Blog Archive

High Home Values and a Jumbo Reverse Mortgage
January 22, 2020
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High Home Values and a Jumbo Reverse Mortgage

Home values have been on the rise over the past few years, with the 2019 median home value in the US being $244,045, which is a 3,7% increase over the previous year.1 However, home values can differ greatly depending on where you live.  Here’s a look at the top ten states with the highest median […]

Reverse Mortgage: How Does it Work?
January 14, 2020
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Reverse Mortgage: How Does it Work?

Many seniors may find themselves struggling financially in retirement. A reverse mortgage loan may help in these situations.  Reverse mortgages work differently from traditional mortgages because they convert your home equity into a source of income that you can draw from rather than a loan that requires monthly payments to the lender or bank.  So […]

Ways to Receive a “Paycheck” Throughout Retirement
January 8, 2020
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Ways to Receive a “Paycheck” Throughout Retirement

When you retire, your paychecks stop, but your expenses will continue. The need to create a reliable source of income during your retirement may take some planning and strategic choices.  Here are some ways you could still receive money in your golden years: Social Security The earliest an individual can start receiving social security benefits […]

Reasons to Refinance your Reverse Mortgage
December 31, 2019
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Reasons to Refinance your Reverse Mortgage

Seniors who took out a reverse mortgage on their home in previous years may find that their home value has increased.  These rising home values and an increased max claim amount for Home Equity Conversion Mortgages (HECMs) could make it the right time to consider refinancing.  What borrowers may not realize is that there is […]

House-Rich and Cash-Poor?  A Reverse Mortgage Can Help
December 24, 2019
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House-Rich and Cash-Poor? A Reverse Mortgage Can Help

Having enough funds to support long-term needs is an ever-increasing concern for seniors. Those who purchased their home in booming housing markets, like California, may find themselves house-rich and cash-poor.  This means that they have more equity locked into the value of their home than they have in liquid assets. Reverse mortgage loans were created […]

Loan Limits Increase for Reverse Mortgages in 2020
December 18, 2019
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Loan Limits Increase for Reverse Mortgages in 2020

The U.S. Department of Housing and Urban Development (HUD) has announced there will be an increase to the Maximum Claim Amount (MCA) for reverse mortgages effective January 1, 2020.1 The MCA will increase almost $40,000 from $726,535 to $765,600. The new limit allows borrowers with higher home values to access more equity than what was […]

HECM Counseling Tips
December 10, 2019
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HECM Counseling Tips

Once a borrower decides to get a reverse mortgage loan, part of the process will include a loan counseling session. This requirement was introduced to confirm that the borrower(s) fully understand the features, benefits, and the obligations it comes with.  During the session a counselor certified by the U.S. Department of Housing and Urban Development […]

Holiday Spending and a Reverse Mortgage
December 3, 2019
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Holiday Spending and a Reverse Mortgage

With the holidays near, for some, the financial stress of having to pay for it all can be overwhelming. Many anticipate paying off their holiday debt within 3 months; but for others, it could take more than 5 months.1 From hosting out-of-town guests, traveling to see family, attending holiday gatherings, to gift-giving, this time of […]

Reverse Mortgage Options and Enhancements
November 21, 2019
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Reverse Mortgage Options and Enhancements

The Home Equity Conversion Mortgage (HECM) Program, commonly known as a reverse mortgage loan, experienced many significant changes in the recent years, improving the product for those wishing to age in place.  Changes to the borrowing limits, the inclusion of mortgage insurance1 and financial counseling, as well as stricter financial screenings were made to improve […]

What Heirs Should Know About Reverse Mortgages
November 13, 2019
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What Heirs Should Know About Reverse Mortgages

Many seniors have turned to a Home Equity Conversion Mortgage (HECM), also known as a reverse mortgage loan, to assist them financially during retirement.  However, their heirs or adult children can be left wondering what to do when the last borrower on the loan dies or moves out of the home.   If you or […]