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6 Reverse Mortgage Disadvantages & How to Avoid Them

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The reverse mortgage is a great product. But like all products, it is not a fit for every consumer. And while the product brings many advantages to aging homeowners, there can be downsides as well depending on the prospective borrower’s situation. Here is a look at six reverse mortgage disadvantages to weigh if you are considering a home equity conversion mortgage (HECM) loan. A reverse mortgage is not for everyone. A reverse mortgage is a loan for homeowners age 62 and over, which allows them to borrow... Read Full Article

How To Find the “Best” Reverse Mortgage Lender

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If you’ve made a decision that a reverse mortgage is right for you, the next step in your journey is to seek out a reverse mortgage lender to complete your loan. We hope this guide helps you in your search and offer some important tips in narrowing down the right reverse mortgage outfit for you. Our first advice is to do your homework and check prospective lenders references.  First, Check to See what Past Customers Say About Them There are a lot of loan officers who were originating a... Read Full Article

How Much Time is Allowed to Repay Reverse Mortgage After Death?

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The real answer is “it depends” and that is a terrible answer but it is the most honest.  When referring to the death of the borrower(s), the loan documents including the Deed of Trust and Note state that lender may require an immediate payment in full, due upon death once the property is not the principal residence of at least one surviving borrower.  There is no 6-month period or 12-month period described in the documents given to heirs to pay the loan back but people routinely use these timeframes... Read Full Article

Reverse Mortgage Pros and Cons in 2022 – ReverseMortgageReviews.org

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There’s no doubt that the decision to get a reverse mortgage can be a big one, especially depending on the borrower’s particular financial situation. Maybe you’ve decided that additional cash flow will help to stabilize your retirement finances, or maybe you’re looking to fund something like in-home care or a renovation to make your house more accessible. Whatever your potential reason is for getting a reverse mortgage, you likely won’t find an industry that is more upfront about what the potential benefits can be in tandem with possible downsides... Read Full Article

Free Reverse Mortgage Calculator – No Personal Information

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A Reverse Mortgage Calculator is a tool for consumers to use when shopping for a reverse mortgage. Many calculators exist on various sites, but borrowers should take care in which reverse mortgage calculator they ultimately choose to utilize. For example, there are calculators on various lender sites, and other sites with calculators that exist only to sell consumer information to lenders. These calculators require borrowers to complete a substantial amount of their personal information before the calculator will even give them the information the interested party is seeking (whether that... Read Full Article

6 Best Banks Offering Reverse Mortgages in 2022

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If you are deciding on whether a reverse mortgage loan is right for you, you’ll naturally want to determine which lending institution to go with, especially when it comes to the most beneficial terms and the associated costs. Obviously, one of the easiest things you can do is to simply go to the bank you already transact with for daily financial tasks to see if they offer reverse mortgages, but chances are that your own bank may not offer such reverse mortgage loans to its senior customers. A... Read Full Article

Why the Lowest Reverse Mortgage Rates Offer Most Money

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If You’ve Looked at a Reverse Mortgage in the Past, You May Want to Look Again! If you have ever investigated a reverse mortgage or have thought about it, especially in the past 24 months and didn’t think the numbers worked for your needs, it may be time to check again. The reason we say this is because one of the main factors that determines how much money you will receive in your reverse mortgage is the interest rate. Since HUD changed the Floor Rate on the program, borrowers had... Read Full Article

What is a Reverse Mortgage? Explained in Layman’s Terms

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In 1961, banker Nelson Haynes of Deering Savings & Loan in Maine wanted to ensure that the widow of his high school football coach could remain in her lifelong house despite the loss of her husband’s income. So, Haynes wrote what is believed to be the first reverse mortgage, which lent her money against the equity of her house. The reverse mortgage has evolved heavily since its inception nearly six decades ago and evolved greatly since Congress approved it as a federally-insured product in the late 1980s. ... Read Full Article

2022’s Top Reverse Mortgage FAQs – ReverseMortgageReviews.org

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What is a reverse mortgage? A reverse mortgage is a loan insured by the federal government that allows you to convert a portion of the equity you have built up in your home into tax free single lump sum disbursement, line of credit or monthly payout. Will the bank own my home? No, you will still be the sole owner of your home. The bank will not own your home when you take out a reverse mortgage. What is the point of taking out... Read Full Article

2020 Reverse Mortgage Limits Soar to $765,600!

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In early December, the U.S. Department of Housing and Urban Development (HUD) announced that the lending limit for Home Equity Conversion Mortgages (HECMs) – the federally-backed reverse mortgage program – will be increasing for the fourth year in a row. Beginning on January 1, 2020, the lending limit for government-insured reverse mortgages will be $765,600, marking an increase of $39,075 from the lending limit HUD set for 2019. HUD announced the revised lending limit for 2020 in an officially released Mortgagee Letter (ML). The amount of... Read Full Article