If you have a reverse mortgage (a Home Equity Conversion Mortgage or HECM) and a natural disaster hits, you might be wondering what happens next. Do you still have to pay property taxes? What if your home is damaged? What if you can’t live in it for a while? The good news is there are …
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For all HECM reverse mortgage loans origination on or after January, 2018, the reverse mortgage limit or maximum claim amount (MCA) for has increased from the prior limit of $636,150 to the new limit of $679,650, according to Mortgagee Letter 2017-17. The Mortgagee Letter was published December 7, 2017 by the Department of Housing and Urban Development. …
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Many of you may not be aware that MLS Reverse Mortgage has a celebrity in it’s midst. Check out our first reverse mortgage commercial starring Mike Borba. MLS Reverse Mortgage Commercial from MLS Mortgage on Vimeo.
If you have been considering accessing the equity in your home with a Home Equity Conversion Mortgage (HECM) loan, now may be a great time to act. A recent policy change may mean that you can qualify for more loan proceeds. HUD recently released Mortgagee Letter 2014-12 which included new Principal Limits Factors (PLF) for non-borrowing spouses under …
After much speculation, HUD announced the future elimination date of the Fixed Rate Standard Home Equity Conversion Mortgage (HECM). For new case numbers assigned on or after April 1, 2013, any homeowner seeking a fixed rate reverse mortgage will be limited to the Fixed Rate Saver Program. HUD also notes that all fixed rate standard loans must …
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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 …
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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 …
Continue reading “Using a Reverse Mortgage To Pay For In-Home Care”
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 …
Ever since the first day our company started originating reverse mortgages, we’ve been asked the question; why not just get a HELOC instead of a reverse mortgage? In this article we explore benefits and drawbacks of reverse mortgages and HELOCs to help guide the consumer to make an educated decision about which loan type, if …
The last article we wrote about reverse mortgage pros and cons was in February of 2009. Since then, there have been a lot of changes, both good and bad, that we feel need to be addressed. 2010 was the year of regulation of the mortgage industry coupled by falling home prices. Now we’re half way …