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BREAKING NEWS: With Mortgagee Letter 2021-11 (ML 2021-11), HUD just clarified to reverse mortgage borrowers who obtained reverse mortgages when one spouse was not on the loan and was considered a non-borrowing spouse. Prior to 2014 when HUD changed the rules, these spouses had no protections under the loan, and after the 2014 changes, the “eligible non-borrowing spouse”... Read Full Article
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In this article, you will learn: What Will a Reverse Mortgage Cost Me? What Are the Associated Fees? How to Find More Information If you find yourself looking around the internet for good information on the topic of reverse mortgages, you’re likely to find no shortage of opinions and cautions from a whole host of people, ranging from those who... Read Full Article
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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
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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 process... Read Full Article
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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
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My interest and Mortgage insurance are adding $1,100.00 to my principal each month because my rate has gone up 2% in the last year---my Line of credit has $60,000 and grows by $245.00 a month. I would like to start putting my prepayments on the unpaid principal. My loan states that I can specify if I want to have the... Read Full Article
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Borrowers are still asking, "Which is better, a Home Equity Line of Credit from our Bank or a Line of Credit on a Reverse Mortgage?". And there is not just one answer the works for everything when comparing the Home Equity Line of Credit or HELOC to the Home Equity Conversion Mortgage (HECM or "Heck-um") when accessed as a line... Read Full Article
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Looking into a Reverse Mortgage? Here are the questions you should ask: What exactly is a reverse mortgage? A reverse mortgage is a loan insured by the federal government that allows you to convert a portion of the equity you’ve built up in your home into tax free single lump sum disbursement, line of credit or monthly payout. Read... Read Full Article
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New Consumer Guides Walk You Through the Reverse Mortgage Process More than one million American homeowners have been served by Federal Housing Administration-backed reverse mortgages via the Home Equity Conversion Mortgage program. Now in its 27th year, the HECM program continues to enhance its consumer protections as lenders strive to improve the customer experience for both reverse mortgage borrowers and... Read Full Article
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I understand there are many variables involved in 'how long' it takes, some of them due to applicant errors and misunderstandings.... but I would appreciate an average of start to finish for a reverse mortgage loan? I assume when the quotes arrive they will include 'next step' but what is the typical processing time to complete this type of transaction?... Read Full Article
This material has not been reviewed, approved, or issued by HUD, FHA, or any government agency. All Reverse Mortgage, Inc. is an independent company and is not affiliated with, acting on behalf of, or endorsed by HUD/FHA or any government agency. This content is for educational purposes and is not tax advice. Reverse mortgage programs may not be available in all states.
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