The first reverse mortgage was made in 1961 in Portland, Maine. A savings and loan executive named Nelson Haynes created … Read the rest
Before anyone spends time completing an application or gathering paperwork, I first want to determine whether a reverse mortgage
One of the best consumer protections built into a Reverse Mortgage is required counseling. Before a Reverse Mortgage application can move forward, borrowers must complete an independent counseling session with a counselor approved by the U.S. Department of Housing … Read the rest
One of the biggest misconceptions about reverse mortgages is that because there is no required monthly mortgage payment, there are no housing expenses. That’s simply not true.
You must still pay your:
One of the most important consumer protections built into today’s FHA-insured reverse mortgages is the protection for an eligible non-borrowing spouse.
If one spouse … Read the rest
Many families ask this question when a homeowner wants a reverse mortgage but is unable to handle all the paperwork personally. The answer is yes, a Power of Attorney (POA) may be used in certain circumstances, but there are … Read the rest
One of the first questions homeowners ask is, “How much money can I qualify for with a reverse mortgage?” The answer depends on several factors, not just the value of your home.
For a federally insured Home Equity Conversion Mortgage … Read the rest
The good news
Most people think reverse mortgages are only for homeowners who want to tap into the equity in their current home. But did you know that if you are 62 or older, you may be able to purchase your next home … Read the rest
Many homeowners have heard of reverse mortgages but may not realize there are different types of programs available. The two primary types are:
1. HECM (Home Equity Conversion Mortgage)
This is the most common reverse mortgage and is insured by … Read the rest
One of the biggest misconceptions about reverse mortgages is that they are risky or unregulated. The truth is just the opposite.
Today’s Home Equity Conversion Mortgage (HECM), the FHA-insured reverse mortgage, is one of the most highly regulated mortgage programs … Read the rest
Your Reverse Mortgage loan funded and now all your debts will be paid off. What would you do next?”
For many homeowners, using a reverse mortgage to eliminate monthly mortgage payments or pay off credit cards brings immediate relief. Cash … Read the rest
If you’ve ever wondered “how does a reverse mortgage actually pay me?” you’re definitely not alone. This is one of the most common questions I get, and honestly, it’s where a lot of the confusion starts. So let’s break it … Read the rest
If you’re exploring home financing options as a senior homeowner, you have noticed that reverse mortgages carry higher interest rates than standard mortgages. Here are 5 reasons the rates are higher.
Unlike traditional … Read the rest
A reverse mortgage can function similarly to an interest-only loan if you choose to pay the interest, giving you flexibility while maintaining control over your home equity. Making extra payments accelerates balance reduction, which can help preserve equity for your … Read the rest