Reversemortgageguides.org

Reverse Mortgage - Learn From America's Leading

Reverse Mortgage Guides is a reverse mortgage educational website. Our goal is to help explain many of the pros and cons of a Home Equity Conversion Mortgage (HECM) for homeowners.

Actived: Sunday Nov 29, 2020

URL: https://reversemortgageguides.org/

How Does a Reverse Mortgage Work? | For Homeowners Age 62

Details: Mortgage Insurance Premium (MIP) 1 Safeguard. The mortgage insurance premium protects the borrower by ensuring they continue to receive their loan proceeds, even in the event that the lender becomes insolvent. Let’s get started and calculate how much you may be eligible to receive

› Verified 1 days ago

› Url: https://reversemortgageguides.org/reverse-mortgage/how-does-a-reverse-mortgage-work/ Go Now

› Get more:  MortgageGo Now

Reverse Mortgage - Learn From America's Leading

Details: A HECM is different from all other types of mortgages. It does not become due for as long as the homeowner lives in the property as their primary residence, continues to pay required property taxes and insurance and maintains the home according to FHA requirements.

› Verified 2 days ago

› Url: https://reversemortgageguides.org/ Go Now

› Get more:  Mortgage,  HomeownerGo Now

Tax and Insurance Obligations and How to Handle Them

Details: Tax and Insurance questions were one of the most interesting issues raised at the MBA Reverse Mortgage Conference in San Diego earlier this month. As the reverse mortgage product evolved, they are also two questions that are likely to be closely attended to. A report by the Government Accountability Office (GAO) cited the phrase "Never lose your home" as a problem in reverse mortgage

› Verified 1 months ago

› Url: https://reversemortgageguides.org/tax-and-insurance-obligations-and-how-to-handle-them/ Go Now

› Get more:  MortgageGo Now

Insurance Against Financial Fraud/Swindling - Reverse

Details: The insurance could be either mandatory or optional, and could taken out by the policy holder at any point throughout their life. In the same way the FDIC ensures up to $100,000 of each individual’s money in case of a bank failure, the financial fraud insurance would serve to protect an individual’s life savings against instances of

› Verified 8 days ago

› Url: https://reversemortgageguides.org/insurance-against-financial-fraudswindling/ Go Now

› Get more:  Bank,  LifeGo Now

Reverse Mortgage Fees, Rates and Costs | Ask About

Details: The mortgage insurance premium provides the following safeguards: The HECM is a “non-recourse” loan. If you sell the home to repay the loan, you or your heirs will never owe more than the loan balance or the value of the property, whichever is less; and no assets other than the home must be used to repay the debt

› Verified 1 days ago

› Url: https://reversemortgageguides.org/reverse-mortgage/fees/ Go Now

› Get more:  MortgageGo Now

What is HECM

Details: A Home Equity Conversion Mortgage (HECM) refers to a reverse mortgage loan for homeowners 62 years of age or older that is insured by the Federal Housing Adminstration (FHA). 1 Since 1990 there have been more than 1 million HECM reverse mortgages issued. 2 The HECM loan program contains special requirements like HUD counseling and a property value ceiling.

› Verified 3 days ago

› Url: https://reversemortgageguides.org/reverse-mortgage/hecm/ Go Now

› Get more:  Mortgage,  HomeownerGo Now

Reverse Mortgage Disadvantages | Drawbacks and Cons of

Details: The borrower must continue to meet the obligations of the loan for taxes, insurance and property upkeep. The borrower is responsible for paying all necessary property taxes, homeowner’s association fees (HOA’s), as well as maintain current homeowner’s insurance as required by law.

› Verified 2 days ago

› Url: https://reversemortgageguides.org/reverse-mortgage-disadvantages/ Go Now

› Get more:  HomeownerGo Now

HECM for Purchase | Buy Your Next Home Without a Mortgage

Details: It is based on a purchase price of $300,000, origination charges of $5,000, a mortgage insurance premium of $6,000, other settlement costs of $3,740; amortized over 384 months, with total finance charges of $153,860 and an annual percentage rate of 4.53%.

