by Cherie | Sep 25, 2023 | Education
A proprietary reverse mortgage, often called a “Jumbo Reverse”, is a non-FHA reverse mortgage originated by a private lender, that often has more flexible guidelines and different features than an FHA insured reverse mortgage. Here are a few ways “Jumbo Reverse... by Cherie | Sep 7, 2023 | Education
Since Congress created the FHA Reverse Mortgage in 1989, many Reverse Mortgage safeguards have been put in place to protect Senior Homeowners. Counseling by an independent 3rd party is required and typically takes about an hour and is done over the phone. A “senior... by Cherie | Aug 22, 2023 | Education
What are some of the unique features of a reverse mortgage? A reverse mortgage is a “non-recourse loan”, meaning that the borrowers have no personal liability for the loan, so responsibility for repayment is transferred from the borrower to the home. Since the home... by Cherie | Aug 7, 2023 | Education
Under what circumstances would a reverse mortgage become due for payoff? One is when the last borrower moves out for more than a year, passes away or the home is no longer their primary residence. Another scenario would be if the property taxes or homeowner’s... by Cherie | Jul 25, 2023 | Education
What are the eligibility requirements for a reverse mortgage? For an FHA Reverse Mortgage, the youngest borrower must be at least 62 or at least 55 for a “Jumbo” non-FHA reverse mortgage. They must have 50-60% in home equity – or more – and it must be... by Cherie | Jul 11, 2023 | Education
Let’s examine exactly what the term “reverse mortgage” means… and how it works differently from a traditional mortgage. When you make a payment on your traditional mortgage, the balance goes down a painfully small amount each month. But, with a reverse mortgage, you...
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