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What to Expect When Your Reverse Mortgage is Assigned to HUD

June 7, 2024     99 comments

We received a notice that our reverse mortgage loan is being assigned to HUD, along with the name of the handling company.  This company has numerous complaints, especially about foreclosing before heirs can settle the home.  I am the beneficiary of my mom's house, which is in a trust and a will to avoid probate.  What recourse do I have if they refuse to work with me and foreclose despite my efforts?  The complaints mention lies, runarounds, no payoff amounts, and unreturned calls.  This is terrifying, as there's enough equity... Read Full Article

Is Tom Selleck Reverse Mortgage Company Selling Snake Oil?

May 20, 2024     84 comments

We just received this comment on our blog: It boils down to the saying, If it's too good to be true, then it is.  I watched this actor named Tom Selleck pitching for a reverse mortgage on a TV commercial.  That sounds very convincing, even when he swears to have done his homework on the matter and told the truth.  An actor worth millions, and before him was another actor, Robert Wagner.  Yet, does he really need to do a reverse mortgage on his estate?  With his king of dough? ... Read Full Article

Reverse Mortgage Pros and Cons: Understanding Benefits & Risks in 2025

May 19, 2024     15 comments

Welcome to our comprehensive guide on the pros and cons of reverse mortgages!  When used correctly, a reverse mortgage, also known as a Home Equity Conversion Mortgage (HECM), can add stability to your retirement years. However, as with any financial product, reverse mortgages are not always the best program for everyone.  This guide will help homeowners evaluate financial options, understand potential risks and benefits, and make informed decisions about reverse mortgages. Introduction to the Downsides Before exploring the benefits, it's important to understand the potential drawbacks of reverse... Read Full Article

Free Reverse Mortgage Amortization Calculator

May 16, 2024     7 comments

All Reverse Mortgage, Inc. (ARLO™) has created a new reverse mortgage amortization calculator that helps you understand how your loan will change over time. With the amortization calculator below, you can: Choose how much to borrow or repay. Instantly see how this affects your loan balance and credit line. Adjust for future interest rates, home value changes, and payment plans. Welcome to our Reverse Mortgage Amortization Calculator NOTE: Drop us a comment below if you want a copy of this amortization calculator, which is available as an Excel... Read Full Article

Understanding Reverse Mortgage Insurance: Key Benefits, Costs, and Protections

May 16, 2024     36 comments

Introduction to Reverse Mortgage Insurance When you get a federally insured HECM reverse mortgage, the biggest initial cost is the Upfront Mortgage Insurance Premium (UFMIP).  This is a one-time fee of 2% of either the maximum lending limit () or your home’s appraised value, whichever is lower. There’s also an ongoing cost called the Annual Mortgage Insurance Premium (MIP).  This is 0.5% of your remaining loan balance and is added to your loan each month. Mortgage insurance on a reverse mortgage has important benefits.  It ensures you will never... Read Full Article

New Florida Law Reduces Taxes on Reverse Mortgages Starting July 1, 2024

May 14, 2024     no comments

The Cost of Reverse Mortgages in Florida Florida has long been one of the most expensive states in which to close a reverse mortgage due to the fees charged by the state.  In addition to already having higher title insurance costs and higher hazard insurance costs, Florida seniors have had to endure the state charging documentary stamp taxes on every mortgage recorded, determined by the face amount on the Mortgage. Impact on Seniors The significance of this is that on a reverse mortgage, that face amount is 1.5 times the... Read Full Article

3 Types of Reverse Mortgages Explained: Which One Is Right for You?

May 2, 2024     5 comments

If you're exploring ways to use your home's equity to improve your financial security in retirement, it's helpful to know that there are three main types of reverse mortgages—each designed for different needs. In this article, we'll explain: Home Equity Conversion Mortgages (HECM): The most popular, federally insured option. Proprietary Reverse Mortgages: Also called "jumbo" reverse mortgages, ideal for higher-value homes. Single-Purpose Reverse Mortgages: A cost-effective choice for specific financial goals. We'll break down the key features of each, highlight how they can support your financial needs, and guide you... Read Full Article

Can you get a Reverse Mortgage with a Life Estate?

April 25, 2024     25 comments

Question from an ARLO Reader: I am considering a reverse mortgage and have my debt-free property in a Life Estate; my sister is the Grantee.  I understand she would have to sign the loan/closing docs without having had the counseling, but I am confused about whether that title would still be held in the Life Estate, correct?  Are there any negatives here?  Also, if I quitclaim her off before the reverse mortgage is executed, can I quitclaim her back the same Life Estate, and if so, would that entitle her... Read Full Article

Reverse Mortgage Refinance Guide: 2025 Limits, Rates & FAQ

April 8, 2024     60 comments

In 2025, the landscape of reverse mortgage refinancing is evolving, bringing new opportunities and considerations for existing reverse mortgage holders. Our guide is tailored to provide you with the most up-to-date information on the new 2025 HECM limits, current rates, and expert tips for refinancing your reverse mortgage. When to Refinance Your Reverse Mortgage Your home value has increased considerably. You originally obtained your loan when the lending limit was less than the 2025 HECM limit of .  Your value is at or higher than the HUD limit,... Read Full Article

Reverse Mortgage Purchase FAQs (2025 Update)

March 24, 2024     3 comments

Q. What is a Purchase Reverse Mortgage? A Purchase Reverse Mortgage allows seniors aged 62 or older to buy a new primary residence using the loan proceeds from a Home Equity Conversion Mortgage (HECM). Q. What is the purpose of the program? The purpose of the Purchase Reverse Mortgage program is to allow seniors to buy a new primary residence and secure a reverse mortgage in a single transaction, thus removing the need for a second closing.  Additionally, the program aims to assist senior homeowners in relocating to different areas... Read Full Article