Understanding Your Monthly Reverse Mortgage Statement

You spent months contemplating taking out a reverse mortgage. You went through the counseling session, provided the necessary paperwork, had your home appraised and finally closed on the loan. Shortly thereafter, you receive your first “Monthly Reverse Mortgage Statement” in the mail. While your statement may appear complicated at first glance…

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How to Increase Your Reverse Mortgage Appraised Value

One of the primary contributing factors that determines how much money you can receive through a reverse mortgage is the appraised value of your home. After you complete your application, your loan will enter the processing phase. During this phase, the mortgage company will complete numerous tasks that will prepare for your loan to be reviewed by an underwriter. One of these tasks is ordering and receiving the report that determines the estimated value of your home, otherwise known as the appraisal.   Not only does the appraiser…

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The Role of a Reverse Mortgage Counselor

The federal government’s Department of Housing and Urban Development (HUD) requires anyone who applies for a Home Equity Conversion Mortgage (HECM) to meet with an independent government-approved housing counseling agency.  What is the purpose of counseling and what is the role of a Reverse Mortgage counselor?  The requirement is in place to protect and further educate reverse mortgage applicants. It ensures that they understand the program and consider…

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Reverse Mortgage Financial Assessment: What You Need to Know

This past April (2015), the Department of Housing and Urban Development imposed new rules for the Home Equity Conversion Mortgage (HECM) program. Under the updated guidelines, homeowners must now pass a financial assessment before they can qualify for a FHA insured reverse mortgage. Read on to learn what the assessment entails and how…

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Reverse Mortgage Payout Options: Should You Take Out a Line of Credit, Lump Sum, or Monthly Payment with Your Reverse Mortgage?

The biggest benefit of having a reverse mortgage is the ability to receive cash in order to meet your daily living expenses or pay for a major purchase. However, understanding your reverse mortgage payout options and selecting the one that is best for you isn’t always easy. The most popular…

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Reverse Mortgage Advantages Over HELOCs

Home Equity Conversion Mortgages are safer than ever, thanks to recent regulatory changes made by the Department of Housing and Urban Development. When applied appropriately, HECMs offer advantages over home equity lines of credit, allowing seniors to postpone tapping other retirement resources by leveraging a tax- and payment-free option that serves as…

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Free Reverse Mortgage Counseling is Available!

FREE REVERSE MORTGAGE COUNSELING IS AVAILABLE! (but our bureaucratic government regulators won’t allow me to tell you where!)

Free reverse mortgage counseling is available however somewhere at the crossroads between dumb and dumber lies a government bureaucrat that has decided that we’re not allowed to tell you where.  These regulators are writing more and more rules, regulations and restrictions…maybe seeking job security or perhaps…

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