Do You Qualify For A Reverse Mortgage? The first qualifier is age, all borrowers must be at least 62 years old. Older borrower’s get more money than younger because it is expected they will hold the loan for a shorter period of time. If you have a mortgage, we must look at the principal bal
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03/04/2012
When A Reverse Mortgage Becomes Due, How Long Do Heirs Have to Repay? The Reverse Mortgage Deed of Trust states the reverse mortgage is due immediately upon the death of the last borrower (or sale of home or permanently moving away). If you take the word, 'immediately' literally, it seems time i
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03/04/2012
Questions To Ask To Help Select the Best Reverse Mortgage Option For You. To help determine the best option for you, ask yourself the following questions: Is a large part of the available funds being used to pay off a mortgage or debt? Will you be living in your home beyond 5-7 years? Is a
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02/26/2012
Just Because You’re Old Doesn’t Mean People Can Tell You What To Do! This article caught my attention. Son tried to evict 98 year old mother from home The son of a 98 year old woman tries to evict his own mother from her home She had signed the home over to him years earlier. And he’s no
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02/18/2012
The most common and important discussion I have with my clients is regarding the payment plan and interest rate option. Someone I’ve been talking with over the past 2 years announced she was ready to do the reverse mortgage and wants the most money she can get. She stated very emphatically th
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01/26/2012
If you get your education on reverse mortgages from what you hear in mainstream news, you are missing out on a very important fact. Reverse mortgages are not expensive. The media loves to tell you that it is a program of last resort and the costs are too high, but in reality, reverse mortgages
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01/19/2012
I’m been in a reflecting mood lately, maybe because it’s almost Christmas or maybe because my father recently passed away and it’s the 20 year anniversary of my mother’s passing. Whatever it is, I’m taking advantage of this time to look back and truly be grateful for the upbringing I had and be g
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12/23/2011
I spent the weekend writing Christmas cards to my past reverse mortgage clients. It provided an opportunity to reflect .... the joy I felt knowing how the program I introduced to my clients that made their lives better in so many ways, the privilege I continue to enjoy as I enter their homes a
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12/21/2011
We received great news from HUD that the HECM Lending Limits will remain at the high level of $625,500 through 2012. This means that seniors with high value homes can receive a percentage of their home value, up to $625,500. If the home appraises for more than that amount, we will use $625,500
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12/02/2011
At the National Reverse Mortgage Lender’s Association annual meeting, The FHA Acting Commissioner, Carol Galante told reverse mortgage lenders that HUD plans to keep the lending limits or maximum claim amount at the current $625,500 level. This is great news for potential HECM reverse mortgage b
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10/26/2011