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Reverse Mortgage Articles

How Does a Reverse Mortgage Work?
Many seniors who purchased homes early in life own the full equity of their homes, and a reverse mortgage allows them to tap into this home equity to pay for other expenses, such as medical bills or living expenses.  This is a huge financial help for seniors specially in...
Reverse Mortgage FAQ
The FHA’s reverse mortgage program allows equity to be drawn out of a borrower’s home upon retirement. This particular mortgage program gives many qualifying senior citizens additional retirement income. However, there are pros, cons and...
Purchase a Home With a Reverse Mortgage
Reverse mortgages have provided numerous senior homeowners with additional income by tapping into a property’s accumulated home equity to withdraw tax-free cash. However, recent changes to the FHA-insured reverse mortgage program, known as a Home Equity...
Pros and Cons of Reverse Mortgages
A reverse mortgage lives up to its name as the opposite of a standard mortgage transaction. A  traditional mortgage involves the accumulation of equity over time through monthly mortgage payments, whereas a reverse mortgage involves the dismantling of equity in a...
Reverse Mortgage Loan Limits
Reverse mortgages have maximum limits on the amount of money that applicant can borrow or withdraw. Home Equity Conversion Mortgages (HECMs), the most common type of reverse mortgage, conform to loan limits set by the Federal Housing Administration (FHA). However, these...
What Is Reverse Mortgage Counseling?
Before a senior homeowner may secure a reverse mortgage, they must attend mandatory reverse mortgage counseling. While this may seem trivial to borrowers who have experience in the mortgage process, reverse mortgage counseling is a necessary part of the loan application...
Reverse Mortgage and Foreclosure
For reverse mortgage borrowers, foreclosure can occur in several circumstances, specifically when the borrower sells the property, moves from the home, passes away, defaults on insurance fees or property taxes, or allows the property to fall into disrepair.. Before...
Reverse Mortgage Checklist
Our reverse mortgage checklist will walk seniors through the reverse mortgage process to help them better understand how they can tap into their home equity without dealing with mortgage payments. Here are the required steps:. Study the reverse mortgage terms.Before...
Reverse Mortgage After Passing Away - What Happens?
If you are considering a reverse mortgage, you may have wondered what happens to your home and finances should you pass away before repaying the loan. Depending on whether or not you have heirs to take over the home will impact how the reverse mortgage will be repaid.. What happens...
How to Pay Off Reverse Mortgages Early?
If you want to pay off your reverse mortgage but do not have access to the needed funds, the only real option is to sell your home and then pay the lender using the funds from the sale. If you do decide to pay off the reverse mortgage in advance, check to see if there are any pre-payment...
Reverse Mortgage Payment Options
Senior homeowners who secure reverse mortgages can select a payout method that best suits their unique circumstances. This is one of the flexible options of reverse mortgages, designed around the fact that different people will be requiring different options. In general,...
Reverse Mortgage Interest Rates and Deduction Fees
Compounding InterestMorgage loan borrowers must either pay simple or compounding interest on their mortgage loan. For the majority of mortgage loans, borrowers pay simple interest, which only accrues based on the original loan principal. However, reverse mortgages...
Reverse Mortgage Disadvantages
Reverse mortgages include many terms unique to these types of loans, which can be confusing for borrowers who only have experience with forward mortgages. In general, borrowers who do not fully understand the program will pay more for and make less effective use of their...
Reverse Mortgages Closing Costs
As with most home transactions, there are a few reverse mortgage closing costs. These include the upfront MIP, origination fee, title insurance, home appraisal and other small fees.. Upfront MIP Closing Cost. The upfront MIP (mortgage insurance premium) will be the largest...
How Do I File for Bankruptcy With a Reverse Mortgage?
In the majority of states, you will not be able to retain 100% of the remaining equity within your home when filing for bankruptcy. When securing a reverse mortgage, most borrowers have a sufficient amount of equity accumulated within their properties. You should ensure that...
What Are Some Reverse Mortgage Advantages?
For anyone unfamiliar with the reverse mortgage program or simply unaware of the benefits of a reverse mortgage, this article will explore some of the most prominent, as well as examine the circumstances under which borrowers should consider alternatives.. Advantages of a...
