reverse mortgage information: How I Got Started in the Reverse Mortgage Business
- 10/03/16 10:00 AM
It’s hard for to believe, but I've been doing reverse mortgages for eleven years now. Oh my goodness, time flies! My first experience with a reverse mortgage was back when I owned a successful mobile notary company and was asked to do a reverse mortgage closing for the first time. As I started going through the client’s closing package at their home in south Los Angeles, I noticed there were two notes and two deeds of trust in the closing package. Hmmm, that’s strange. I’ve done thousands of closings and I’d never run across a single mortgage loan that had two notes … (0 comments)
reverse mortgage information: Using a Reverse Mortgage to Supplement Income
- 09/28/11 05:08 PM
Just closed a reverse mortgage loan for a homeowner here in Corona for a healthy, vibrant and young looking widow who owned her home free and clear. She lives in a beautiful single story newer home in Trilogy, a gated 55+ resort community. Her beautiful home was designed for “aging in place”. My clients monthly expenses were digging into her savings to the tune of about $700 each month and she could see her nest egg shrinking away. It would be completely gone in under 5 years! The current low interest rates weren’t helping either. She was sceptical at first about … (0 comments)
reverse mortgage information: Yorba Linda Reverse Mortgage Question - Do we qualify for a Reverse Mortgage?
- 07/11/11 02:36 PM
Do we qualify for a Reverse Mortgage? If you are homeowners and are over the age of 62, you just might. Some things to know in order to determine whether or not you are eligible. First - do you have enough equity? The amount of money you can borrower on a reverse depends upon 3 things. Age of Youngest Borrower. Expected Rate Lesser of the Home Value or FHA Lending Limit. (Currently at $625,500.00, but may be lowered October 1) It is not the normal 80% of home value, more like 50 to 70 percent. Once you know if … (0 comments)
reverse mortgage information: In a reverse mortgage what are the responsibilities of the heirs?
- 03/08/11 01:30 PM
In a reverse mortgage what are the responsibilities of the heirs? Most importantly, right now before they're gone - ask your parents if they have a trust or a will. Consult with a qualified attorney to find out your responsibilites if you are named as successor trustee or executor. Once they're gone - You can find some direction from HUD and from the actual loan documents and agreements, but let me answer this as the pending executor for my own parents who happen to have a reverse mortgage. I’m not giving you any kind of legal advice, just saying what … (6 comments)
I'm signed up for "Google Alerts" for the keywords "reverse mortgage" and today a great little tidbit showed up. A couple of days later than the date of the post, but still pretty good that I found it as there is a lot out there about reverse mortgages, both good and bad. Take about 2 minutes and listen to the video to learn some good basic information about the new reverse mortgage program - HEMC Saver.
… (2 comments)
reverse mortgage information: Reverse Mortgage Quiz - Have fun with this new quiz!
- 02/08/11 03:47 AM
Reverse Mortgage Quiz - Have fun with this new quiz! 1) What is the minimum age allowed for a reverse mortgage? borrower? a) 55 b) 60 c) 62 d) 65 2) What does HECM stand for? a) Home Equity Conversion Mortgage b) Housing for Elder Community Mortgage c) Housing Equality Cooperative Mortgage d) Help for Elders Community Mortgage3) True/False - Reverse Mortgage proceeds are considered taxable income. 4) Loan to Value ratios on Reverse Mortgages are based upon these three factors: a) Home Value, FHA Lending Limit, Age of oldest borrower. b) Home Value or FHA Lending Limit (whichever is least), … (1 comments)
reverse mortgage information: Yorba Linda Reverse Mortgage Question - My wife is not 62, but I am - can I get a reverse mortgage?
