In today’s housing market home values have been on the rise, and expectations are they may even continue to rise in 2021.1    Borrowers who have an existing reverse mortgage may find that their home value has also increased.  With rising home values and the increased Max Claim Amount (MCA) for HECMs in 2021, it may be the right time to consider refinancing your Home Equity Conversion Mortgage...

It has been announced by the U.S. Department of Housing and Urban Development (HUD), that the Maximum Claim Amount (MCA) will be increased for reverse mortgages effective January 1, 2021.1 The MCA will increase almost $57,000 from $765,600 to $822,375. This is the fifth straight year that the FHA has increased the Home Equity Conversion Mortgage (HECM) limit. In 2018, the loan limit was $675,650...

The holiday season is upon us and for many, it will be unlike any other holiday season we have known.  Some are shifting their focus from the pandemic and looking forward to purchasing gifts for family and friends.  The National Retail Federation reveals that consumers intend to spend an average of $997.79 on holiday items such as decorations, candy, and gifts.1 These added expenses along with...

Have you been wondering if now is the right time to get a reverse mortgage?  You’re not alone.  Demand for reverse mortgages has been on the rise since March 20201 which coincidences with the global pandemic and the economic hardships that many are currently facing. How A Reverse Mortgage Can Help You A reverse mortgage is a Federal Housing Administration (FHA) insured loan1 which allows...

Many senior homeowners have heard about reverse mortgage loans but may have some misconceptions about how it works. All it takes a little bit of research to understand the pros and cons of a reverse mortgage. I Have to Sell My Home This is not true.  With a reverse mortgage, you are taking out a loan, you are not selling your home.  In fact, a reverse mortgage actually allows you to stay in your...