Reverse Mortgage Basics
As the name suggests, reverse mortgages do the exact opposite of mortgages.  Rather than making monthly payments, eligible senior homeowners will receive payments by essentially selling some of the equity that they have accumulated within the home. With many unique...
Can I Obtain a Reverse Mortgage With a Trust?
In order to more effectively pass down inheritance, many senior homeowners secure trusts, essentially easing the transferring of assets to an heir by avoiding the expenses and hassle of probate court. By definition, a trust is a legal arrangement in which a trustee keeps the...
Why Reverse Mortgage Short Sales Are Unnecessary
When a reverse mortgage borrower passes away, the balance of the loan immediately becomes due for the heir or heirs of the property. In resolving this balance, heirs primarily have two options: sell the property, using the funds from the sale to repay the outstanding debt, or...
Reverse Mortgage LTV Requirements
When determining the maximum amount of funds which a borrower can secure through a reverse mortgage, the lender must take into account the borrower’s loan-to-value ratio (LTV). By definition, a borrower’s loan-to-value ratio is the comparison between value...
Can I Get a Reverse Mortgage With No Equity?
For many senior citizens, reverse mortgages provide unique and valuable benefits, allowing homeowners to access the accrued home equity within their residence. Basically, as long as a reverse mortgage borrower lives in the home, he or she will receive funds from the...
8 Common Reverse Mortgage Misconceptions
In the wake of the economic downturn, an increasing amount of elderly Americans have sought financial relief through reverse mortgages. These mortgages provide homeowners age 62 and up with the ability to tap into the equity which has been accumulated in a property through a...
7 Options for Managing a Mortgage in Retirement
For the majority of American families, the cost of housing represents their most significant every-day expense. While making monthly mortgage payments may be difficult for some during full time employment, it can be even more taxing in retirement with a smaller monthly...
Can You Default on a Reverse Mortgage?
A reverse mortgage is a non-recourse loan program insured by the FHA that allows homeowners over the age of 62 to receive funds from the equity in their home.  This type of loan lets homeowners still live in the home until they either pass away or no longer live in the home as a...
Reverse Mortgage Refinance
While not always a profitable option, senior homeowners have the option of refinancing their reverse mortgages. In many cases, doing so incurs a significant expense for only a minimal payoff; however, under the right circumstances, a reverse mortgage refinance can...
Selecting a Reverse Mortgage Lender
Reverse mortgages are unlike all other mortgage loans and can be confusing to the uninformed and unfamiliar. To find the best reverse mortgage provider, a borrower should take the proper cautious steps - it is critical to select the right reverse mortgage lender.. In order to...
What Is a Jumbo Reverse Mortgage?
For senior homeowners living in homes with high property values, jumbo reverse mortgages provide access to considerably greater funds than available through the government-insured Home Equity Conversion Mortgage (HECM) program.. While the market for these mortgages...
Common Reverse Mortgage Complaints
Reverse mortgages allow borrowers to extract the equity from a property to acquire cash while still inhabiting the property. A reverse mortgage can be an advantageous way to supplement one’s income without having to acquire a standard mortgage loan.. Despite these...
What Does 2013 Hold for Reverse Mortgages?
In a matter of a mere thirty days, the reverse mortgage industry will most likely have lost its most important asset:  the fixed rate HECM standard.  The Department of Housing and Urban Development (HUD) told Congress this fact in December, and many individuals...
Reverse Mortgages and the Libor Rate Scandal
Mortgage interest rates are established by the current economy, the government and the banks offering the loans. Interest rates are determined based on the index base rate, the interest margin, the periodic rate adjustments and established interest rate caps. The index...
Good Rainy-Day Strategy for Young Seniors
A  Reverse Mortgage is the mirror image of a regular mortgage. It enables older homeowners 62 or older to convert part of the equity in their homes into tax-free cash without having to sell the home, give up title, or take on a new monthly mortgage payment. The borrower...
Are Reverse Mortgages Risky for Boomers?
Reverse mortgages used to be considered last-resort options for senior in their 70s and 80s who were in need of cash.  Now, baby boomers are looking to reverse mortgages to increase their savings and pay off debt such as credit cards.  New aspects of reverse...