- 02/05/11 01:42 PM
Yorba Linda Reverse Mortgage Question - My wife is not 62, but I am - can I get a reverse mortgage? I get asked this question quite a lot and everyones situation is different, but here goes. In order to qualify for an FHA Reverse Mortgage all owners on title must be over the age of 62 and living in the property (unless one is in a medical facility). If you were to take your spouse off of title to the property and then plan to refinance the reverse (with a new reverse) once she turns 62 and add her … (3 comments)
reverse mortgage information: Norco Reverse Mortgages to undergo changes October 4th, 2010
- 08/30/10 05:27 PM
Reverse Mortgages here in Norco and the rest of the country will undergo some changes in a few short weeks on October 4, 2010. An informative and relative post at Reverse Mortgage Daily, yesterday: Here's the gist of it: On October 4, 2010 (yep, next month) there will be some changes to all new HECM loans with case numbers assigned after that date. We've know n about these upcoming changes for some time now and here they come. The MIP will increase from a .5% annual premium to 1.25%. This amount is added monthly to the loan balance. The principal limits (sort … (0 comments)
reverse mortgage information: Reverse Mortgage Q & A
- 08/04/10 05:07 PM
This set of Reverse Mortgage Q & A is educational and helpful as you research the HECM product. Let me know what you think! What Is a Reverse Mortgage? A Reverse Mortgage allows a senior homeowner to convert a portion of the equity in his or her home, eliminating mortgage payments and gaining tax-free income without losing the title to his or her home. The equity in your home that has built up over years of mortgage payments and appreciation can be paid to you. Unlike a traditional home equity loan or second mortgage, no repayment is required until the borrower(s) … (3 comments)
reverse mortgage information: Reverse Mortgage Facts, FAQ's and Fax (Updated)
- 02/28/10 04:18 PM
There are many places to go to find out the facts on Reverse Mortgages. Websites sponsored by HUD, NRMLA and AARP all give plenty of information. I provide links to all of them on my blog. Facts: The most popular reverse mortgage loan is the FHA HECM (Home Equity Conversion Mortgage). The HECM comes in two flavors FIXED & ADJUSTABLE. They also come in two sizes: STANDARD & SAVER Reverse mortgages may now be used to purchase a home. All borrowers must be at least 62 years old and on title to the home. The home must be the borrower's primary residence. … (0 comments)
reverse mortgage information: Reverse Mortgage Suitability
- 10/24/09 05:14 PM
Here are a few situations when a reverse mortgage is not a wise choice. A reverse is not the right loan for short term needs. If you only need the money for a short period of time and are planning on paying it off prior to 5 years, a reverse mortgage is just not an appropriate financial tool. The upfront closing costs will make the cost of the money (APR) non competitive. The minimum recommended amount of time is five years. Both homeowners should be on title for a reverse mortgage. If your spouse is under age 62 beware of lenders … (1 comments)
reverse mortgage information: SUBJECT: Home Equity Conversion Mortgage (HECM) – Principal Limit Factors (Lower Loan To Values on Reverse Mortgages effective October 1, 2009)
- 09/23/09 10:23 AM
The Department of HUD just issued Mortgagee Letter 2009-34 which effectively cuts by about 10% the amount of fund available to senior homeowners who wish to obtain a reverse mortgage. This will effect all new reverse mortgage loan applications that do not have a case number issued prior to October1. How this impacts my realtor friends here in the Inland Empire is that any senior homebuyers interested in using a (HECM) Reverse Mortgage for Purchase will now have to put about 10% more down. Here is the link to the mortgagee letter: http://www.hud.gov/offices/adm/hudclips/letters/mortgagee/files/09-34ml.doc
… (3 comments)
reverse mortgage information: Reverse Mortgage To Pay For Home Health Care
- 08/17/09 03:58 PM
Mrs. H, in Southern California just signed her loan documents on a reverse mortgage. At over 80 years old she qualified for an amount sufficient to pay off her current loan and establish a line of credit for over $300,000.00. With the advice of her financial planner, and the blessing of her children, she left the money in a line of credit where it will grow. Her goal is to use the funds to pay for in home health care at such time as she may need it. Since she hasn't "borrowed" the available funds in the line of credit, her equity in the home is far greater … (3 comments)
reverse mortgage information: What Is Reverse Mortgage?
- 08/02/09 03:30 PM
Reverse Mortgages are a type of home loan. Most reverse mortgages are a HUD/FHA insured home loan that allows you to liquidate some of your equity in order to payoff existing mortgages as well as generate additional cash flow. They are called HECM Loans. HECM stands for Home Equity Conversion Mortgage. There are 2 types of HECM Loans. HECM Standard (higher loan amounts and 2% Upfront MIP*) HECM Saver (reduced loan amounts and .01% Upfront MIP*) Each of those two types of HECM's come in the following varieties: Fixed (Closed End) and Adjustable (Open Ended) and can be used for refinancing or … (2 comments)
What You Want To Know & Need To Know About Reverse Mortgages -
“The postings, statements and opinions on this site are my own and do not necessarily represent the opinions and positions of my employer, and/or it's affiliates."
It’s hard for to believe, but I've been doing reverse mortgages for eleven years now. Oh my goodness, time flies! 
;)
;)
