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How is the Loan Amount Calculated for a Reverse Mortgage?

An important question that is top of mind and frequently asked by seniors when they are looking into a reverse mortgage is “How much money can I get?”  There are a few key factors that are used to calculate the loan amount a borrower can receive.  Keep in mind, no lender will allow you to borrow 100% of your home’s equity. The amount of funds you will receive from a reverse mortgage will only be...

Reverse Mortgage Application

You’re interested in a reverse mortgage, have done your research and decided on a lender.  Now, you are asking, “What is the next step?”  It’s the application.  Below are the steps involved and the information that may be requested by your lender to complete the application process. What is the Reverse Mortgage Application? The application grants permission to your selected lender to begin the...

Reverse Mortgage Appraisals

A reverse mortgage can be beneficial to seniors who are struggling during the current economic conditions.  An important part of the reverse mortgage process is the appraisal.  With the current pandemic, there have been concerns that seniors, who have been most affected by COVID-19, may not want to risk exposure by allowing someone to come into their home to conduct the appraisal. What is an...

Increased Interest in Reverse Mortgages

A recent article from CNBC.com reveals that applications for reverse mortgages were up 15% in March 20201.  Many seniors are doing their research and are seeing how a reverse mortgage can be beneficial with the current economic climate. A reverse mortgage loan is available to homeowners who are 62 years and older.  It allows seniors to take part of their home’s equity and turn it into cash...

Seniors with Disabilities and a Reverse Mortgage

Many seniors may wonder if a reverse mortgage is right for them.  But what if they have a disability and are on a limited income?  They may be concerned that the additional funds from a reverse mortgage could interrupt the benefits they are receiving from the federal government.  With a little bit of research and consulting with their financial advisor, they may find that a reverse mortgage can...