› Verified 1 days ago

› Url: https://reversemortgageguides.org/reverse-mortgage/hecm-for-purchase/ Go Now

› Get more:  Mortgage,  FinanceGo Now

Reverse Mortgage Eligibility Requirements | Find Out If

Details: 1 You must live in the home as your primary residence, continue to pay required property taxes, homeowners insurance, and maintain the home according to FHA requirements. Failure to meet these requirements can trigger a loan default that may result in foreclosure.

› Verified 5 days ago

› Url: https://reversemortgageguides.org/reverse-mortgage/eligibility-requirements/ Go Now

› Get more:  HomeownerGo Now

What Is a Reverse Mortgage | How Does It Work in Simple Terms

Details: A reverse mortgage is a loan for senior homeowners that allows borrowers to access a portion of the home’s equity and uses the home as collateral. The loan generally does not have to be repaid until the last borrower no longer occupies the home as their primary residence. 1 At that time, the estate has approximately 6 months to repay the balance of the reverse mortgage or sell the home to

› Verified 2 days ago

› Url: https://reversemortgageguides.org/reverse-mortgage/what-is-a-reverse-mortgage/ Go Now

› Get more:  Mortgage,  HomeownerGo Now

Myths of Reverse Mortgages | Discover the Misconceptions

Details: The estate inherits the home as usual, but there will be a lien on the title for the amount of the reverse mortgage loan plus any accrued interest and mortgage insurance premium. For example, let’s assume someoneone takes out a reverse mortgage and owes $50,000 after 5 years.

› Verified 5 days ago

› Url: https://reversemortgageguides.org/reverse-mortgage/myths/ Go Now

› Get more:  MortgageGo Now

HUD Considers Raising Insurance Premiums on Reverse

Details: HUD Secretary Shane Donovan said in a Congressional hearing on Thursday that the Government could raise insurance premiums to avoid the nearly 800 million dollar influx of taxpayer money necessary to offset all the FHA losses given the current housing market, the Wall Street Journal reported on Friday. It would be the first time taxpayer dollars have gone into the reverse mortgage program in

› Verified 4 months ago

› Url: https://reversemortgageguides.org/hud-considers-raising-insurance-premiums-on-reverse-mortgages/ Go Now

› Get more:  MortgageGo Now

Reverse Mortgage Counseling | Find HUD Approved Counselors

Details: HUD certifies housing counselors around the country to provide homeowners with impartial education about reverse mortgages. Reverse mortgage counseling is a mandatory part of the reverse mortgage application process and is typically completed just after completing an application for a reverse mortgage.

› Verified 1 days ago

› Url: https://reversemortgageguides.org/reverse-mortgage/counseling/ Go Now

› Get more:  Mortgage,  HomeownerGo Now

Reverse Mortgage Calculator | How Much Are You Eligible to

Details: The reverse mortgage calculator has two parts. In Step 1, basic information like property value will be used to help evaluate whether you meet some of the minimum requirements for a reverse mortgage.

› Verified 1 days ago

› Url: https://reversemortgageguides.org/reverse-mortgage-calculator/ Go Now

› Get more:  MortgageGo Now

Pros and Cons of Reverse Mortgage | Reverse Mortgage Cons

Details: Pros of Reverse Mortgages. Allows the homeowner to stay in the home. 1 Can pay off existing mortgages on the home. No monthly mortgage payments are required, however the homeowner must live in the home as their primary residence, continue to pay required property taxes, homeowners insurance and maintain the home according to Federal Housing Administration requirements.

