HECM for Purchase – How You Can Buy a House with a Reverse Mortgage

HECM For Purchase: Your Questions Answered Take a minute to think of your ideal retirement home. Is it smaller? In a warmer climate? Minimal maintenance? Closer to loved ones, family and friends? Whatever it may be, a Home Equity Conversion Mortgage (HECM) for Purchase may be able to help you get there – and a […]

FHA Increases the HECM Lending Limit for 2020

Great News! The Federal Housing Administration (FHA) just announced that the national lending limit for the HECM Reverse Mortgage Program will increase from $726,525 to $765,600 as of January 1, 2020. Why is this great news and what does it mean if you’re considering a reverse mortgage? In essence, it means that borrowers with higher home […]

Can You Refinance a Reverse Mortgage?

The short answer is yes. Although a reverse mortgage refinance is like that of a conventional mortgage, there are some distinctions that you and the lender should consider before moving forward with a refinance. When a reverse mortgage refinance might make sense: Your home value has grown since the time you took out the reverse […]

How Can You Cover Rising Health Costs on a Fixed Budget?

A reverse mortgage can create a source of funds to help pay for healthcare in retirement. Healthcare costs continue to increase at a staggering pace. Recent estimates put the total cost of healthcare in retirement, for a couple age 65, at more than $250,000.1 This applies to older adults with traditional Medicare insurance coverage and […]

Reverse Mortgage: Borrower Responsibilities & Eligibilities

With any type of home equity financing, there are certain requirements and borrower responsibilities in order to qualify for the loan.  To help you better determine your eligibility for a reverse mortgage, we’ve created this simple overview of the basic Home Equity Conversion Mortgage (HECM) qualifications. Age – You must be 62 years of age […]

Lenders Aim to Make Private Reverse Mortgages Available in More States

Reverse Mortgage Daily Longbridge Financial’s CEO, Chris Mayer, along with other industry leaders in the reverse mortgage business, agree that jumbo and proprietary reverse mortgage alternatives need to become more widely available to serve more clients’ needs. “We have been continuing to add states, we are now in 14 states, with more coming shortly.”- Chris […]

A Mortgage That Pays You

Family Circle Magazine When nationally recognized expert on personal finance, Terry Savage’s 80-year old father retired, he wanted to stay in his home. The mortgage was almost paid off, but he didn’t have much in savings and had plenty of other bills. It was a reverse mortgage that allowed him to convert his home equity […]

Reverse Mortgages: How Can Home Equity Be Used?

Using a Reverse Mortgage to tap into your home equity could significantly improve your lifestyle and allow you to enjoy your retirement without the added stress of a having to make a monthly mortgage payment. Accessing your home equity is a big decision. In the past, most homeowners were advised to save equity for emergencies. […]

Independent Reverse Mortgage Counseling: What You Need to Know

Why is it required? What does it do for you? Getting a Reverse Mortgage loan is an important financial decision and requires careful consideration. By speaking with an independent counselor, you can be sure that all of your questions are answered and that have the information you need to make the reverse mortgage decisions that […]

FHA Increases the HECM Lending Limit

Great News! The Federal Housing Administration (FHA) just announced that the national lending limit for the HECM Reverse Mortgage Program will increase from $679,650 to $726,525 as of January 1, 2019. Why is this great news and what does it mean if you’re considering a reverse mortgage? In essence, it means that borrowers with higher home […]