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 …

HECM Limits Extended Through December 31, 2011

Today, HUD issued Mortgagee Letter 2011-29 which extends the existing reverse mortgage loan limits of $625,500 through December 31, 2011. In an earlier blog post, we spoke about a possible reduction in reverse mortgage loan limits. A reduction is still a possibility. So, for those homeowners with higher home values who are on the fence …

Possible Reduction in Reverse Mortgage Loan Limits

The American Recovery and Reinvestment Act (ARRA) of 2009 set our current reverse mortgage lending limits at $625,500. This temporary increase in the HECM loan limits is set to expire September 30, 2011. The loan limits beginning on October 1, 2011 for HECM loans are currently under review by the Federal Housing Administration (FHA). FHA …

5.49% Fixed Rate, No Service Fees, No Service Fee Set-Aside

7/13/12 update: Current rates have changed since the post. below Be sure to check out our reverse mortgage rates page for current rates. We are pleased to now be able to offer the fixed rate HECM at 5.49% without monthly service fees or service fee set-asides. The net benefit to the borrower will be the …