'About Reverse Mortgages' Category Archives

New Florida Law Reduces Taxes on Reverse Mortgages Starting July 1, 2024

May 14, 2024 no comments

[arlo_toc] The Cost of Reverse Mortgages in Florida Florida has long been one of the most expensive states in which to close a reverse mortgage due to the fees charged by the state. In addition to already having higher title insurance costs and higher hazard insurance costs, Florida seniors have had to endure the state charging documentary stamp taxes on every mortgage...
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Fact vs. Fiction: Debunking 6 Myths About Reverse Mortgages

March 22, 2024 no comments

Unmasking Reverse Mortgage Myths: Separating Fact from Fiction Reverse mortgages are often misunderstood, clouded by myths discouraging homeowners from exploring their benefits. These misconceptions create unnecessary doubts for those who might find this financial tool a valuable asset in retirement. In this guide, we’ll address six of the most common myths about reverse mortgages, providing clear, factual insights to help...
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Why Reverse Mortgages Have 2 Notes & 2 Trust Deeds

February 19, 2024 59 comments

Borrowers often encounter confusion as they approach the crucial moment of signing their final documents for a reverse mortgage. They are introduced to a First and Second Trust Deed Note and Two Deeds of Trust (or mortgage, depending on the state laws applicable to the property). Compounding the complexity, the amounts specified on the Note and Deed of Trust can...
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6 Questions to Ask Your Reverse Mortgage Loan Officer

February 5, 2024 6 comments

You've decided to pursue a reverse mortgage, and now you're meeting with a loan officer for the first time. Although you may understand the basics of a reverse mortgage, it's a good idea to bring certain questions to your first meeting to clarify any details that could potentially catch you off guard in the future. [arlo_toc] Here are 6...
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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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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 4 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 aged 50 and above 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...
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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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