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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. Latest Reverse Mortgage Spokesman, Tom... Read Full Article
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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
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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
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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
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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
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I applied for a reverse mortgage ten months ago with the understanding that I was applying for a ten-year reverse mortgage. Then, I received a letter from the servicing department that the final monthly payment would end on October 2. After calling the lender who wrote up the package and then checking, it was determined that the person processing my application entered data incorrectly and that it was only a ten-month, not ten years. They suggest I use the line of credit available to me, but I have to apply... Read Full Article
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I'm going through a company called AIG Reverse Mortgage. However, I was told to replace 2 wall furnaces first, but I don't have the $2,500.00 to get it done. The company told me I was responsible before we started the reverse mortgage. Is this true? Please Help! AIG would be correct in that HUD requires a permanent heat source in the home to function in all but just a few zip codes in the United States to close a reverse mortgage. HOWEVER, no, it does not have to be working... Read Full Article
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Who is an eligible non-borrowing spouse on a reverse mortgage? Great Question! There are two types of non-borrowing spouses in a reverse mortgage: eligible and ineligible. To be considered an eligible non-borrowing spouse, you must be married to the borrower when they apply for and close the loan. As an eligible non-borrowing spouse, you must also meet certain requirements, such as living in the home as your primary residence. If the borrower passes away, you can continue living in the home, but you must keep up with property taxes,... Read Full Article
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When I obtained a HECM through ARLO two years ago, the company never said anything about activating a Home Warranty Policy. The letters claim YOUR company took out a home warranty policy. Nothing in the stacks of documents provided by your company indicates this fact. I am now getting letters saying it will expire and that my home is subject to foreclosure if I do not sign up for a Home Warranty Policy. The letters claim that the policy is required to keep one's home in proper repair. Such a... Read Full Article
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Hello ARLO, My father passed away in October 2018. He had a live-in caretaker for several years. I decided to sell the house in California, while the caretaker is occupying the home to keep the property safe and away from squatters and facilitate the viewing. One offer from a buyer fell through, and the caretaker approached my agent wanting to put in an offer Celink has been working on the short sale approval on his offer for 2 months, with very little communication and feedback. The appraisal from the lender... Read Full Article