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My mother passed in Oct. of 2018 in a nursing home. Prior to her death as POA I surrendered the home by registered letter to Novad, a HUD management company, requesting a Deed in Lieu of Foreclosure. As of March 2020 they have not taken over the title to the home and the tax collector is trying to get... Read Full Article
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When it comes to getting a reverse mortgage, you may start by wondering what type of lender to work with, and specifically: which banks offer reverse mortgages. Perhaps you used a national or regional bank for a mortgage loan in the past as many of the big banks offer mortgage lending services. It’s also possible you worked with a... Read Full Article
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Today's Top Reverse Mortgage Lender Reviews [table id=1 responsive=scroll /] Lender Rate Comparison (Reported by HUD.GOV) [table id=182 responsive=scroll /] How to select the right reverse mortgage provider? A reverse mortgage, when used correctly can add stability to your retirement years and selecting the right lender to originate your loan is an important first step. I... Read Full Article
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I usually write articles and blogs based on the current state of affairs in our industry or based on the feedback I'm getting from customers at the time. It seems that now more than ever, I'm getting online blog requests and calls from borrowers who are telling me that they are feeling a lot of pressure from loan originators on... Read Full Article
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The reverse mortgage industry in the United States has had to wrestle with some issues related with some new regulatory rules handed down by the U.S. government in 2017 and 2018, and for some companies that had formerly offered loans in the space, the issues that stemmed from these changes to the federally-insured Home Equity Conversion Mortgage (HECM) program caused... Read Full Article
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Across the reverse mortgage lender landscape, there are a variety of company types: banks and non-banks; large national lenders; and small regional ones. Over time, many large banks have exited the reverse mortgage business, while independent non-bank lenders today comprise most of the reverse mortgage volume. Still, there are changes that take place within the lender landscape from... Read Full Article
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Today, most reverse mortgages are closed by non-bank mortgage lenders across the U.S. But going back a few years, most reverse mortgage volume was conducted by big, national banks. Among those lenders was MetLife Bank, which used to be operated by the large national insurance provider MetLife. In fact, at one time, MetLife was the largest Home Equity Conversion Mortgage... Read Full Article
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5 Memorable Reverse Mortgage Spokesmen Reverse mortgages have had many famous faces over the years. From iconic television and film actors to a one-time U.S. presidential candidate, celebrities from all walks of life have espoused the many advantages that a reverse mortgage can provide for older homeowners in their retirement years. While spokesmen have come and gone over the... Read Full Article
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Hi Arlo, My Father passed away on 5/15/19 at 91 years of age. He divorced his second wife of 12 years in 2007. She has since returned to her home country of Mexico with no further family contact since then. She quitclaimed her interest in the property in exchange for a $70,000 financial settlement with funds obtained from their... Read Full Article
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What if my reverse mortgage with Ditech/Reverse Mortgage Solutions (RMS) files chapter 11 bankruptcy? - Hilda Hello Hilda, I believe you are referring to the letter that went out to all customers of Ditech Financial, LLC, Reverse Mortgage Solutions, Inc. (RMS) and their affiliates. We cannot give you legal advice so this is a quick reminder of how the... Read Full Article