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“My wife is Under 62, can I still do a reverse mortgage?”

September 22nd, 2014

I am 68 years of age, married my wife about three years age. I had my house before I got married. My wife is 54, can I still do a reverse mortgage? And if so how will it affect her? Her name is not on the deed. Gregory N.   Hi Gregory,   Firstly let me say that as of August 4, 2014, this is completely different than it used to be and so anything you read that is dated prior to this time is no longer applicable.  The internet is a wonderful place to get information, but unfortunately, old […]

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Posted in Heirs & Loan Maturity | No Comments »

Using a Reverse Mortgage for New Construction Purchase

September 16th, 2014

CAN YOU HAVE A CONTRACTOR BUILD A BRAND NEW HOME FOR YOU AND FINANCE IT WITH A REVERSE MORTGAGE UPON COMPLETION ???? PLEASE E-MAIL THE ANSWER TO ME. THANK YOU. BOB   Good Afternoon,   The short answer to your question is, yes you can.  However, there are several things that you really need to keep in mind when you undertake such an action and I feel that I would be remiss if I didn’t tell you some of those items.  There are a couple of different ways that a contractor can build a home for the end buyer so […]

Posted in Home Purchase | No Comments »

Can you get a Reverse Mortgage on a Home with Acreage?

September 11th, 2014

does the property have to be 5 acres or less? – Mason C.   Hi Mason,   Wow, I wish I could answer this question in as few words as you asked it!  Unfortunately though, this is going to take a little longer.  Because if I had to answer it in just a couple words I would have to say, “it depends”.  We get this question often and so I will try to give you an answer that doesn’t get too lengthy but also covers enough to be meaningful.   HUD does not have a magic number of acres that […]

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Posted in Appraisals | No Comments »

Reverse Mortgages: Remaining Principal Limit After 12 Months

September 2nd, 2014

My father recently passed away and left his duplex to my brother and I, It is paid for and all taxes are current. I have lived in one side for over 25 years and my brother lives 100 miles away. I would love to keep this place and have my daughter move in next door with a reduced rent. I am 65 years old. The house was custom built in 1976, it’s stucco with a tile roof and is very sound and in excellent shape..I do not have the cash to pay my brother off though and was wondering about […]

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Posted in Reverse Mortgage Q&A: Ask The Expert | No Comments »

Don’t be Rushed by Reverse Mortgage Celebrity Call Centers

August 20th, 2014

I usually write articles and blogs based on the current state of affairs in our industry or based on the feedback I’m getting from customers at the time.  It seems that now more than ever, I’m getting online blog requests and calls from borrowers who are telling me that they are feeling a lot of pressure from loan originators on their reverse mortgage requests.     Some of these folks are quite concerned because the lender representative will call constantly, will quote everything from company size to monthly volume as a reason for doing the loan with them but not […]

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Posted in Lenders | No Comments »

Why Should I Choose All Reverse Mortgage?

August 8th, 2014

This is a question we get all the time.  Borrowers tell us that they have talked to other, larger companies, who have even pulled out HUD stats with a higher number of closed loans versus the number that All Reverse Mortgage has, while citing that because they have closed more loans, the borrower should work with them.   I then ask the borrowers to look at the terms of the loan.  Are those larger companies offering a different, better loan, or is it the same FHA-insured, HUD Home Equity Conversion Mortgage (HECM or “Heck-um”)?  And since it is the same […]

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Posted in About Reverse Mortgages | No Comments »

Rule Change Brings Higher Reverse Mortgage Principal Limits

July 3rd, 2014

If you’re in the process of applying for a reverse mortgage, or if you have been considering tapping into your home equity with a government insured Home Equity Conversion Mortgage (HECM) loan, a recent change may mean you can qualify for more loan proceeds.  HUD surprised everyone with a Mortgagee Letter of the changes at the very end of June and then had an industry-wide conference call on July 2, 2014 to explain to lenders how the changes would work.   The Federal Housing Administration, under its HECM program, offers government-insured reverse mortgages for borrowers who are 62 and older and […]

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Posted in Lending Limits | No Comments »

In 2014 Reverse Mortgages Are No Longer a “Last Resort”

July 1st, 2014

I’ve been told to wait on taking a Reverse Mortgage as a last resort. Why do you think a CPA said that? Is it a loan that is non-reversible? Do you pay interest on the cash in a line of credit when it is spent all the to its end? If a house is paid off & money is tight, but livable, why would a senior take a reverse mortgage? It seems like it only puts them in financial debt until they die or find it impossible to sell if the loan needs to be paid back before any house […]

Posted in Pros & Cons | 2 Comments »

Drastic Reverse Mortgage Changes Are Coming Soon

June 18th, 2014

HUD previously delayed their Financial Assessment, but it looks like they will be taking place soon. There are  changes that will go into effect in the near future that will affect many reverse mortgage applicants. At All Reverse Mortgage, we feel that we wouldn’t be doing our jobs if we didn’t keep everyone up to date on what’s happening. Here are some things you need to know about the upcoming Financial Assessment guidelines (if you have not yet started an application). Documentation will soon be required.  Like the underwriting for a “forward” or traditional mortgage, your lender will ask for and collect […]

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Posted in FHA / HUD News | No Comments »

Big Changes Ahead for Reverse Mortgage Non-Borrowing Spouses

May 5th, 2014

An upcoming rule change is spelling big news for non-borrowing spouses of reverse mortgage borrowers.   Historically, a non-borrowing spouse who wasn’t named on the loan could be held responsible for repaying the reverse mortgage when the named borrower passed away or had to move from the home permanently. This left some non-borrowing spouses lacking financial options if they didn’t have any savings outside of the home.   But now, non-borrowing spouses will be able to defer repayment of the loan as long as they occupy the home, protecting them from losing it if the named borrower passes away or […]

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Posted in Heirs & Loan Maturity | No Comments »