America’s #1 Rated Reverse Lender

Reverse Mortgage After Death: What Heirs & Family Must Know.

January 27, 2024     264 comments

It seems that one of the most popular questions we get is: What happens with my reverse mortgage and my home after death? When considering a reverse mortgage, an important question many borrowers and their heirs face is what happens to the reverse mortgage and the family home after the borrower's death.  This concern is particularly significant given that reverse mortgages are often viewed as the last loan a homeowner may need, designed to allow them to tap into their home equity while relieving them of monthly mortgage payments for... Read Full Article

How Bankruptcy Can Affect Your Reverse Mortgage Eligibility

January 25, 2024     54 comments

We recently had several borrowers who had previously obtained a reverse mortgage call and asked us what the effect would be on those reverse mortgages if they had to begin a bankruptcy proceeding. While we are not attorneys and would always advise you to seek competent legal advice from an attorney in your state, we did want to contact an expert in the field of loan servicing for reverse mortgages and get some additional information that we could pass on. We contacted Ryan LaRose, Chief Operating Officer of CELINK, the nation's... Read Full Article

Top 10 Reverse Mortgage Counseling Agencies (Free & Online Availability)

January 24, 2024     17 comments

The U.S. Department of Housing and Urban Development (HUD) mandates that homeowners exploring a Home Equity Conversion Mortgage (HECM) must receive essential counseling.  This counseling, provided by a HUD-approved HECM agency, covers the details and alternatives of reverse mortgages. To assist you, we are required to offer a list of approved reverse mortgage counseling agencies.  This list includes five nationwide companies as specified by HUD for HECM, alongside local agencies near you.  The number of nearby agencies varies; some borrowers may have several options, while others might need to travel... Read Full Article

2024 HECM Reverse Mortgage Limits Surge to $1,149,825

January 24, 2024     no comments

As the calendar turns to 2024, the Federal Housing Administration (FHA) has made a pivotal announcement that is set to impact the landscape of Home Equity Conversion Mortgages (HECM).  The maximum claim amount for HECMs in 2024 has been increased from $1,089,300 to $1,149,825, effective for case numbers assigned from January 1, 2024, onwards. Our guide breaks down the FHA's decision in an easy-to-understand format.  We've included handy tables comparing the reverse mortgage loan limits of 2023 and 2024, showing you exactly how much more you might be... Read Full Article

Reverse Mortgage Life Expectancy Set Aside (LESA) Explained

January 22, 2024     47 comments

A key development in the overhaul of HECM guidelines was the introduction of the LESA.  This requirement is a response to past challenges where borrowers, after receiving a lump-sum equity payment, struggled to meet essential obligations such as homeowners insurance, property taxes, and home maintenance to FHA standards, leading to defaults. The LESA is designed to ensure that property charges are managed effectively, safeguarding borrowers from the risk of default. The Security of a LESA with a Reverse Mortgage The Life Expectancy Set Aside (LESA) is revolutionizing how... Read Full Article

Is a Reverse Mortgage Right for You? 3 Key Considerations

January 22, 2024     6 comments

Like many of our readers who are navigating retirement, you might wonder if a reverse mortgage is right for you.  You've likely seen your equity grow substantially, possibly even owning your home outright - a common scenario for many baby boomers. Your home, often your largest asset, may lead you to consider the option of a reverse mortgage.  At All Reverse Mortgage, we understand the importance of this decision.  This article integrates our insights with 3 important questions, helping you evaluate whether a reverse mortgage fits your financial future. We'll... Read Full Article

5 Ways To Lose Your Home With a Reverse Mortgage

January 22, 2024     17 comments

With a Federal Housing Administration-insured Home Equity Conversion Mortgage (HECM), the borrower retains ownership of the property while continuing to live there throughout the loan.  They are not required to make monthly mortgage payments during that time. Reverse mortgages are often misunderstood, and a common misperception is the idea that in a reverse mortgage, "the bank takes the home." On the contrary, if the borrower meets the loan terms, that borrower maintains ownership of the home throughout the entire course of the loan. The loan balance grows over time, and... Read Full Article

Reverse Mortgage Amortization Schedule Explained

January 20, 2024     4 comments

Once you have decided that a reverse mortgage is right for you, looking at the amortization schedule is essential.  A reverse mortgage amortization schedule is a document that will provide the best estimate of how the loan will hypothetically perform over time. The amortization schedule must use the rates and draw amounts available when you run the schedule to look forward to illustrating how the loan balance and the line of credit will fluctuate.  Therefore, a fixed-rate loan with a one-time draw would have an accurate amortization schedule because the rate... Read Full Article

Reverse Mortgage Principal Limit Explained

January 15, 2024     14 comments

I am 87 and received a HECM Loan.  The maximum claim is $250,000.  Due to age and other factors, the credit limit was due to reach the maximum claim.  Withdrawals were denied when the balance was around $225,000, and no withdrawals have been allowed since the servicer has been getting compound interest each month.  HUD has been accessing fees and premiums.  Maybe I'm delusional, but something doesn't add up here.  Am I wrong? Understanding the Maximum Claim Amount The Maximum Claim is used to determine your reverse mortgage benefits... Read Full Article

Here’s the Truth About Reverse Mortgages (No BS)

November 3, 2023     21 comments

I have read so much reverse mortgage info.  It sounds like it is not really to help you but for the bank to help themselves.  It is designed to make you think they are helping you, but the truth is you are giving away your home.  You are selling it to them for a very low price.  If you get the reverse loan and die a year later, you have lost your home; you just gave it away, and your family can't do anything about it and cannot have it... Read Full Article