Wells Fargo Exits Reverse Mortgage Industry
In 2011, Wells Fargo announced that it will no longer originate Home Equity Conversion Mortgages (HECM), more commonly referred to as reverse mortgages. The HECM loan is a reverse mortgage program offered by the U.S. Department of Housing and Urban Development (HUD), which...
Metlife Reverse Mortgages No More
Metlife Inc., the largest U.S. life insurance provider, has finished dealings to sell its portfolio of reverse mortgages to Nationstar Mortgage LLC.  This is following Chief Executive Office Steven Kandarian’s decision to withdraw from the banking industry in...
Los Angeles Reverse Mortgage Guide
Are you seeking a reverse mortgage in Los Angeles or surrounding areas? If you are a senior 62 years or older and own (or are close to owning) your home, you may be able to tap into the equity of your property with a reverse mortgage. With three different reverse mortgage options...
What are Reverse Mortgage Loan Limits?
Federal Housing Administration loan limits are set under government statute, with the HUD being the organization to implement change as deemed by Congress.. Currently, a higher reverse mortgage lending limit has been extended through 2013 at the $625,500 level. This...
Opinion Editorial: Reverse Mortgages
Social Security retirement income works the same as life insurance, guarding you from the concerns retirees frequently encounter:. Your Life Span: Social Security is guaranteed lifelong income.  By employing some ideas to make your claim when you are older,...
Reverse Mortgage Overview
A reverse mortgage is a specialized loan type designed to provide retired seniors the ability to tap into their home equity and generate additional income without the obligation of repaying the debt. Essentially, reverse mortgage loans do just the opposite of...
Reverse Mortgage Eligibility and Guidelines
The Home Equity Conversion Mortgage (HECM) is the only reverse mortgage insured by the U.S. Government. This program allows senior homeowners to convert a portion of their home equity into cash. Equity is the current cash value of a home minus the current loan balance. This...
The New HECM Financial Assessment
The FHA will be implementing new Home Equity Conversion Mortgage (HECM) guidelines beginning April 27th. The HECM is the FHA’s reverse mortgage program. This is not the first wave of changes to be made to the HECM program, but this is certainly the strictest in terms of...
What Is Reverse Mortgage Counseling?
Before a senior homeowner may secure a reverse mortgage, they must attend mandatory reverse mortgage counseling. While this may seem trivial to borrowers who have experience in the mortgage process, reverse mortgage counseling is a necessary part of the loan application...
Reverse Mortgage Disadvantages
Reverse mortgages include many terms unique to these types of loans, which can be confusing for borrowers who only have experience with forward mortgages. In general, borrowers who do not fully understand the program will pay more for and make less effective use of their...
Can You Default on a Reverse Mortgage?
A reverse mortgage is a non-recourse loan program insured by the FHA that allows homeowners over the age of 62 to receive funds from the equity in their home.  This type of loan lets homeowners still live in the home until they either pass away or no longer live in the home as a...
Larry the Lender - Reverse Mortgage
Larry's in shock as this senior couple is attempting to stand on their head and write backwards for a reverse mortgage..
Has Retirement Been Reduced to a Fantasy?
A great deal of data points to a lot of misinformation about retirement expenses among Americans. What had retirees expected from their retirement? And do younger generations still dream of retirement?. In a recent Wells Fargo study, one third of middle class Americans said...
FHA Reverse Mortgage Information
FHA Reverse mortgages are now more commonly known as HECMs (Home Equity Conversion Mortgages). A significant benefit of the HECM program is there will never be a need to sell your home or go through a foreclosure. Additionally, there is no need to make payments on the mortgage....
Lender411 Infographic: What is a Reverse Mortgage?
This infographic illustrates a reverse mortgage for seniors and the circumstancial requirements associated. It also details the fees, methods of payment and potential amount to be received..
Press Release
ReverseMortgages411.com offers seniors a clear view of the benefits and risks of reverse mortgagesLender411, a mortgage information and rates website that helps consumers navigate the mortgage loan process, recently launched ReverseMortgages411.com, a new website...
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