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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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 Alert. This chart is now out of date and as such, it’s been taken down. Further, these amounts change weekly based on the performance of the 10 year libor swap rate. Follow the link below for a more up to date chart. Again, it changes weekly, […]
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 […]