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Refinancing a Reverse Mortgage

The Federal Reserve has taken the action of cutting interest rates to almost 0%1 due to the impact on the economy from the coronavirus.  While this a great time for borrowers considering a reverse mortgage, it may be an even better time for those borrowers who already have a reverse mortgage to think about refinancing. Why Refinance a Reverse Mortgage? There are a few reasons that may prove...

In-Home Care and a Reverse Mortgage

Prior to the COVID-19 pandemic, many seniors made the decision to age in place.  According to an AARP survey, 76% of Americans 50 years and older said they want to remain at their current residence for as long as they can.1  With many nursing homes and assisted living facilities impacted by the pandemic, it is understandable that seniors may look to age in place for as long as possible.  By...

Reverse Mortgage Program Improvements

Reverse mortgages have come a long way since 1988 when President Reagan signed the bill into law which allowed The U.S. Department of Housing and Urban Development (HUD) to insure these loans through the Federal Housing Agency (FHA). The most popular reverse mortgage program is the Home Equity Conversion Mortgage (HECM) which has been an important source of retirement income for seniors. Growing...

Proprietary Reverse Mortgage Loans

Many affluent seniors are looking to proprietary reverse mortgage loans as a tool to incorporate into their overall financial plan in retirement. Historically, these loan types were considered as a last resort.  With borrowers having saved for retirement through investments, savings, and pensions, they are now including their high-valued home as part of the equation. Proprietary reverse mortgage...

Reverse Mortgage Rate Improvements

On 05/27/20 the Intercontinental Exchange (ICE) Benchmark Administration published a new 10-year London Interbank Offered Rate (LIBOR) SWAP rate1 which means reverse mortgage applicants are eligible to receive more money than they were before. The previously published rate in February already sat at a record low of 1.22%.1 These lower reverse mortgage interest rates mean that homeowners 62 and...