'About Reverse Mortgages' Category Archives

The Complete Guide to Understanding Reverse Mortgages

October 8, 2023     75 comments

[arlo_toc] 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...
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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? [arlo_toc] 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...
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Reverse Mortgage Payment Options: Term, Ten Year & Tenure Explained

September 24, 2023     2 comments

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...
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History of the Reverse Mortgage – 1969 to Present Day Facts

September 19, 2023     4 comments

[arlo_toc] Bringing it to the Senate Reverse mortgages have been through many changes in their short, 57-year (depending on who you ask) lifespan.  As the story goes, a small, local bank wrote the first reverse mortgage in 1961 to a woman in Portland, Maine.  The bank owner wanted to help the wife of his high school football coach stay in...
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4 Ways You Can Lose Your Home With a Reverse Mortgage

June 17, 2023     no comments

A reverse mortgage can be a powerful tool for an American senior aged 62 or older to create a new source of cash flow from his or her home equity. With a Federal Housing Administration-insured Home Equity Conversion Mortgage (HECM), the borrower still retains ownership of the property while continuing to live there over the course of the...
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What Suze Orman Says About Reverse Mortgages (2011-Present)

May 23, 2023     2 comments

Personal finance experts often address reverse mortgage questions and concerns from the general public, which typically involves a discussion of the pros and cons of these financial products.  Suze Orman, known for years of experience providing personal financial expertise, including hosting the Suze Orman Show on CNBC for over a decade, has often answered questions and provided her opinions on reverse...
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What is AARP’s Role in Reverse Mortgages?

November 29, 2022     21 comments

The American Association of Retired Persons (AARP) is a large, independent, nonprofit organization dedicated to helping people ages 50-plus achieve financial independence. While the organization, which serves 37 million older Americans and counting, doesn't offer reverse mortgage products directly, it does weigh in on them in some significant ways. Here's where AARP comes into play for retirees who may be...
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Why Higher Rates Can Make the Best Time for Reverse Mortgages

October 26, 2022     no comments

Why would someone use a reverse mortgage while rates are up?! Due to inflation, interest rates have been climbing since early this year and borrowers receive less money on the loan at today’s rates than they did even a year ago.  However, it may still make sense for seniors to consider a reverse mortgage over moving, and here’s why.  Senior equity...
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Using a Reverse Mortgage to Combat Inflation

July 30, 2022     2 comments

Have you considered a reverse mortgage but worried about inflation and rising interest rates?  I recently had a borrower tell me that he was considering one but felt that he may have missed his opportunity before rates started to increase due to recent Fed rate hikes and inflation. He stated that he probably would not benefit now, with all the...
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How to Get a Reverse Mortgage if You Still Owe on Your Home

May 2, 2022     24 comments

In this article, you’ll learn: How to eliminate your monthly forward mortgage payment with a reverse mortgage What expenses will you still be accountable for after eliminating your mortgage payment How can you still make payments whenever you choose How to get the best deal & highest principal lending limit The ability to tap into the value of your home...
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