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How Long Can You Leave Home with a Reverse Mortgage?

October 25, 2023     90 comments

How long could that homeowner be absent (e.g., on an extended vacation) before they would be considered not residing in the house?  Would they be allowed someone else living in the house to care for them? I will start with the second question as it is more straightforward to answer without reservations. The reverse mortgage does not prohibit a borrower from having anyone else live on the property, such as a family member or a live-in caregiver.  The borrower may undoubtedly bring in help to assist them in their living... Read Full Article

6 Reasons to Downsize (or Rightsize) with a Reverse Mortgage

October 19, 2023     no comments

As we grow older, our housing needs and preferences often change/evolve.  The family home that once fulfilled all our needs and still holds a lifetime of memories may begin to feel impractical or burdensome as our family sizes and physical needs change.  This is where downsizing, “rightsizing,” or even a move to a more advantageous location is often the best alternative for many homeowners. Downsizing refers to the process of moving from a larger residence to a smaller, more manageable one.  Rightsizing might not be less square footage but might... Read Full Article

5 Memorable Reverse Mortgage Spokesmen

October 16, 2023     8 comments

5 Memorable Reverse Mortgage Spokesmen Reverse mortgages have had many famous faces over the years.  From iconic television and film actors to one-time US presidential candidates, celebrities from all walks of life have espoused the many advantages a reverse mortgage can provide for older homeowners in their retirement years. While spokesmen have come and gone over the years, let’s take a look at some of the most memorable TV personalities to publicly endorse reverse mortgages for a national audience (starting with the newest spokesman to take the airwaves) 1.... Read Full Article

How to Get Out of a Reverse Mortgage: Your Options Explained

October 10, 2023     37 comments

I have a reverse mortgage, and I’m having problems with it. Was it legal to get a reverse mortgage without my lawyer explaining the situation? I never knew the pros and cons of a reverse mortgage. I think it’s a legal way to swindle homeowners out of their homes. How can I get out of the reverse mortgage? I’m sorry to hear you’re experiencing regrets.  Rest assured, reverse mortgages are highly regulated, and getting one without a lawyer’s involvement is legal as long as you receive the required counseling from... Read Full Article

Top 4 Warning Signs a Reverse Mortgage May Be a Bad Idea

October 10, 2023     13 comments

A reverse mortgage can be a viable solution for the right homeowner—primarily seeking a way to age in place effectively. These loans are available to people age 62 or older who have built up a substantial amount of home equity and allow borrowers to generate additional cash flow in retirement.  However, a reverse mortgage can be the wrong decision in some circumstances. Here are some telltale signs a reverse mortgage may be a bad idea: You intend to move closer to family a few years later. If you want... Read Full Article

The Complete Guide to Understanding Reverse Mortgages

October 8, 2023     75 comments

What is a Reverse Mortgage? A reverse mortgage is a loan. It is not a government grant. You are not selling your home to the bank and are still on title to the property. Just like any other loan, you are still responsible for the payment of your taxes and insurance, but unlike other loans, with a reverse mortgage, borrowers are not required to make regular payments of principal and interest or interest only for as long as you live in the home as your primary residence. It is called... Read Full Article

How to Buy Reverse Mortgage Property at a Foreclosure Auction

October 5, 2023     no comments

I am a Professional Real Estate Investor in Florida. I purchase a lot of properties at the foreclosure auction at the clerk of the courts. My questions are: 1. Is there a way to find out what is owed on a reverse mortgage on a property going to the auction? 2. Is there a formula to calculate the maximum borrowed amount? 3. Why is the deed recorded with the amount due 50 years later? Hello Jim, I can answer this the way I have been instructed by two... Read Full Article

2023 Government Shutdown: Reverse Mortgage Affects

September 29, 2023     no comments

9/30/2023 UPDATE: Home Equity Conversion Mortgage (HECM) and Expiration of Appropriations Annual appropriations funding the operations of the Federal Government are set to expire at midnight on September 30, 2023. If no appropriations for fiscal year 2024 are passed by that date, the Federal Government will experience a lapse in appropriations. If there is a lapse, FHA will lack the authority to endorse Home Equity Conversion Mortgages (HECMs) after September 30, 2023.HECMs not endorsed before the expiration of appropriations on Saturday, September 30, 2023, will not be endorsed for the... Read Full Article

Here’s How Long it Takes to Close on a Reverse Mortgage

September 26, 2023     34 comments

How long does a reverse mortgage take to close?  Can it be completed in a month or less? Reverse Mortgages can close in 30 days. Closing a reverse mortgage within 30 days is achievable, particularly when all the necessary elements align perfectly.  This ideal scenario includes the borrower completing their mandatory counseling, promptly returning the signed application, and experiencing no delays from service providers. However, predicting which loans will enjoy this smooth and swift process is challenging.  Unforeseen complications can arise at any stage.  Issues like unexpected liens... Read Full Article

How to Sell Your Home If You Have a Reverse Mortgage

September 26, 2023     118 comments

Can a reverse mortgage company request more than the seller asked for when selling a home with a reverse mortgage? This is a common concern among homeowners and heirs dealing with reverse mortgages.  The answer depends on the circumstances surrounding the sale.  In this article, we’ll break down scenarios like inheriting a home with a reverse mortgage, conducting a short sale, and selling while the borrower is still alive.  Understanding these options can help you navigate the process with confidence. How to Sell Your Home If You Have... Read Full Article