thank you for your help. The question as to whether or not it could be to your advantage depends entirely upon you.  I would not advocate having borrowers incur costs or take a loan they do not need for no reason, but there are things that HUD has indicated will change in the program this year and others that likely... Read Full Article

HECM Standard vs HECM Saver Reverse Mortgages

June 19, 2012     1 comment

Seniors looking to obtain a reverse mortgage have a few different products available to help them withdraw equity from their home. The Federal Housing Administration (FHA) offers the Home Equity Conversion Mortgage (HECM) Standard and the HECM Saver. Both products require borrowers to be at least 62 years old to qualify and provide consumers access to their home equity in the form of a lump sum, term or tenure payments, a line of credit, or a combination of the options. While they’re very similar, there are some important differences potential... Read Full Article

Consumer Financial Protection Bureau’s Role in Reverse Mortgages

June 11, 2012     3 comments

The new Consumer Financial Protection Bureau (CFPB) was created under the Dodd-Frank Wall Street Reform and Consumer Financial Protection Act with one main goal: make financial products as safe and straightforward as possible for consumers. The agency, created last year, now lists the reverse mortgage industry as one of its areas of oversight and enforcement as it oversees banks and non-banks as well as organizations large and small. Consumers have the ability to contact the agency regarding questions or concerns about financial products they purchase or use, including loans such... Read Full Article

Reverse Mortgage Loans to Complement Retirement Planning

May 18, 2012     no comments

New research findings from financial planners and academics are showing that there is a new, viable sweet spot for reverse mortgage borrowers. And this new borrower looks quite different from the person who is thought to be a traditional, needs-based reverse mortgage borrower, according to the research. Reverse mortgage loans are a tool designed to help people who are ages 62 and over age in place and remain in their homes as long as they are able. As long as any prior debt against the home is paid off... Read Full Article

Condominium Approvals Creating Reverse Mortgage Problems

May 8, 2012     no comments

2018 New Program Alert: All Reverse Mortgage® Now Accepts Non-FHA Approved Condominium Projects on our All-New Platinum Reverse Mortgage Request our Non-FHA Condo Quote Today!  Question from our Reader:  Janna How long does take now to get FHA project approval on a condo project that was built in the late 1960's and has been FHA approved many times before? The current approval was allowed to expire because so few buyers were using FHA loans. Why is it more difficult to get a Reverse Mortgage loan approval for a purchase loan?... Read Full Article

ALERT: MetLife Reverse Mortgage Closure & Its Affect on Seniors

April 26, 2012     no comments

Met Life Bank just announced that they are exiting the reverse mortgage market which is bad news for some reverse mortgage borrowers.  Met Life was responsible for delivering the lowest adjustable LIBOR rates to borrowers.  Met Life had consistently given borrowers some of the best margins available and now with them leaving the reverse mortgage business, borrowers may be forced to accept higher margins which mean higher rates.  Higher rates equate to a faster erosion of equity. Just as troubling would be the fact that Met Life did more Saver... Read Full Article

Variable Rate Reverse Mortgages Explained

April 16, 2012     2 comments

All Reverse Mortgage® is an Award-Winning HUD Approved Direct Lender. Compare our lower rates, lower fees & Save Thousands! - Request Free Quote! -  Variable rate reverse mortgages are more flexible than fixed rate loans due to the fact that fixed rate loans require that you take all your money in a lump sum draw at one time when the loan closes.  The adjustable rate loan can give you several different draw options. Borrowers can also choose a lump sum draw, can leave funds in a line of credit to be used whenever they choose that... Read Full Article

Reverse Mortgage Information | DIY Online Research

April 5, 2012     no comments

Let’s say you just heard about reverse mortgages for the first time. Start with Google, and your search will turn up about 21.3 million results of reverse mortgage information... So where to begin sifting through all this info? There are some very useful and reputable resources out there, depending on exactly what you want to know. Some of these resources are offered by the government, which insures Home Equity Conversion Mortgages (HECMs) under the Federal Housing Administration. Others are trusted organizations that work with reverse mortgage borrowers such as... Read Full Article

Tell Me About Reverse Mortgages | Definition

March 30, 2012     2 comments

A Reverse Mortgage is a safe and viable financial tool for borrowers aged 62 and older to consider along with their other retirement planning.  Borrowers who can no longer qualify for Home Equity Lines of Credit under conventional underwriting guidelines or no longer want or can afford a regular monthly payment have an opportunity to utilize the equity in their homes with the Reverse Mortgage Programs, in addition to having the comfort of knowing that the bank cannot arbitrarily freeze or close the line at any time due to... Read Full Article

Legislation Alert AB2010: FACE to FACE Reverse Mortgage Counseling

March 14, 2012     5 comments

We need your feedback!  California state is considering legislation, AB2010, which would require all borrowers who wish to apply for a reverse mortgage to first attend the HUD-mandated counseling, in a face to face session in all instances.  Currently, most borrowers choose to attend the counseling via telephone but this legislation would require all borrowers to attend a face to face counseling session before the lender could even take a loan application. This would remove your right to choose whether you wanted to attend the counseling by telephone and would... Read Full Article