Reverse Mortgage Loan Advisors was created to serve as an info portal about Reverse Loans. Our intent is to give you the truth. Yes, this product is not for everybody. We’ll of course highlight the great part of this program, but we’ll also make note of the not so perfect part of Reverse Mortgage Loans.
This program has evolved over the years. As a result, this reverse loan is now better than ever.
Due to some former short comings, there were a few key changes (the short version):
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Reverse Mortgage With Existing Mortgage Often times older homeowners wonder, “Can You Do A Reverse Mortgage With Existing Mortgage Loans?”. The simple answer is Yes, you can do a reverse mortgage with existing mortgage liens. However, that’s not always the case. Basically, you can do a reverse mortgage loan if your home is free and […]
For the last 9 years or so, reverse mortgages could only be attained by homeowners aged 62 and older. Guess what! It’s the dawning of a new day. When it comes to reverse mortgages, age 60 is the new 62 for 2018 and beyond. Introducing, the reverse mortgage at age 60 program. It is going […]
If you’re investigating reverse mortgages, you may be wondering “what is a jumbo reverse mortgage?”. Generally, a regular jumbo mortgage usually has a set loan amount. For example, in 2018 the conforming loan limit is $453,100 in most areas. In High Cost areas, the limit is $679,650. Anything that exceeds these amounts would be considered […]
Jumbo Reverse Mortgage 2018 – If you’re considering a JUMBO reverse mortgage in 2018 and have a higher priced home, you may be in luck. The reverse mortgage jumbo products recently expanded and will continue to expand in 2018. From about 2008 to 2014, there was really only one investor that offered a jumbo reverse […]
Can You Get A Reverse Mortgage On A Single wide Manufactured Home? This is a great question. Most types of homes are potentially eligible for a reverse mortgage, but not all of them are. Do you have a single wide manufactured home? Are you age 62 or older? If so, you may be wondering if […]
First of all, A HECM Loan Limit Increase isn’t always guaranteed. In fact, they didn’t change in 2011, 2012, 2013, 2014, 2015, and 2016. During these years it was set at $625,500 and then they changed it slightly in 2017. At that time HUD increased it to $636,150.00. Not only will we share what the […]
Introdution – Defining Reverse Mortgage Loan to Value and Reverse Mortgage Principal Limit Factors A common question asked by homeowners thinking about getting a reverse mortgage is, “how much can I get”? Or, what is the reverse mortgage loan to value available to me? Put quite simply, the Reverse Mortgage Principal Limit Factor is the […]
October 2nd Reverse Mortgage Changes: On August 29th, 2017, the U.S. Department of Housing and Urban Development announced big changes to the Home Equity Conversion Mortgage (aka Reverse Mortgage or HECM). The October 2nd Reverse Mortgage Changes will have a pretty big impact on potential borrowers. Some of the changes are good and some are […]
Reverse Mortgage Age Table, AKA Reverse Mortgage Age Chart When you do a reverse mortgage, the amount that a lender advances to you is based on the appraised value of your home and your age. All too often, a prospective reverse mortgage borrower’s first question is, “how much can I get?”. The Reverse Mortgage Age […]
Today, we’ll discuss the HELOC vs HECM Reverse Mortgage Line of Credit. Many homeowners use a HELOC (acronym for home equity line of credit) during retirement to access equity they have built up in their home. Naturally, this has it’s good points and bad points. Alternatively, some older homeowners opt to use a reverse mortgage […]