Important Things To Know About Reverse Mortgages
June 17, 2019

Important Things To Know About Reverse Mortgages

A recent article about reverse mortgages was posted on The Week, which provided some important details about the loan product.   A Home Equity Conversion Mortgage (HECM), commonly known as a reverse mortgage, is a Federal Housing Administration (FHA) insured loan1 which enables you to access a portion of our home’s equity without having to make […]

Reverse Mortgage Safeguards and Borrower Protections
May 31, 2019

Reverse Mortgage Safeguards and Borrower Protections

Your home is probably one of your largest assets so it’s understandable that choosing to get a loan or tap into your home’s equity is a big decision.  If you’re a senior homeowner researching financial options, it may be helpful to learn about the built in safeguards that protect you as a borrower if you […]

What to Expect During the Reverse Mortgage Appraisal
May 24, 2019

What to Expect During the Reverse Mortgage Appraisal

Part of the reverse mortgage process includes having an appraisal performed on your home. The proceeds from a reverse mortgage are determined using your age and the value of your home. The appraisal will help establish your home’s value. Why do I need an appraisal? An appraisal is required by the Federal Housing Administration (FHA) […]

Does Bank of America Do Reverse Mortgages?
May 16, 2019

Does Bank of America Do Reverse Mortgages?

When people think of getting for a loan, they often start with the big banks.  That thinking applies to reverse mortgages as well.  By 2009 and 2010, Wells Fargo, Bank of America, and MetLife Bank were the top three reverse mortgage lenders.1 Unlike Wells Fargo, Bank of America was not a big player in the […]

Why Affluent Seniors Are Considering Reverse Mortgages
May 9, 2019

Why Affluent Seniors Are Considering Reverse Mortgages

In the past, people often thought of reverse mortgages as a last resort option for those struggling financially. For many years, senior homeowners and financial planners wouldn’t consider a reverse mortgage as part of a retirement plan. However, times are changing. In recent years, more consumers, financial planners, and retirement advisors are looking at reverse […]

How Does a Reverse Mortgage Line of Credit Grow?
May 3, 2019

How Does a Reverse Mortgage Line of Credit Grow?

As the life expectancy of older adults increases, economic insecurity is one of the top concerns among seniors. In a recent article by The Nation, “Nearly half of all private-sector employees in the country—some 58 million people—had no company-sponsored retirement plan in 2018.”1 Many people aren’t aware that a reverse mortgage line of credit can […]

Reverse Mortgage Misunderstood
April 27, 2019

Reverse Mortgage Misunderstood

Reverse mortgages are complicated products that can sometimes be confusing whether you are a senior or even a mortgage expert. Requirements can change, often to benefit the consumer, but may add to the complexity. Borrowers usually get only one reverse mortgage in their lifetime, so the loan is not familiar to the average consumer. To […]

Discover the HECM for Purchase Loan
April 17, 2019

Discover the HECM for Purchase Loan

Seniors approaching retirement age sometimes consider selling their family home.  Whether it’s to downsize to a smaller home, move closer to grandchildren, or buy a home in the country or on the beach, making the decision can be stressful. If you are at least 62 years old, the Home Equity Conversion Mortgage (HECM) for Purchase […]

Medicaid & Reverse Mortgages
April 12, 2019

Medicaid & Reverse Mortgages

A common concern among reverse mortgage applicants is whether or not their Medicaid benefit will be affected by a reverse mortgage. Medicaid is a government-sponsored program that is intended to provide healthcare to low-income individuals.  Unlike with Social Security and Medicare, Medicaid eligibility can be affected by a reverse mortgage. What is Medicaid?1 Medicaid is […]

Explore Your Options
April 5, 2019

Explore Your Options

About 10,000 Baby Boomers are turning 65 each day.1 Baby Boomers are the generation of people born between 1946 and 1964, which represent nearly 20% of the American public.1 While many seniors are retiring at this time, many also continue to work.  For some, they choose to work beyond retirement age in order to preserve […]