› Verified 2 days ago

› Url: https://reversemortgageguides.org/reverse-mortgage/pros-and-cons/ Go Now

› Get more:  Mortgage,  HomeownerGo Now

What Happens To a Reverse Mortgage Loan When the Borrower Dies

Details: The FHA Mortgage Insurance picks up the difference on the loan. What if I don’t want the home? If you don’t want the home after the death of your parents, you have a couple options. Within 30 days of notification, the lender will send an FHA appraiser to determine the home’s current market value. You have 60 days to sell the home or

› Verified 2 days ago

› Url: https://reversemortgageguides.org/reverse-mortgage-when-die/ Go Now

› Get more:  MortgageGo Now

Reverse Mortgage Application Process | 5 Easy Steps On How

Details: A reverse mortgage application process generally takes about 30-45 days from start to finish and has five major steps. However, the longest part of the reverse mortgage loan process is the decision-making process that leads up to the application. The average reverse mortgage applicant begins considering a reverse mortgage six months before completing an application.

› Verified 2 days ago

› Url: https://reversemortgageguides.org/reverse-mortgage/application-process/ Go Now

› Get more:  MortgageGo Now

When is a Reverse Mortgage a Bad Idea | Learn About These

Details: Unethical life insurance salesmen sometimes encourage homeowners to take out a reverse mortgage and then try to sell the homeowner an annuity. That is wasteful because the reverse mortgage has a built-in annuity feature called “term” or “tenure” payments that you can use to save yourself the commission that the insurance agent would

› Verified 15 days ago

› Url: https://reversemortgageguides.org/reverse-mortgage/when-is-a-reverse-mortgage-a-bad-idea/ Go Now

› Get more:  Mortgage,  Homeowner,  LifeGo Now

Taking in a Renter to Help Pay the Mortgage or Increase

Details: Landlord insurance is about 25% higher than homeowners insurance, and landlords who use property manages may wind up paying them 3-12% of the rent. However, a tenant can be a good source of income, helping homeowners be able to continue to afford mortgage payments or break even on a property.

› Verified 6 months ago

› Url: https://reversemortgageguides.org/taking-in-a-renter-to-help-pay-the-mortgage-or-increase-income/ Go Now

› Get more:  Mortgage,  HomeownerGo Now

Reverse Mortgage FAQs | Answering Your Questions

Details: However, the homeowner must reside in the home as their primary residence, pay their property and homeowners insurance and maintain the home. In the event the borrowers do not adhere to these responsibilities, HUD guidelines may require the servicer to initiate foreclosure proceedings.

› Verified 6 months ago

› Url: https://reversemortgageguides.org/reverse-mortgage-faqs/ Go Now

› Get more:  HomeownerGo Now

Reverse Mortgage Interest Rates | Variable Rate or Fixed Rate

Details: Fixed rate reverse mortgage. The fixed rate programs are specific to each lender and are not indexed to published interest rates. To determine the currently available fixed rate, a reverse mortgage lender must prepare a good faith estimate.

› Verified 2 days ago

› Url: https://reversemortgageguides.org/reverse-mortgage/interest-rates/ Go Now

› Get more:  MortgageGo Now

Ask Us Your Questions or Request a Free Solutions Kit

Details: Learn About Reverse Mortgage at Your Own Pace, Request Our Informative Reverse Mortgage Information Guide and Get Your Questions Answered.

› Verified 1 days ago

› Url: https://reversemortgageguides.org/reverse-mortgage/request-information/ Go Now

› Get more:  MortgageGo Now

Reverse Mortgage Lenders | How To Choose The Right One

Details: The mortgage insurance premium (MIP) is a HUD required fee which charges the borrower an upfront fee, as well as a monthly MIP. All third party fees are determined by the applicable third party. Some lenders may explain that their interest rate is based on a specific index rate plus a margin.

› Verified 2 days ago

› Url: https://reversemortgageguides.org/reverse-mortgage-lenders/ Go Now

› Get more:  MortgageGo Now

Reverse Mortgage Warning Signs - Reverse Mortgage Guides

Details: Cross-seling, the practice of selling more a product along with a reverse mortgage, is prohibited. One of the most common reverse mortgage scams involves the lender convincing the borrower to take out a reverse mortgage and use the proceeds to buy insurance or make investments.

