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 previously...

Seniors seeking HECM counseling can save time with these 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...

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 year can leave you...

Find financial stability in retirement. 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...

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 a family member have a reverse...