Mortgage Blog

Reverse Mortgages - Government vs. The People - PLFs

Since October 2013, it would appear that our government has been grappling with the people over principal limit factors (PLFs), otherwise referred to as home equity access levels for homeowners with Reverse Mortgages. The government actions are clearly based on merit but their attempts to resolve internal issues have been questionable. The primary efforts have been targeted at providing equity access to homeowners while feverishly trying to maintain the solvency of the program based on Social Security life expectancy forecasts. Here in lies the problem. The Federal government is effectively ba...

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January 3rd, 2018 | HECM Reverse Mortgage, Principal Limit Factor, Non-recourse loan, FHA, Reverse Mortgage, Reverse Mortgages - Government vs. The People - PLFs

Reverse Mortgages and Social Security

Recently, there has been a lot of hype over the suggested strategy to utilize a government insured Reverse Mortgage to provide for more benefits over a lifetime with Social Security. I do not claim to know the exact reasoning or motivation behind the adverse claims made by the Consumer Financial Protection Board (CFPB) regarding this issue, but the agency feels that using a Reverse to maximize Social Security benefits is too expensive. I feel that this is a bit of a myopic view given the broad practical applications of the program but would certainly agree if this was the only...

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December 12th, 2017 | Social Security, Reverse Mortgage, Retirement Planning, HECM Reverse Mortgage, supplemental retirement income, Reverse Mortgages and Social Security

Jumbo Reverse Mortgages Take Center Stage

With the introduction of the government insured HECM changes that have appeared to rattle the market in October, the Jumbo Private Label Reverse Mortgages may have found their footing. Home values are acceptable significantly above the government insured limits. Two unit owner occupied properties are also acceptable. Significant modifications have also been made to make the Jumbo Reverse attractive. For example, the rates have dropped just under 25% from previous levels. Rate options have also been introduced for higher risk loans whereby homeowners can pay up for ...

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November 14th, 2017 | Reverse Mortgage, Jumbo Reverse Mortgage, private label reverse mortgage, HECM Reverse Mortgage, Jumbo Reverse Mortgages Take Center Stage

When It Pays To Shop Your Medicare Coverage

This is a nice short video (click here to see video) that I stumbled across that I found to be very informative for those 65 and above with Medicare. Check your Medicare formulary against your current needs. You may have the opportunity to shop and find a better fit for your needs, and your doctors intentions, regarding your care. As with many types of insurance, I find that my clients simply pay the premium and never really check the coverage. When it comes to your personal health this could be a nice opportunity that will save you some money and certainly buy you some...

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October 25th, 2017 | Medicare , Reverse Mortgage, Seniors, When It Pays To Shop Your Medicare Coverage

Understanding Reverse Mortgage Requirements for Occupancy

There are two separate and distinct occupancy requirements for a HECM Reverse Mortgage that often get confused depending on whether you are applying for a new loan or you already have an existing reverse mortgage.The first is general occupancy requirement at application when applying for a new reverse mortgage. The program is only available for a homeowner’s primary residence. There are many items that are required to verify occupancy, such as, voter registration, driver’s licenses, federal tax filings, utility bills, credit reports, etc. It is important to note that th...

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October 17th, 2017 | Reverse Mortgage, Retirement Planning, Seniors, HECM Reverse Mortgage, supplemental retirement income, occupancy requirements, Understanding Reverse Mortgage Requirements for Occupancy

Family Success with HECM Reverse Mortgages

This is a Reverse Mortgage success story that repeats itself time and time again. Our parents achieve financial equilibrium by neutralizing debt, like mortgages, and discovering a safe innovative means to access their home equity, either now or when they need it in the future, with a Reverse Mortgage. It’s about releasing the burden of the constant financial worry so there is room for more enjoyment. This equilibrium also allows for our parents to enjoy longevity and take life as it comes rather than always being concerned about financial constraints. It further pr...

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October 9th, 2017 | Reverse Mortgage, Retirement security, HECM Reverse Mortgage, Sandwich Generation, Seniors, Family Success with HECM Reverse Mortgages