Reverse Mortgages on Rural Properties: What You Need to Know

When you own a property in a rural area, the most likely reverse mortgage issue you’ll have is with the appraisal. The appraiser is required to find three similar sales in the past twelve months that are “nearby.”  If similar sales cannot be found, it can be a challenge to get the loan approved.

Some of the common complications regarding appraisals on rural properties include excess acreage, multiple buildings, and uncommon property types.

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Tips for single seniors

Striving for that Sunset Romance: Tips for Single Seniors

Dating in your senior years can seem, at first blush, silly or even awkward. If you are widowed or divorced, though, there’s no reason why your age should keep you from kindling a new romance and finding someone to share your sunset years with.

If you’re thinking about it, though, you may not know where to start. We talked with six dating and relationship counselors to get their tips and advice especially for seniors re-entering the dating scene.

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Your Home is Your Fortress: 5 Steps to Safety

Your house should be a place for you to escape from your job and the hardships of the world outside. Unfortunately, your home can be a dangerous place if you’re unprepared. Many people think that a solid door and some good locks are enough to keep their family safe, but most of the dangers in the home are far less insidious than a masked man looking to grab your valuables.  Continue reading

Making Space: 5 Tips for Separating Trash from Treasure

Accumulating things is just something that comes with age. If we’re lucky it’s wealth instead of just aches and pains. But one thing we are destined to accumulate is stuff — lots of stuff. We gather so much stuff over the course of our lives, that often our golden years are spent tripping over it. Many of these things are valuable, useful, or even beautiful, but probably an even greater amount would be more at home in the landfill.

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Obtaining a Reverse Mortgage on a Manufactured Home

When you call a lender to inquire about a reverse mortgage on a manufactured home, you might hear that they don’t accept manufactured homes.  Some lenders don’t do reverse mortgage loans on manufactured homes at all.  The good news is that there are plenty of lenders that do allow manufactured homes, and the property type is definitely acceptable to HUD—with some exceptions.

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Why You May Need Power of Attorney to Obtain a Reverse Mortgage

Are you under the impression that you will easily be able to make all financial decisions for your spouse should he/she become incapacitated? Marriage alone is often not enough. In our small section of the mortgage industry, we often find that people are unaware of the requirement to have written legal authority. Since we are speaking with clients over the age of sixty two years old, it is common to hear of one spouse having early signs of Alzheimer’s or having a stroke that leaves them incapacitated. It is never too early to be prepared for this difficult situation. Continue reading

Reverse Mortgages and Non-Borrowing Spouses

The Department of Housing and Urban Development (HUD) decided to make changes to their non-borrowing spouse rules, effective for loans written on or after August 4th, 2014. There are several active lawsuits against HUD as a result of their old non-borrowing spouse rules, all due to the surviving spouse being told they must repay the loan or face foreclosure. There was always too much risk to the non-borrowing spouse under the old rules, so these changes are welcomed by everyone that follows the industry.   Continue reading

Senior man having headache while using laptop.
Couple Calculates their budget

Reverse Mortgage – Immediate Need vs. Future Planning?

A reverse mortgage can be used by anyone that is 62 years of age or older. That’s a large segment of the population, and one with many different needs. It is hard to generalize about the specific needs of a certain age range because one never knows how long they will live, but it’s safe to say that using a reverse mortgage to fill an immediate financial need is commonplace. Continue reading