CFPB Reverse Mortgage Report: What You Need to Know

You’d be hard pressed to do an online search for reverse mortgage information today without coming across an article about a recent landmark government report on the product and the lenders who offer it. The CFPB reverse mortgage report spans more than 200 pages of research recently conducted by the Consumer Financial Protection Bureau and …

Reverse Mortgages Have 2 Notes and 2 Deeds of Trust

When it comes to signing final reverse mortgage loan documents, borrowers are often concerned when the notary presents them with two Deeds of Trust (or mortgages, depending on the location of the property) and a First and Second Note. To further complicate it, the Deed of Trust shows an amount much higher than anticipated and …

Comparing Fixed Rate and Adjustable Rate Reverse Mortgages

Adjustable Rate Reverse Mortgages Explained Adjustable rate reverse mortgages (also referred to as variable rate reverse mortgages) offer much more product flexibility than fixed rate loans for the simple fact that fixed loans require that the borrower take all the available proceeds in a one-time lump sum draw at closing, while adjustable rate loans allow …

Reverse Mortgages and Retirement Planning

How do Reverse Mortgages fit in with overall retirement planning? As the number of baby boomers entering retirement continues to grow, many are faced with the challenge of figuring out how to use their assets wisely. There are a wide range of considerations when planning for retirement, including figuring out where you want to live …

Using a Reverse Mortgage To Pay For In-Home Care

As the cost of long-term care continues to rise, many people are turning to in-home care as a less expensive alternative to moving into a retirement community. A recent study from Genworth Financial found the median monthly cost of an assisted living facility is $3,300 and has increased 6% since 2011. In contrast, the national …

Reverse Mortgage Financial Assessment

A hallmark of the reverse mortgage program is that historically, it hasn’t included any credit or income requirements for the borrower. But that may change, and some lenders have already implemented—and then revoked—guidelines determining applicants’ eligibility for this type of loan. Reverse mortgage financial assessment stems from ongoing discussion about ways to protect HECM borrowers from …