Reverse Mortgage Page is dedicated to helping retirees and seniors live in financial comfort. The goal is to educate about reverse mortgages and assist in the next step of speaking to a reverse mortgage lender. Please feel free to browse our site. Look into the reverse mortgage process to see if it might be right for you. If you feel it is, or simply want more reverse mortgage information, use our HUD approved reverse mortgage lender directory. We only associate with HUD approved reverse mortgage lenders. You can feel secure that the reverse mortgage lenders in our directory are registered and in good standing. This is the place to answer the question: What is a reverse mortgage? We make it our goal to educate you, as well as help you find the right reverse mortgage lender. In addition, unlike other places, we do not hide reverse mortgage disadvantages. Reverse mortgage information must include ALL the facts. Reverse Mortgages are not for everyone, but everyone 62 years or older should know what a reverse mortgage can do for them. Our educational learning series about senior finances will give you information about reverse mortgages and many other relevant topics. You can feel confident your information will never be sold or rented to any third-party. We merely help you find the right reverse mortgage lender for you, and have them contact you at no cost and with no obligation. You may use the reverse mortgage lender directory without submitting any information. Thank you for visiting Reverse Mortgage Page and, as always, we are delighted to hear your feedback.

Reverse Mortgage Basics: Explaining Reverse Mortgage Loans

August 18th, 2011

Reverse Mortgage 101: Taking the mystery out of reverse mortgage loans

What is a reverse mortgage?

In a study conducted by the AARP in 2006, 93 percent of reverse mortgage borrowers said their loan had a mostly positive effect on their lives. Three percent said the effect was mostly negative. But what are these reverse mortgages, in a nutshell?

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Reverse Mortgage Qualification Hurdles

August 17th, 2011

It is fairly easy to qualify for a reverse mortgage, but be aware of hurdles that can pop up in the approval process

One of the great things about reverse mortgages is that seniors don’t need income or high credit scores to qualify. However, there are possible issues like those discussed below that homeowners may want to think about to avoid any surprises and disappointment in the loan approval process. Read the rest of this entry »

After a Reverse Mortgage Borrower Passes Away

August 16th, 2011

What happens to a reverse mortgage and the home after the borrowers pass away?

Reverse mortgages can be confusing because they are so unique. First off, repayment during the life of the borrowers is never a requirement. Seniors can and occasionally do choose to make payments towards the principal and interest during their lifetimes, but this is voluntary. The loan proceeds and interest are not due until the last of the borrowers permanently leaves the home. As with any home loan, borrowers must continue to pay the property taxes and home insurance and maintain their homes, but then how is the loan balance repaid?

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Reverse Mortgage Occupancy Requirements Explained

August 5th, 2011

One of the qualifications for a Home Equity Conversion Mortgage (HECM) (the most common type of reverse mortgage in the U.S.) is that the borrower(s) live in the home as their primary residence for the life of the reverse mortgage loan. It is clear then, that seniors cannot carry a reverse mortgage on rental property they do not occupy, but what does this mean for borrowers who wish to take extended vacations, live part of the year in a second home, or have to go to the hospital for an extended period of time or move to a retirement home? There are no hard and fast rules under all circumstances, but there are some general guidelines seniors can follow. Read the rest of this entry »

Adjustable and Fixed Rate Reverse Mortgages: What Seniors Should Know

August 4th, 2011

When taking out conventional (or Forward) home loans, people generally view fixed interest rates as being safer than adjustable rates because fixed rates provide certainty. However, in the world of reverse mortgages, the considerations are different and adjustable and fixed rate plans each have their pros and cons. Unlike with conventional adjustable rate home loans where borrowers worry about the potential for increases in their monthly payment obligations, reverse mortgage borrowers do not make monthly payments so they do not have this same concern.

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HUD Says Reverse Mortgage Heirs Will Not Pay More Than The Home Value To Purchase House

July 27th, 2011

HUD says heirs wishing to purchase home under reverse mortgage will not pay more than home value even if loan amount was greater

The Department of Housing and Urban Development (HUD) released FAQs this week stating that heirs who purchase property carrying a HECM reverse mortgage after the borrower has left the home or passed away will not pay more than the home value even if the amount paid to the borrower under the loan exceeded the homes value. This action follows a recently dismissed suit by the AARP against HUD for a short-lived policy change by HUD in this regard. Read the rest of this entry »

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