When people think of getting for a loan, they often start with the big banks.  That thinking applies to reverse mortgages as well.  By 2009 and 2010, Wells Fargo, Bank of America, and MetLife Bank were the top three reverse mortgage lenders.1 Unlike Wells Fargo, Bank of America was not a big player in the market until 2007 when the company purchased Seattle Mortgage’s reverse mortgage division...

In the past, people often thought of reverse mortgages as a last resort option for those struggling financially. For many years, senior homeowners and financial planners wouldn’t consider a reverse mortgage as part of a retirement plan. However, times are changing. In recent years, more consumers, financial planners, and retirement advisors are looking at reverse mortgages as a solution.  Reverse...

As the life expectancy of older adults increases, economic insecurity is one of the top concerns among seniors. In a recent article by The Nation, “Nearly half of all private-sector employees in the country—some 58 million people—had no company-sponsored retirement plan in 2018.”1 Many people aren’t aware that a reverse mortgage line of credit can be used as a retirement tool for obtaining long...

Reverse mortgages are complicated products that can sometimes be confusing whether you are a senior or even a mortgage expert. Requirements can change, often to benefit the consumer, but may add to the complexity. Borrowers usually get only one reverse mortgage in their lifetime, so the loan is not familiar to the average consumer. To make matters worse, negative press about reverse mortgages...

Seniors approaching retirement age sometimes consider selling their family home.  Whether it’s to downsize to a smaller home, move closer to grandchildren, or buy a home in the country or on the beach, making the decision can be stressful. If you are at least 62 years old, the Home Equity Conversion Mortgage (HECM) for Purchase loan may help you buy your next home without having monthly mortgage...