› Verified 6 days ago

› Url: https://reversemortgageguides.org/reverse-mortgage-warning-signs/ Go Now

› Get more:  MortgageGo Now

Frequently Asked Reverse Mortgage Questions: Part 1

Details: Often, the heirs choose to sell the home with the proceeds going towards repaying the reverse mortgage. The lien cannot be for more than the home is sold for, so if the home is sold for less than the value of the lien, the lender must make an insurance claim for losses to the FHA. Once the home is sold, the estate owes nothing.

› Verified 6 months ago

› Url: https://reversemortgageguides.org/frequently-asked-reverse-mortgage-questions-part-1/ Go Now

› Get more:  MortgageGo Now

Congress Expresses Concerns About Long Term Care Insurance

Details: Long term care insurance is a product that is completely separate from a reverse mortgage in which borrowers pay premiums in order to hopefully receive coverage/reimbursement to pay for long term care, should they need it. Long term care would include things like a stay in a nursing home or an attendant to help a senior bathe and dress.

› Verified 16 days ago

› Url: https://reversemortgageguides.org/congress-expresses-concerns-about-long-term-care-insurance/ Go Now

› Get more:  MortgageGo Now

Is Living on Social Security Enough | Your Home's Equity

Details: Single retirees struggle with housing, food, health care, insurance and other living expenses on their own. Married couples or people living together often have a slight advantage because they live in the same home and can share expenses, such as utilities.

› Verified 5 months ago

› Url: https://reversemortgageguides.org/reverse-mortgage/is-living-on-social-security-enough/ Go Now

› Get more:  HealthGo Now

No Reduction to Reverse Mortgage Insurance - Reverse

Details: The likelihood of a reduction in the MIP (Mortgage Insurance Premium) upfront fee for FHA reverse mortgages become even more remote with a recent audit of the FHA’s insurance fund by Integrated Financial Engineering, Inc. The FHA charges a 2% upfront insurance premium to insure a HECM reverse mortgage. This fee is often the largest […]

› Verified 4 months ago

› Url: https://reversemortgageguides.org/2-mortgage-insurance-premium-on-reverse-mortgages-unlikely-to-be-reduced/ Go Now

› Get more:  MortgageGo Now

Reverse Mortgage Scams and Fraud

Details: Kiplinger’s reports that unethical insurance salesmen are convincing seniors to cash out the value of their homes and buy variable annuities. The FHA made it illegal in October 2008 for a reverse mortgage company to bundle an annuity or other financial product into the closing of a reverse mortgage but that doesn’t prevent a third-party

› Verified 7 days ago

› Url: https://reversemortgageguides.org/reverse-mortgage/fraud-and-scams/ Go Now

› Get more:  MortgageGo Now

New Bill in Arizona Aims to Protect Proprietary Reverse

Details: A new bill that just passed the House Banking and Insurance Committee in Arizona will seek to grant protections to reverse mortgages carried out by proprietary lenders. While many federal regulations are already in place to protect senior citizens applying for reverse mortgages, these regulations do not automatically apply to proprietary lenders, who are […]

› Verified 4 months ago

› Url: https://reversemortgageguides.org/new-bill-in-arizona-aims-to-protect-proprietary-reverse-mortgages/ Go Now

› Get more:  Bank,  Mortgage,  Banking,  AutoGo Now

Top 10 Things To Know About Reverse Mortgage (HECM)

Details: As long as at least one borrower on title lives in the home as their primary residence and maintains the home in accordance with FHA requirements (including keeping taxes and insurance current) the loan does not become due.

