All Reverse Mortgage, Inc. (ARLO™)

Top 5 Reverse Mortgage Rules & Requirements to Know in 2024

May 7, 2024     16 comments

Reverse mortgages can be a helpful financial tool for many seniors, but the requirements can sometimes be a bit confusing. It's 2024, and some requirements have changed.  Knowing the current guidelines is important if you're over 62 and considering a reverse mortgage. That's why we've compiled an easy-to-understand guide on the five basic rules for reverse mortgages. We want to ensure you have all the information you need to make the right choice. To fully understand the ins and outs of the reverse mortgage, homeowners should remember and be aware... Read Full Article

Comparing the Top 3 Reverse Mortgage Types in 2024

May 2, 2024     2 comments

If you're considering using your home's equity to boost your finances during retirement, it's important to know that there are several types of reverse mortgages available, each with its own benefits and uses. In this article, we'll cover: The three main types of reverse mortgages: Home Equity Conversion Mortgages (HECM), proprietary (or "jumbo") reverse mortgages, and single-purpose reverse mortgages. Key features of each type: We'll discuss what makes each type unique and how they can fit your financial needs. Where to find more information: Get resources to help you decide... Read Full Article

Is a Reverse Mortgage a Good Fit for You? 4 Ideal Scenarios to Explore

April 29, 2024     21 comments

Thinking about your finances can be overwhelming, but there are times when a reverse mortgage can help.  It's a tool that can give you more freedom and peace of mind, especially as you get older. In this article, we'll explore four situations where getting a reverse mortgage might be just what you need.  Whether you're looking to boost your cash flow, improve your home, or secure your retirement, a reverse mortgage could be a game-changer. 4 Compelling Advantages of Reverse Mortgages: #1.  Enhancing Your Cash Flow Consider a... Read Full Article

Can you get a Reverse Mortgage with a Life Estate?

April 25, 2024     18 comments

Question from an ARLO Reader: I am considering a reverse mortgage and have my debt-free property in a Life Estate; my sister is the Grantee.  I understand she would have to sign the loan/closing docs without having had the counseling, but I am confused about whether that title would still be held in the Life Estate, correct?  Are there any negatives here?  Also, if I quitclaim her off before the reverse mortgage is executed, can I quitclaim her back the same Life Estate, and if so, would that entitle her... Read Full Article

Free Reverse Mortgage Calculator: Access Without Personal Info

April 11, 2024     no comments

Navigating Reverse Mortgage Calculators The internet is a useful place for looking into different loan options, but it's important to use trusted sources, especially when it comes to your finances.  This is particularly true for reverse mortgages.  Many websites provide a "free reverse mortgage calculator" that lets you input details about your home and personal situation to see if you qualify for a loan and how much of your home equity you could use. These calculators can also show different ways you can use your home equity.  For most... Read Full Article

2024 Jumbo Reverse Mortgage (Lenders, Rates & Loan Limits)

April 10, 2024     14 comments

As we enter 2024, the landscape of reverse mortgages continues to evolve, with jumbo reverse mortgages emerging as a significant component for homeowners with high-value properties. In this article, we will dissect the critical differences between the jumbo and FHA-insured reverse mortgages, clarifying why and when a jumbo reverse mortgage could be the right choice for you.  We dive into the key benefits alongside a balanced discussion of these loans' potential risks and rewards. Whether you are a homeowner, a financial advisor, or simply interested in the latest trends in... Read Full Article

How Reverse Mortgages Work: Explained in Simple Terms!

April 9, 2024     18 comments

Introduction to Reverse Mortgages Welcome to our expert guide on reverse mortgages!  In this article, I will explain the concept of reverse mortgages by breaking down how they work in easy-to-understand terms.  Whether you are a senior homeowner considering your financial future, a family member helping a loved one navigate their options, or simply curious about how these unique mortgage solutions operate, you're in the right place. We explore the essentials – from eligibility to repayment – and provide the clarity you need to determine if a reverse mortgage suits... Read Full Article

Reverse Mortgage Purchase Guide 2024: Rates, Down Payment & Eligibility

April 8, 2024     12 comments

Reverse mortgages are a popular choice for individuals looking to remain in their homes as they age.  However, a unique variant—the Reverse Mortgage Purchase—enables borrowers to buy a new home without paying all cash or taking a traditional mortgage.  Opting for a Reverse Mortgage Purchase can be particularly beneficial for various life situations.  Many find it an appealing option when considering the following: The desire to downsize to a more manageable home, reducing the burden of upkeep. The preference for a single-level dwelling that can better accommodate the needs of... Read Full Article

Reverse Mortgage Refinance Guide: 2024 Limits, Rates & FAQ

April 8, 2024     48 comments

As we enter 2024, the landscape of reverse mortgage refinancing is evolving, bringing new opportunities and considerations for existing reverse mortgage holders. Our guide is tailored to provide you with the most up-to-date information on the new 2024 HECM limits, current rates, and expert tips for refinancing your reverse mortgage. When to Refinance Your Reverse Mortgage Your home value has increased considerably. You originally obtained your loan when the lending limit was less than the 2024 HECM limit of $1,149,825.  Your value is at or higher than the HUD... Read Full Article

Purchase Reverse Mortgage Purchase FAQs (Updated 2024)

March 24, 2024     3 comments

Q. What is a Purchase Reverse Mortgage? A Purchase Reverse Mortgage allows seniors aged 62 or older to buy a new primary residence using the loan proceeds from a Home Equity Conversion Mortgage (HECM). Q. What is the purpose of the program? The purpose of the Purchase Reverse Mortgage program is to allow seniors to buy a new primary residence and secure a reverse mortgage in a single transaction, thus removing the need for a second closing.  Additionally, the program aims to assist senior homeowners in relocating to different areas... Read Full Article