What are the Reverse Mortgage Safeguards?
Since Congress created the FHA Reverse Mortgage in 1989, many Reverse Mortgage safeguards have been put in place to protect Senior Homeowners. Counseling by an independent 3rd party is required and typically takes about an hour and is done over the…
Why Work With a CRMP?
Reverse mortgages are a versatile financial tool that have been used by over one million homeowners to enhance their financial security in retirement. When selecting a loan officer, you should consider working with a Certified Reverse Mortgage…
What are Some of the Unique Features of a Reverse Mortgage?
What are some of the unique features of a reverse mortgage? A reverse mortgage is a “non-recourse loan”, meaning that the borrowers have no personal liability for the loan, so responsibility for repayment is transferred from the borrower to the home.…
Baby Boomers and Managing Home Equity
More than 10,000 Baby Boomers are retiring every day. The problem is, unlike prior generations, most don’t have a defined benefit plan like a pension, so they depend on Social Security combined with an IRA or 401K. What they don’t realize is they have a…
When Does a Reverse Mortgage Become Due for Payoff?
Under what circumstances would a reverse mortgage become due for payoff? One is when the last borrower moves out for more than a year, passes away or the home is no longer their primary residence. Another scenario would be if the property taxes or…
What are the Eligibility Requirements for a Reverse Mortgage?
What are the eligibility requirements for a reverse mortgage? For an FHA Reverse Mortgage, the youngest borrower must be at least 62 or at least 55 for a “Jumbo” non-FHA reverse mortgage. They must have 50-60% in home equity – or more – and…