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 […]

HECM vs HELOC
March 29, 2019

HECM vs HELOC

What’s the Difference? A Home Equity Conversion Mortgage (HECM) and a Home Equity Line of Credit (HELOC) are both loans that allow borrowers to access their home equity as usable funds. HECM Defined Commonly known as a reverse mortgage, a HECM is a Federal Housing Administration (FHA)1 insured loan available to homeowners 62 and older. […]

Can I Lose My Home with a Reverse Mortgage?
March 20, 2019

Can I Lose My Home with a Reverse Mortgage?

Many seniors are taking advantage of the equity in their home by taking out a reverse mortgage. A reverse mortgage is a loan that allows homeowners 62 and older access to part of the equity in their home and convert it to cash. Most reverse mortgages are Home Equity Conversion Mortgages (HECM) loans; HECMs are […]

Reverse Mortgages in California
March 13, 2019

Reverse Mortgages in California

California is known for Hollywood stars, Silicon Valley’s technology, beautiful coastlines, Napa Valley wine, and breathtaking Redwood and Sequoia forests. The Golden State is home to more than 39 million people 1, making California the most populous state in the nation.2 With its large population, high housing demand leads to high home values and increased […]