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A federally-insured reverse mortgage comes with the benefit that you, the borrower, will receive loan payments as agreed upon by the terms of your loan, and will never owe more than your home is worth. Those benefits are guaranteed by the Federal Housing Administration through its Home Equity Conversion Mortgage program, which includes the vast majority of reverse mortgages out there.... Read Full Article
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There are several closing costs borrowers are required to finance when getting a reverse mortgage. What many people don’t know is that some of the costs vary by lender and the area in which the borrower lives. It is in your best interest to shop around and compare prices when considering a reverse mortgage. Some of the most common variable... Read Full Article
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Are you searching for the lowest cost reverse mortgage? It was just a few short years ago that people were reading about how expensive reverse mortgages were but that does not have to be the case currently. Don't get me wrong, HUD still charges an Initial Mortgage Insurance Premium based on the value of the home that can run as... Read Full Article
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You may be asking yourself how that could be a possibility. Most people associate Reverse Mortgages as having high closing costs in order to obtain one because of the 2% Upfront Mortgage Insurance Premium (UFMIP) that is charged by HUD to insure the loan. In fact, that is the number one complaint that you normally hear spoken about Reverse Mortgages... Read Full Article
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Overcoming Objections to Reverse Mortgage High Fees. Compared to alternatives. Read about home equity conversion mortgages (HECMs), and read about those who object to them—often citing high fees and risks to tapping home equity. Like other financial products, reverse mortgages come with certain borrowing costs. But, by understanding how these costs break down, you may discover that a HECM actually could... Read Full Article
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Charlotte has sent the following question(s) in the ask experts blog. How can u do a no closing cost reverse mortgage when other companies charge upwards of $8,000? Hi Charlotte, That would be a little like asking why do some car companies charge more than others for their cars. But then, it really wouldn't because not all cars are... Read Full Article
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If I take a reverse mortgage do I have to pay PMI insurance even if I pay my own home owners insurance? Hi Sue, PMI is the acronym that stands for "Private Mortgage Insurance". PMI is used on conventional loans and allows borrowers who wish to obtain a loan with less than 20% equity in a property to qualify... Read Full Article
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All Reverse Mortgage® is an Award-Winning HUD Approved Direct Lender. Compare our NEW $0 Orig. Fee Plans and Save Thousands! - Calculate Your Loan Now - My sisters and I are helping our oldest sister. She's a 66-year old widow and is suffering from early dementia. She has a large financial obligation with the IRS and lives solely on her Social Security income.... Read Full Article
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So, you’re thinking about a reverse mortgage. You’ve done your research, you know it’s the right loan for you but you’ve talked to a few family members and friends who may have already gotten one or knows someone who has and you’re concerned about the high costs you’ve been hearing about. Being the smart consumer that you are though, has... Read Full Article
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It is true that just about all reverse mortgages being originated at this time are the HUD Home Equity Conversion Mortgages (HECM or "Heck-um"). So many people think that the reverse mortgage fees and the rates are all going to be about the same. However, this is not always true and those borrowers who take the time to compare have... Read Full Article