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Many senior borrowers have been raised on the idea that a fixed rate reverse mortgage is the “only way to go”. Still others remember back to the early 80’s when interest rates climbed as high as 18%. Some borrowers experienced rising interest rates from adjustable-rate loans (or knew others who did) and some remember family and friends whose payments rose... Read Full Article
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The reverse mortgage lending limit for Home Equity Conversion Mortgages will surpass $1 million for the first time ever in 2023, under program adjustments set by the Department of Housing and Urban Development (HUD) that are updated annually. The lending limit for 2023 HECM loans insured by the Federal Housing Administration will be $1,089,300, an increase of more than $118,000... Read Full Article
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There are a few things you need to do and although you do have some time, time is limited so you need to act without unnecessary delays. The first thing you need to do is decide what you really want to do with the house. You can keep the home, sell it, or walk away and owe nothing regardless of... Read Full Article
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Like all loans, reverse mortgages come with some one-time costs and fees that all borrowers will face during the loan closing process, as well as some ongoing costs they will incur throughout the course of the loan. Many of the closing costs are the same as the costs that forward borrowers incur, such as recording fees. There are a few... Read Full Article
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[quote_start] Hi, I own my home in ABQ, NM. It is in a popular older neighborhood. I purchased the home about 3 years ago and paid cash. It was in total disrepair at the time and sold at a substantial discount as a result. The remodel was extensive, with most of the house stripped down to the frame, and completely... Read Full Article
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If you’re at or near the age of 62 and are looking for ways you can adequately fund your retirement, it’s understandable that a reverse mortgage has become a potential option for you to consider. Maybe you’ve seen an ad on TV, or maybe you’ve just had to think about the future a little more intently and are open to... Read Full Article
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What are the age requirements for a reverse mortgage? The reverse mortgage product was specifically designed to meet the needs of an older borrower. As it was envisioned, this type of loan is available to help people access their home equity later in life when they may have a need to supplement a fixed income in retirement. And while historically... Read Full Article
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[quote_start] If you have a reverse mortgage (HECM) in place with a LESA, and you outlive the LESA, what happens? Alternatively, say the LESA was calculated estimating that you would live to a certain age and pay the taxes and insurance, and you outlived the funds available in the LESA, what would happen in that case? [quote_end] These are great... Read Full Article
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The reverse mortgage product is like other loans in many ways. A lender extends a loan to a qualified borrower, and in the case of a reverse mortgage, the borrower is then able to draw on loan proceeds based on a set of loan terms. Yet there are some specific rules that are particular to reverse mortgages. It’s important to... Read Full Article
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A reverse mortgage is an increasingly well-known loan type that allows age-qualified senior borrowers to access their home equity while still living in the home. But what many prospective borrowers may not be as familiar with is the different loan programs available, and specifically, the differences between a Home Equity Conversion Mortgage (HECM) and a jumbo reverse mortgage. In... Read Full Article