Breaking: Reverse Mortgage to pay even more on high value homes
The Federally insured Reverse Mortgage (RM) or the Home Equity Conversion Mortgage (HECM) has always had a cap set on the value they will accept on appraisals. For 2019 this cap has been set to $726,525. If you apply for a RM and your home was to appraise for $800,000,…
Breaking: FHA eases condo rules for Reverse Mortgages
In the past condo owners were lucky if they were one of the few condo complexes that were FHA approved; only 6 ½ % of condos are actually FHA approved (housingwire.com). I worked with an applicant in San Diego and we tried for 6 months to get her condo to…
Solutions for today’s biggest retirement challenges
By: Chris Clow The difficulty that the senior population has in finding an adequate amount of money to fund retirement is an issue that is only growing in scale, and the reverse mortgage industry needs to keep the unique hardships faced by seniors fully in mind when advising them on…
Create family experiences and a legacy with help from a Reverse Mortgage
You have spent a lifetime building your family and creating a safe home for your kids and grand-kids to enjoy together. As your family has grown and gone out into the world they may have separated from you in distance or in closeness but there are things you can do…
2019 Best Medical Alert Systems
According to the Centers for Disease Control and Prevention, one out of every four older adults falls every year, and 20 percent of those falls are serious, resulting in a broken bone, head trauma or the similar injury. Seniors who experience a fall double their chance of experiencing another fall in…
Condo not FHA approved? You can get a reverse mortgage now.
Condos can be a nice fit for many retirees; there is no yard to maintain, and there is usually a community pool or recreation center, sometimes the condo even sits on a golf course. Life in a condo can be relaxing and maintenance free. Often times those in condos think…
Women improve finances after major life events
Women are living longer today than the average man. According to the National Vital Statistics system an American woman today will live to the age of 81 years old; over 5 years longer than the average man. As a result of this longer lifespan, may women are learning to take…
Aging in Place? Prepare your home and finances ahead of time
Aging in Place (AIP) is a new name for a traditional concept. Instead of retiring to a new home, or going to a care facility as you get older, thousands of seniors prefer to prepare their own home to be better suited for them to live comfortably, in a familiar…
California home sales fall; now may be the time to apply for a Reverse Mortgage
California has enjoyed a housing boom over the last 9 years, but according to Corelogic– the premier CA-based financial and property analytics firm, the number of homes sold has fizzled over the past year. Sales of new homes, existing homes, and condominiums have dropped by 11.8% from June 2017 to…
HECM Reverse Mortgage fees have dropped
The Home Equity Conversion Mortgage (HECM Reverse Mortgage) program was signed into law by President Reagan in February 1988. Prior to this date, this was a bank run program and they had the power to foreclose on homeowners if they ran out of equity. Unfortunately, some seniors ended up homeless…
