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Can You Access Reverse Mortgage Funds Left After Death?

November 24th, 2014

My mother had a reverse mortgage since 2007. Her house at the time was appraised for $510,000. Her credit line was approximately $340,000. To date, she received payments totaling approximately $270,000 with $78,000 remaining available.   We received a phone call from an appraiser for the bank a day after her funeral looking to set up an appointment to inspect the house. I was confused because I hadn’t even called the bank yet to inform them of my mother’s death. My sister called the bank the next day and informed them we were waiting for a copy of the death […]

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Posted in Heirs & Loan Maturity | No Comments »

New Reverse Mortgage Seasoning Rule Starts 12/15/2014

November 24th, 2014

If you’re considering a reverse mortgage in the near future you need to be aware of one part of the new HUD guidelines that are effective for all new Case Numbers issued on or after December 15, 2014, NOT March 2, 2015 when the rest of Financial Assessment is implemented. HUD has a new requirement that for borrowers to use reverse mortgage proceeds to pay off an existing lien on which the borrower received $500 or more, the loan must have been in effect for at least 12 months. This includes any liens on which the borrower took out additional draws of […]

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Posted in Financial Assessment | No Comments »

Yes, You Can Put a Reverse Mortgage in Your Family Trust.

November 21st, 2014

I have the home in family trust. I am unmarried but have lived with my “wife” for years. She inherits the home by last will. Do we qualify for this program?   Hi John,   For such a short question there are so many possibilities!  Firstly, as a lender, we only get so much information and then we do rely on the title and affidavits we receive when originating the loan.  For example, we would do a title search and see that the current title is in the name of your trust and we would get a copy of that trust.  […]

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Posted in Trusts & POA | No Comments »

Reverse Mortgage for Condo on Leased Land Requirements

November 18th, 2014

  I would certainly – and for a second time – apply for a reverse mortgage immediately, but I know I’m ineligible. Why? Because the ground lease my condo apartment building has with the Battery Park City Authority (BPCA) does not satisfy a requirement that FHA imposes on condo and co-op applicants – and only on condo and co-op applicants — for reverse mortgages. That condition is:  to be eligible for an FHA reverse mortgage either (a) the lease agreement the Homeowners’ Association holds must be no less than 99 years and renewable or (b) the lease has a remaining […]

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Posted in Qualifications | No Comments »

3/2/2015 – Reverse Mortgage Financial Assessment Begins!

November 11th, 2014

  HUD issues dates for implementation of financial assessment for reverse mortgages.   In 2013, HUD shocked the reverse mortgage world by announcing that they planned to implement financial assessment guidelines in response to the heavy losses the program sustained in 2012.  The guidelines were set to require borrowers to qualify on the basis of income and past credit history for the first time to obtain a reverse mortgage.  However, at the end of 2013 the heavy losses sustained just one year earlier in 2012 were not present.   Many credited the turnaround to a number of different factors.  The […]

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Posted in Financial Assessment | 10 Comments »

Yes, You Can Purchase With a Reverse Mortgage (Audio Interview)

November 10th, 2014

    Have a question about the reverse mortgage for Purchase? Call us Toll Free (800) 565-1722. Or, use our purchase calculator to see how the loan may work for you.   Other Purchase Articles by ALLRMC.COM HECM Purchase FAQ’s  HECM Purchase Reverse Mortgage in Today’s Top-10 Retirement Cities 12 Tips Before Purchasing with a Reverse Mortgage

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Posted in Home Purchase | No Comments »

Selling an “Upside-Down” Reverse Mortgaged Home

November 10th, 2014

I am still confused about a debt after I sell. My wife and I have a current reverse mortgage debt of $300K on a Seattle (98146) house valued by Zillow at $310K. At time of reverse mortgage award it was appraised at $380K. We took out the reverse mortgage about 15 years ago thinking it would be our home until death. Unfortunately, for health reasons, we can no longer live in the Seattle weather; I am 88 yrs. old (VA 100% permanent and totally disabled) and she is 82 years old. Our plan is to establish permanent residence in a […]

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Posted in Heirs & Loan Maturity | No Comments »

Reverse Mortgage Pros and Cons, Let’s Start With the Cons!

October 29th, 2014

Exclusive Reverse Mortgage Programs  All Reverse Mortgage© is an Award-Winning HUD Approved Direct Lender. Our goal remains simple; to offer the very best terms accompanied by extraordinary customer service. Compare us and Save Thousands! -Request Your Free Quote By Email-   “I can almost hear it now, “This is an article written by a guy who does reverse mortgages, There probably won’t be any con’s”! As passionate as we are about the reverse mortgage product, there are some drawbacks in some instances and we make certain that we point out the pro’s and con’s to all reverse mortgage applicants. As […]

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Posted in Pros & Cons | 13 Comments »

Is the Reverse Mortgage the Best Choice For You?

October 20th, 2014

Comment: my partner is 71, I am 75, We own our condo in CA  the balance on the mortgage is 52,000 and the approx value is 150,000-160,000.  is this program the best choice for us?   Hi Rudy,   You know, you used the magic words in there, “..the best thing for us“.  We are of the opinion that reverse mortgages are not for every borrower and the little bit of information that you have given doesn’t really give me a chance to answer your question.  Borrowers have to ask themselves if the reverse mortgage program is consistent with their goals […]

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2014 Reverse Mortgage Payment Plans: Lump Sum vs Credit Line

October 9th, 2014

If I take an initial lump sum is it possible to obtain further equity in a lump sum after a number of years or would I have to pay the loan off and get a new loan? HUD allows you to take your loan as a fixed rate or an adjustable rate loan.  The fixed rate loan is a closed-ended instrument and requires you to take all funds available to you in one draw at closing and then there are no future draws available to you.  This would include if you paid down a portion or all of the loan, […]

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Posted in New Reverse Mortgage Programs | HECM 60 | No Comments »