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 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 […]
Homeowners that are considering a Reverse Loan frequently inquire about reverse mortgage appraisal requirements and the reverse mortgage appraisal process . For any home loan you do, the home (and land) are the collateral used to extend you a loan and you’re typically advanced a large sum of money. Hence, the reverse mortgage home appraisal […]
When it comes to HECM loans, there are quite a few reverse mortgage myths and misconceptions. Here, we’ll discuss the top 6 reverse mortgage myths. In some cases, the reverse mortgage myth exists because the idea or concept USED to be true, but no longer is true. Reverse Mortgage Myth # 1: First and foremost, […]
Reverse Mortgage fees and costs can vary widely. Let’s take a look at what you can expect. We’ll explain the different reverse mortgage costs as we forge ahead in this article. Further, we’ll delve into a big question; “is there anything that can be done to reduce the fees associated with getting a reverse mortgage […]
A very common question in the reverse mortgage world is, “ can I get a reverse mortgage on a manufactured home ”. Simply put, the answer is “maybe”. So the real question for you is probably “ can I get a reverse mortgage on MY manufactured home ”. It will be helpful to distinguish the […]
Reverse Mortgage and Living Trusts: A very common question about reverse mortgage is “can you fund in a trust?” Is your home in a trust? Are you pondering getting a reverse mortgage? If so, here are the basics pertaining to reverse loans and living trusts. Usually, when you do a regular loan, the bank wants […]
Reverse Mortgage Credit Score Requirements What are the reverse mortgage credit score requirements? Have you begun investigating the ins and outs of reverse mortgages? If so, you may be wondering what the reverse mortgage credit score requirements are. One of the pros of reverse mortgage is that it is easier to qualify for than a traditional […]
What exactly is the reverse mortgage counseling cost? This is a very common question among those homeowners that are investigating reverse mortgages. Generally, the cost of reverse mortgage counseling depends on a few things. On average, the cost of the reverse mortgage counseling session is $125.00 – $150.00. Like any business, there are some counseling […]
Can I Refinance My Reverse Mortgage Can I refinance my reverse mortgage? Homeowners that have a reverse loan sometimes find themselves wondering, “can I refinance my reverse mortgage”? It’s definitely possible to refinance your reverse mortgage. However, the answer is not a simple “yes” or “no”. You see, there are rules implemented by FHA in […]