26 comments Many senior borrowers who are eligible for reverse mortgages or are about to become eligible and who live in condominium projects have no idea of the surprises that may be waiting for them. You may know neighbors who live in your project who currently have reverse mortgage financing and hear about how easy it was. Unfortunately, changes have taken place about... Read Full Article
1 comment Reverse Mortgage Age Requirement If you meet the reverse mortgage age requirement of 62 years, you could be a candidate for the federally-insured Home Equity Conversion Mortgage (HECM) program. The loan can enable you to remain in your home longer and does not need to be repaid for as long as you maintain principal residency in your home and keep... Read Full Article
6 comments One question we often get from potential clients is: Can I take a reverse mortgage out on my second home? The short answer is no, not anymore. Prior to the financial crisis, some lenders did offer a private product that allowed borrowers to obtain a reverse mortgage on their second home. But today, most reverse mortgages are through the Federal... Read Full Article
4 comments I live in an active retirement community called Somers Village which is an ASSOCIATION. I applied for a reverse mortgage with AIG beginning in Jan 2018. working with a broker or agent. After 6-8 weeks of supplying all the required paperwork, etc, ending with the my condo appraisal. When my agent went to AIG to get the final approval, it... Read Full Article
12 comments If you’re applying for a reverse mortgage for the first time, you will soon be subject to a new financial assessment that applies to all borrowers as of April 27, 2015 The financial assessment for a reverse mortgage is a lot like the process for getting a traditional or “forward” mortgage. It’s a way for the lender to get... Read Full Article
no comments How to Tell if You Need a Reverse Mortgage LESA Qualifying for a reverse mortgage today is a different process than it was in the past. As underwriting standards have tightened considerably in recent years, becoming eligible for a reverse mortgage now requires a more complex analysis of the loan applicant’s financial circumstances. As a prospective borrower, it... Read Full Article
10 comments How Credit History Can Delay the Reverse Mortgage Loan Process Court judgements and outstanding state or federal tax liens can blemish your credit history and make it difficult to borrow money. These derogatory marks on your credit report can also hinder your ability to get a reverse mortgage. A reverse mortgage allows homeowners age 62 and older to borrow against... Read Full Article
8 comments Reverse Mortgage Credit History: How Will a Lender Examine My Credit History and What Do I Need to Know? Whether you’re looking to supplement your retirement income, make repairs to your home or buy a new house altogether, a reverse mortgage can help. But there will soon be a few additional steps to taking out a reverse... Read Full Article
no comments Applying for and taking out a reverse mortgage loan is an important decision for senior homeowners, and it’s one that deserves time and research. Reverse mortgages enable homeowners 62 years or older to supplement their retirement income by converting a portion of their home’s equity into accessible cash flow. Reverse mortgages are powerful financial tools, but they are not... Read Full Article
8 comments 2018 New Program Alert: All Reverse Mortgage® Now Accepts Non-FHA Approved Condominium Projects on our All-New Platinum Reverse Mortgage Request our Non-FHA Condo Quote Today! Do you consider non hud reverse mortgages? My condo association is not fha certified There are only a very few private or proprietary programs available at this time. Prior to the mortgage market meltdown in... Read Full Article
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