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.
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
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
In the simplest terms, a jumbo reverse mortgage is a loan initiated by a lender that makes it possible for owners of high value homes to tap into larger portions of their home equity than they wouldn’t be able to with a standard reverse mortgage. However, there are some important distinctions to draw Continue reading
After first hearing about a reverse mortgage on TV, from print media, or through word-of-mouth, most people turn to the internet for more information. A typical Google search will turn up a significant number of paid advertisers and a list of natural results. Continue reading
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
Once you decide to move forward with a reverse mortgage, you will be faced with the decision of choosing a fixed rate or an adjustable rate loan. There are some significant differences between the two choices, so it’s a good idea to read further. Most people’s instinct is to lean towards the fixed rate product, but we think it should be the other way around.
One of the first steps in determining whether you should take out a reverse mortgage is by taking a look at how your family views your home equity. Continue reading
A reverse mortgage is a great idea for seniors who might be facing a financial shortfall in retirement. Continue reading