So are you allowed to rent your home with a reverse mortgage? The answer is no! You must live in the home that has the reverse mortgage for at least 6 months and 1 calendar day per year. That is the reverse mortgage definition of being owner occupied. However, one of the little known facts […]
Is your reverse mortgage lender spying on you? Reverse mortgage facts.
Is your reverse mortgage lender spying on you? What happens when you move with a reverse mortgage? Or can your children move into property on reverse mortgage when your parent dies? How does the reverse mortgage lender know if you are still living in the property? The annual notice of occupancy affidavit gets mailed once […]
Can you get a reverse mortgage if your home isn’t paid off? Reverse mortgage facts
Can you get a reverse mortgage if your home isn’t paid off? YES! There are many reverse mortgage facts that people either assume they know or don’t know and this is one of them. Before a HECM reverse mortgage or non-HECM mortgage borrower can use of any reverse mortgage funds, the existing mortgages on the […]
Can My Children Assume My Reverse Mortgage? Estate Planning and Reverse Mortgages
A question I get from time to time is, can my children assume my reverse mortgage? I’ve mentioned before that estate planning and reverse mortgages can often clash when it comes to rules. Some conventional real estate loans and government real estate loans may have language in the note that may allow for loan assumptions, […]
Can I add my kids to title on a reverse mortgage? Estate planning and reverse mortgages.
You would think that there shouldn’t be an issue when you add your children to title on a reverse mortgage right? Not so fast. On conventional loans adding people to title is done regularly without the lender knowing and is acceptable. However, when it comes to estate planning and reverse mortgages, the laws can conflict. […]
Using a Reverse Mortgage to Finance Solar Power Panels – Advantages and Disadvantages
People looking to get solar power financing options over the age of 55, can possibly use a reverse mortgage to purchase the solar panel system. There are some advantages using a reverse mortgage to finance a solar power system. For example, on a reverse mortage you can name your payment terms, or not make a […]
Why Are Reverse Mortgage Upfront Fees So High?
One consistent question I get from people is “why are reverse mortgage upfront costs so high”? It can create an immediate distrust and people may feel that they are getting scammed. Before I explain the upfront reverse mortgage costs, one thing people may not be aware of is that there are new low upfront cost […]
Not All Reverse Mortgages Are The Same – New Loan Options Are Available
There are now several types of reverse mortgages varying in minimum age requirements, lender fees and loan type. A reverse mortgage broker carries all types of reverse mortgages, but not all reverse mortgage lenders are brokers which can at times, limit your loan options. New reverse mortgage loan options include: A minimum age requirement of […]
Over Age 55 And Declined For A Mortgage Refinance Loan? Here’s A Solution
Borrowers over the age of 55 years of age with an abundance of equity, good credit and light on income used to be able to get a preferred rate conventional loan, but now are getting declined for a mortgage refinance loan. Since 2010, mortgage lending has an “ATR”, ability to repay, standard that […]
5 Reasons and Scenarios When Not To Get A Reverse Mortage Or When It May Not Be A Good Fit
There are reasons why people don’t do a reverse mortgage. Here are 5 reasons and scenarios, from a reverse mortgage loan originator point of view, on when not to do a reverse mortgage or when it may not be a good fit for your scenario. A link to a brief video will provide more detail on these […]