What is a Jumbo Reverse Mortgage
26 October, 2021
A jumbo reverse mortgage can give seniors under age 62 access to millions of dollars. While reverse mortgages have a lot in common with traditional mortgages,...
Read MoreWhether you’re already in or nearing retirement, planning your financial future can be difficult. Browse through our blog to understand the importance of creating a sound financial plan, facts about reverse mortgages, and what homeowners considering one need to know.
Types of Reverse Mortgages
26 October, 2021
Wondering how many types of reverse mortgages there are? You’ve come to the right place. In this blog, we’re going to take a look at the...
Read More
How Much Money Do Seniors Get From Reverse Mortgages
26 October, 2021
If you’re interested in a reverse mortgage, you’re probably wondering exactly how much money you’ll gain. Is the transaction worth it? Will you benefit from it?...
Read More
How a Reverse Mortgage Can Help You Buy a Home
26 October, 2021
While many retirees have little desire to leave their homes, others may be excited to create new memories somewhere else. The nest is empty, there may...
Read More
Paying Off a Reverse Mortgage After Death
12 October, 2021
While a reverse mortgage may seem like a dream come true to a retiree, it’s important to remember that reverse mortgages also involve heirs. What happens...
Read More
Reverse Mortgage Qualifications for California Residents
12 October, 2021
If you’re a retiree living in the beautiful state of California, you may be interested in a reverse mortgage. Reverse mortgages have been proven to be...
Read MoreFacts About Reverse Mortgages
You will complete a financial assessment with your lender to discern if a HECM loan is your best option. They will examine your current expenses and income to determine if you can continue paying your home insurance, property taxes, maintenance expenses, and HOA dues (if applicable).
You are required, by Federal law, to complete a third-party and HUD-approved counseling session. An approved counselor will describe the pros and cons of reverse mortgages, how HECMs work, taxes, obligations, payment, and any additional information you may need to make a sound and educated financial decision. You will receive a certificate after you complete your session with a counselor.
When it is time for repayment, the Federal Housing Administration (FHA) will pay the difference. You won’t have to pay the lender more than the amount borrowed or the current home value (whichever value is less).
In the event that the borrower passes away, the remaining spouse can continue to defer reverse mortgage loan repayment so long as they continue paying the property taxes, home insurance, HOA dues (if needed), and maintenance costs.