› Verified 17 days ago

› Url: https://reversemortgageguides.org/reverse-mortgage/top-10-things-you-should-know-about-reverse-mortgage-loans/ Go Now

› Get more:  Insurance QuotesGo Now

Enhance Your Financial Security

Details: homeowners insurance, and maintain the home according to FHA requirements. 3 Your current mortgage, if any, must be paid off using the proceeds from your HECM loan. 4 Not applicable to HECM for Purchase. 3 Eligibility To be eligible for a HECM loan, some key requirements are:

› Verified 6 months ago

› Url: https://www.get-insurance-quotes.net Go Now

› Get more:  Mortgage,  HomeownerGo Now

FHA Loans Made More Difficult for Mobile Homes - Reverse

Details: HUD just released a new mortgagee letter, Mortgagee Letter 2009-16, which provides guidance on the manufactured housing eligibility requirements for FHA mortgage insurance. The changes addressed in the letter are only those that can be implemented immediately. The main gist of the letter seems to be that manufactured homes must now meet the following requirements to be eligible for FHA

› Verified 4 months ago

› Url: https://reversemortgageguides.org/breaking-news-new-hud-mortgagee-letter-released/ Go Now

› Get more:  MortgageGo Now

Wells Fargo Accused of Systematically Selling Subprime

Details: Wells Fargo was accused of systematically selling subprime mortgages to minorities in a federal lawsuit filed by the city of Baltimore. A lawsuit is also being filed by the NAACP, and Illinois and New York are among the states looking into more filings. In Baltimore, more than half the Wells Fargo properties that went into foreclosure currently stand vacant, and 71% are in African American

› Verified 6 months ago

› Url: https://reversemortgageguides.org/wells-fargo-accused-of-systematically-selling-subprime-mortgages-to-minority-homeowners/ Go Now

› Get more:  MortgageGo Now

16 Fees You May Be Charged in a Reverse Mortgage

Details: Reverse Mortgages are sometimes stereotyped as being high in fees. While the cost of getting a reverse mortgage is generally the same as that of getting a traditional mortgage on a new home, they may have some names that seem unfamiliar. For more information on fees, please see fees. In the meantime, a laundry list of some common fee names is below:

› Verified 5 months ago

› Url: https://reversemortgageguides.org/16-fees-you-may-be-charged-in-a-reverse-mortgage/ Go Now

› Get more:  MortgageGo Now

Preparing for Your Counseling Session

Details: property taxes and homeowner’s insurance. You are also responsible for maintaining your home in good condition. You will not have to repay your loan balance for as long as you live in your home. You must repay a HECM loan in full when the last surviving borrower dies or sells the home.

› Verified 2 months ago

› Url: https://www.get-insurance-quotes.net Go Now

› Get more:  HomeownerGo Now

Tax Day: Reverse Mortgages and Taxes - Reverse Mortgage Guides

Details: In honor of April 15, I’d like to bring up how taxes effect reverse mortgages. Reverse Mortgages are not considered taxable income. As a result, reverse mortgage borrowers do not pay an income tax on the proceeds of their mortgage. However, even reverse mortgage holders are still responsible for paying the property taxes and insurance […]

› Verified 6 months ago

› Url: https://reversemortgageguides.org/tax-day-reverse-mortgages-and-taxes/ Go Now

› Get more:  MortgageGo Now

Reverse Mortgage Conference Under Way - Reverse Mortgage

Details: However, another large issue regarding defaults are defaults due to the failure to pay title and insurance. While servicers will do so in order to keep the asset (the home), the loan will become due by the borrower if they don’t pay title and insurance. This is an area where many in the industry see potential for improvement.

› Verified 4 months ago

› Url: https://reversemortgageguides.org/reverse-mortgage-conference-under-way/ Go Now

› Get more:  Insurance QuotesGo Now

NRMLA President Testifies for House Subcommittee - Reverse

Details: NRMLA President Peter Bell testified in front of the House Subcommittee on Housing and Community Development today as part of a panel of witnesses on the future of the FHA. While Commissioner Stevens' statements were written up in the New York Times, Bell's comments provided a number of interesting anecdotes on the state of the reverse mortgage industry.

