Reverse Mortgage Loan Blog

‘Saver’ Reverse Mortgage Aims To Cut Start-Up Costs

Reverse mortgages allow seniors to use their home equity while staying in their homes – but have been criticized for their high upfront fees, among other things. A new loan has hit the market, however, offering sharply lower start-up costs in exchange for a tighter limit on the amount that can be borrowed. “It opens [...]

A Less Costly Reverse Mortgage

Older homeowners who have spent years building up equity may be tempted to cash out through a reverse mortgage. But high fees can make these loans pricey. A new government program reduces some of the expenses. In October, the Federal Housing Administration, the unit of the Department of Housing and Urban Development that runs the reverse mortgage program known [...]

Reverse Mortgages: Greater Oversight Of Reverse Mortgages Urged

With demand rising for reverse mortgages, senior citizens are particularly at risk of being misled and should be protected by greater government oversight of the industry, according to a report by Consumers Union and two California advocacy groups. In a struggling economy, older homeowners are turning to reverse mortgages as a way to pull money [...]

More Homeowners Turn To FHA Reverse Mortgage Loans But Should Alternative Options Be Sought First?

Senior homeowners are having difficulty in their financial lives due to a variety of reasons and, as a result, there are indications that more homeowners are turning to reverse mortgage loans as a way to access capital from their home’s equity. FHA reverse mortgage loans have been helpful to certain homeowners, but some financial advisers [...]

Calculus Changes On Reverse Mortgages

Several big changes are coming to the Federal Housing Administration’s reverse mortgage program. Starting on Monday, the program will introduce a reverse mortgage product that will virtually eliminate one of the biggest upfront fees that borrowers are required to pay. A mouthful, the product is known as the Home Equity Conversion Mortgage Saver, or the HECM [...]

Reverse Mortgage Applications See Sharpest Rise In Nearly A Year

Reverse mortgage applications saw an increase in August of slightly more than 8 percent. This according to a report from the Federal Housing Administration (FHA). Although this represents a decline of nearly 4 percent since the same period last year, the latest reading is the highest measured since last September. However, an increase in the [...]

Home Equity Mortgage – New Product Available From FHA

The Federal Housing administration (FHA) has announced a new and modified version of its Home Equity Conversion Mortgage (HECM) product today. This new product will allow older home owners to dip into their equity. They will be able to use this to cover their living and health care costs. When they are doing this they [...]

How Does A Reverse Mortgage Work?

Q: I am retired. I’ve lived in my current home for 17 years, but want to downsize into a smaller, less expensive home. A friend told me that a reverse mortgage can be used to help me buy a new home. How would that work? —Pittsburgh A: A reverse mortgage called the Home Equity Conversion [...]

FHA Announces New Affordable HECM Saver Reverse Mortgage Option

The Federal Housing Administration (FHA) has announced a new modified version of its Home Equity Conversion Mortgage (HECM) product. The HECM loan is a reverse mortgage-insured by the federal government. It allows older home owners to tap into their equity to cover living expenses and healthcare costs, while continuing to live in their home without [...]

The Sandwich Generation: Boomers can feel caught between aging parents, adult children

Life is taking a big bite out of the “Sandwich Generation.” If you’re a boomer, it’s more likely than ever that you’re helping with the care of both your aging parents and your adult children. You’re the “meat” in the middle of the sandwich — and the center is getting thin. A new survey done [...]