What do you do if you have a reverse mortgage and you now want to sell your home? Some homeowners may think that a reverse mortgage puts the bank in control of their home, but the truth is selling a home with a reverse mortgage is similar to any other home sale with a mortgage.  However, there are a few important differences that you will need to be aware of. A Triggered Maturity Event A maturity...

When it comes to mortgage loans, you are probably more familiar with a traditional mortgage, but a reverse mortgage may be a more favorable option for senior homeowners.  While there are similarities between the two loans, there are also some key differences that may be beneficial for senior homeowners who are looking to improve their current financial situation. What is a Traditional Mortgage? A...

What’s a Reverse Mortgage? A Home Equity Conversion Mortgage, (HECM), commonly known as a reverse mortgage loan, is a Federal Housing Administration (FHA) insured loan1 which allows you to access a portion of your home’s equity without having to make monthly mortgage payments.2 If you are at least 62 years old and have sufficient equity in your home, you may be able to get the cash you need...

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...

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...