› Verified 12 days ago

› Url: https://reversemortgageguides.org/nrmla-president-testifies-for-house-subcommittee/ Go Now

› Get more:  MortgageGo Now

House Likely to Propose a Bill to Extend the Estate Tax

Details: The Wall Street Journal announced today that the House of Representatives is likely to propose a temporary measure to extend the estate tax, rather than allowing it to be repealed. Under a bill signed by then-President George W. Bush, the estate tax will be repealed on January 1 if no action is taken. The House proposal is expected in light of the difficulty Senate Democrats and Republicans

› Verified 12 days ago

› Url: https://reversemortgageguides.org/house-likely-to-propose-a-bill-to-extend-the-estate-tax/ Go Now

› Get more:  Insurance QuotesGo Now

"HECM Mini" Idea Floated - Reverse Mortgage Guides

Details: The FHA Director of the Office of Single Family Program Development, Meg Burns, started a commotion at the MBA Conference in San Diego last week when she mentioned that the FHA was looking into making some changes to the reverse mortgage product, including introducing new products such as the HECM Mini. While the HECM Mini has yet to be officially released and there are certainly some kinks

› Verified 5 months ago

› Url: https://reversemortgageguides.org/hecm-mini-idea-floated/ Go Now

› Get more:  MortgageGo Now

Advertising Changes to Come for HECMs - Reverse Mortgage

Details: Further, a recent article actually promoted seniors putting money from a reverse mortgage into life insurance policies so as to be able to pass the money to their heirs tax-free–an interesting way to use a reverse mortgage for estate planning.

› Verified 4 days ago

› Url: https://reversemortgageguides.org/advertising-changes-to-come-for-hecms/ Go Now

› Get more:  Mortgage,  LifeGo Now

Foreclosure Prevention Case Study: Premier Reverse

Details: To follow up on today's earlier post about foreclosure prevention, the press release below shows an example of a reverse mortgage helping save a borrower from foreclosure. While this story focuses on one case, this scenario has become more and more common, and is a reminder of one of the most important ways in which reverse mortgages can dramatically benefit borrowers.

› Verified 14 days ago

› Url: https://reversemortgageguides.org/foreclosure-prevention-case-study-premium-reverse-closings-helps-to-save-borrower-from-foreclosure-in-a-record-seven-days/ Go Now

› Get more:  MortgageGo Now

New State Bills Surrounding Proprietary Reverse Mortgages

Details: However, it seems valuable to state that lenders cannot also sell annuities or insurance to the borrower if the payments will come from the reverse mortgage. Trust is a crucial aspect of the reverse mortgage program, and double dipping has the potential to undermine that trust.

› Verified 6 months ago

› Url: https://reversemortgageguides.org/new-state-bills-surrounding-proprietary-reverse-mortgages/ Go Now

› Get more:  MortgageGo Now

NRMLA Releases New Ethics Advisories - Reverse Mortgage Guides

Details: NRMLA released two new ethics advisories today: 2009-01 “Ethical Offers of Other Financial and Insurance Products and Services”, which covers recommendations for following the new rules and restrictions laid out concerning cross-selling, including those in the McCaskell ammendment and the recent HUD mortgagee letter.The other ethics advisory, 2009-02 “Lead Generation State Licensing

› Verified 4 days ago

› Url: https://reversemortgageguides.org/nrmla-releases-new-ethics-advisories/ Go Now

› Get more:  MortgageGo Now

Learn How to Retire Comfortably at Home | Aging In Place

Details: Planning For The Future Can Be A Little Intimidating For Many Who Face Diminishing Finances. However, There Are Options Available That May Allow You And/Or Your Loved Ones To Live A Comfortable Retirement Lifestyle.

› Verified 4 days ago

› Url: https://reversemortgageguides.org/reverse-mortgage/learn-how-to-retire-comfortably-at-home/ Go Now

› Get more:  Finance,  LifeGo Now