4 comments Reverse mortgages have been through a lot of changes in their short, 57 year (depending on who you ask) lifespan. As the story goes, the first reverse mortgage was written in 1961 to a woman in Portland, Maine by a small, local bank. The owner of the bank wanted to help the wife of his high school football coach stay... Read Full Article
3 comments A recent comment from our reader: To whom it may concerns I have read so many reverse mortgage info. sounds like it’s not really to help you but to help themselves. It’s designed to make you think they are helping you, but you really are giving away your home. you are selling it to them for a very low... Read Full Article
no comments The decision to take out a Home Equity Conversion Mortgage (HECM) is a big one, and you may be wondering how safe this government-insured loan program is. While reverse mortgages aren't right for everyone, the HECM program has several built-in protections designed to keep borrowers safe. Safeguard #1- Federal guarantee One of the program’s biggest protections is that it... Read Full Article
no comments The goal of home care—similar to the goals of some reverse mortgage borrowers—is to help people remain in their homes, and reverse mortgage proceeds can help pay for care services. Many prefer being cared for in the comfort of their own home rather than in some sort of care facility, and it can be less expensive, as well. Paying for... Read Full Article
2 comments Loan servicing is a critical component to the reverse mortgage process. It’s also one of the most misunderstood functions by borrowers. A reverse mortgage goes through several different cycles throughout the life of the loan. The loan begins in the origination stage, moves to closing and then enters the servicing phase, where the reverse mortgage will remain throughout the life of the... Read Full Article
no comments A reverse mortgage is a loan that allows people 62 and older to borrow money from the equity they have built in their home. Taking out a reverse mortgage is a big decision and should involve careful thought and communication with those close to you. To help in obtaining a reverse mortgage, here are five tips to make the... Read Full Article
no comments 1. You’re 62! Happy birthday! The federally-insured Home Equity Conversion Mortgage program requires borrowers to be at least 62 years of age in order to qualify for the loan. Other basic requirements include owning your home outright or with most of your mortgage paid off, maintaining that home as your primary residence, and staying current on property tax... Read Full Article
no comments You’ve done all your research on what a reverse mortgage is and you’ve decided that this is the right loan for you. Now the question is, what do you do next to get the loan started? Many senior homeowners get to the point where they know they want the loan, but they do not know how to proceed or how... Read Full Article
no comments How a Reverse Mortgage Really Works What is a reverse mortgage and how does it really work? We get this question all the time, from borrowers, family members and even others in the lending industry and other professional industries who just don’t understand the product. It seems that almost everyone has an opinion on reverse mortgages and often they are based... Read Full Article
no comments The federally-insured Home Equity Conversion Mortgage (HECM) program allows homeowners aged 62 and older to tap into their home’s equity in the form of a non-recourse loan. Reverse mortgages aren't for everyone, but for some people, there are a whole lot of reasons why it’s a great financial tool to consider. Here are the top 10: 1. Budget... Read Full Article
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