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Reverse Mortgage Loans are unlike traditional loans or forward mortgages in many ways. Even the costs are figured differently. Because a Reverse Mortgage is often paid to the borrower in monthly payments or in the form of a line of credit that the borrower can access as they choose.
The origination fee on the HUD […]

As industry professionals, we often have an opportunity to sit in on conference calls on market trends and other things that affect reverse mortgages and the senior borrowers who get them. We were on one today that echoed something that we have been saying so it seems that it’s to a point where we should […]

I just finished reading yet another article on the internet by AP Economics writer, Martin Crutsinger, in which he states Sales of existing homes fell to the lowest level in nearly a decade in January while the median price for a home dropped for the fifth straight month.
His article quotes the chief economist […]

Many senior homeowners have lived in their homes for a very long time, have no desire to move and have gotten reverse mortgages so that they can continue to live in their homes payment free for life while accessing their equity to help supply them with income or cash to meet their living needs. Still […]

Are you currently thinking about a reverse mortgage? Have you been told that with your property value, you really might be better off going with a jumbo or proprietary reverse mortgage, but you really wanted to get the government insured Home Equity Conversion Mortgage. Have you looked at the proprietary products and thought that […]

One of the things that we always explain to senior borrowers when they ask about reverse mortgages is that they are non-recourse loans. The next question is always, What is a non-recourse loan?. This is a very important feature of the reverse mortgage and I want to take a moment to explain just […]

Reverse Mortgages are not short term, hard money, bridge or balloon loans normally associated with the type of loans people are forced to get to stop a foreclosure proceeding. But for seniors aged 62 and over, a reverse mortgage can be a life-line that rescues the seniors in danger of losing their homes to […]

You’ve made the decision to get a reverse mortgage and you’ve heard that there is no income or credit qualifying so you think you will have no issues getting your loan. All you have to do is get your counseling, sign all the paperwork and you’re set, right? Not exactly. There are […]

Since first offering reverse mortgages, I’ve often been asked, How do I/we know if a reverse mortgage is right for me/us? This is a question that has a different answer for different people. I always start with the same first response, The first thing I would recommend is that you seek the guidance of […]

There seems to be a new phenomenon in the mortgage world known as the reverse mortgage. The ads touting how they can improve quality of life are everywhere and if you’re a homeowner, age 62 and over, you receive them in the mail almost daily. Then there are the articles warning that reverse mortgages […]