The Reverse Mortgage Professional

    Another Reverse Mortgage for Purchase closing today here in Corona!  My senior borrowers purchased an approved short sale home and closed within 45 days.  Now, granted, they looked for awhile and made offers on several homes before this one popped.  But, I am thrilled to see how sellers and b...

An online reverse mortgage calculator can help you to determine how much of your home's equity you can access for a reverse mortgage. In general, at the current rates & fees you can ballpark that the funds available (after costs) will run as follows - take the youngest homeowners age, subtract 10...

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 ta...

I am so excited to have a couple of deals in escrow right now where the buyers are financing their home purchase with an FHA HECM Reverse Mortgage!  It's a relatively new product (2009) and not every agent, broker or buyer is aware of it. In one instance, a young 70 year old is  putting down $130...

Here is sensible advice for seniors looking into reverse mortgages.  FHA is your best bet when it comes to reverse mortgages.  HECM is the acronym for the FHA Reverse Mortgage.  It stands for Home Equity Conversion Mortgage.  HUD Approved counseling must be obtained by seniors  prior to applying ...

Summary: The Home Equity Conversion Mortgage (HECM) program enables older homeowners to withdraw some of the equity in their home in the form of monthly payments for life or a fixed term, or in a lump sum, or through a line of credit. In addition, the HECM mortgage can be used to purchase a prima...

Top Ten Things to Know if You're Interested in a Reverse MortgageFrom Untitled Album Reverse mortgages are becoming popular in America. HUD's Federal Housing Administration (FHA) created one of the first. The Home Equity Conversion Mortgage (HECM) is FHA's reverse mortgage program which enables y...

Working exclusively with senior homeowners is such a rewarding and varied experience! I took a reverse mortgage loan application from a young senior couple (only in their 70's) who are raising their 9 year old grandchild.   Parenting a 3rd grader on a fixed income of just Social Security isn't ea...

Here's a customer story about one womans reason for a reverse mortgage. I met with a young senior last week, (only 65) who completed her reverse mortgage counseling and will be able to utilize the reverse mortgage to quit her part-time job, payoff her mortgage AND spend more time with her 80+ yea...

    I've been pleased for my clients that most of the big lenders, my employer included, have reduced or eliminated the lender fees for clients in obtaining reverse mortgages.  With interest rates low, now may be the best time.  Skip Frenzel (www.AgapeLongTermCare.com) from Agape Long Term Care, ...