Mortgage Blog

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...

Comments

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...

Comments

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

Program Losses Spur Government Changes

U.S. Department of Housing and Urban Development (HUD) announced Tuesday, August. 29, it will raise up-front fees and tighten limits for the HECM Reverse Mortgage program to avoid having to dip into the U.S. Treasury to cover troubled borrowers. These means radical changes to the HECM Reverse Mortgage program in the very short term.  I do not believe the loss estimates that are being made public.  This would imply that the program is being run inefficiently.  Huge losses would also not be revealed overnight.  There would have been indications.  For this reason, I belie...

Comments

September 6th, 2017 | Eligibility for Reverse Mortgage, HECM Reverse Mortgage, Seniors, Reverse Mortgage, HUD, Program Losses Spur Government Changes

Creating Constructive Options for the Division of Property for Retirees

The words retired, fixed income, and divorce don’t always go that well together. Many retirees live primarily on Social Security and a small amount of investment income.  A divorce, no matter how amicable, will often require the division of property.  It is not uncommon for people to feel pressured to sell the home, due to current mortgage balances that are unaffordable, with a separation of income during a divorce.  In other instances, couples will attempt to leverage up with inexpensive home equity lines of credit as a means of dividing the property.  Both of these ...

Comments

August 10th, 2017 | Reverse Mortgage, HECM Reverse Mortgage, Seniors, Gray Divorce, Retirement security, Creating Constructive Options for the Division of Property for Retirees

Exploring the Labyrinth of Funding and Planning for Care

The most prevalent type of care that most of us will face for ourselves and our families will most likely be related to various forms of in-home care.  This has become the most preferred and cost efficient means of care, ranging from basic companionship to highly skilled care. As we benefit from the technological age, we may also discover that longevity is not free.  With longevity, comes the need for care and a solution for how to pay and plan for care.The first topic on the radar that usually presents itself when addressing the need to fund care is long term care insurance.  T...

Comments

July 10th, 2017 | Home Care, Long Term Care, HECM Reverse Mortgage, Senior Care, Exploring the Labyrinth of Funding and Planning for Care

Consider the Alternatives to Expensive LTC Policies

I completely agree with the authors opinion on long term care policies. After doing significant research for myself I determined that the monthly and up front lump sum long term care policies were not for me.  There are simply too many variables out of your control that can cause your premiums to skyrocket leaving you holding the bag.  Alternatively, a government insured reverse mortgage, known commonly as a HECM, will provide a growing credit line that will provide eligible borrowers a much more cost effective and flexible means of providing a financial backstop in the event care is...

June 15th, 2017 | HECM Reverse Mortgage, Reverse Mortgage, Long Term Care, growth factor, Consider the Alternatives to Expensive LTC Policies