If your home is financed with an adjustable rate mortgage (ARM), you know first-hand about living with uncertainty. That's not to say that an ARM is an unwise choice for many. But unfortunately, the terms and conditions are often murky and unclear to borrowers at the time of loan application.
So if you are considering an adjustable rate, for example, to get a lower initial monthly payment, you can ask Kate for answers to your questions before committing to the loan.
Or, as you are about to see from the letters below, ARMs can become complicated, even years after the loan is originated. If this describes your financing, feel free to browse the following Ask Kate letters from homeowners with adjustable rate mortgages.
Or ask Kate (that's me, of course) your own question. I look forward to hearing from you!
HECM Reverse Mortgage Details: Early Pay-Off, Interest Rates, Appraisal Disputes - Will selling a house financed with a reverse mortgage before the death of the homeowner result in owing money to the bank? Plus help with challenging appraisals and interest rate pay-out options for reverse mortgages.
FHA Reverse Mortgage Rules: Non-Borrowing Spouses - In the past, following the death of borrowing spouses, reverse mortgages immediately became subject to foreclosure. With this HUD announcement, eligible spouses are allowed to remain in their homes. Victory!
Is Reverse Mortgage Possible After Refinancing - Warren asks if refinancing in 2015 will have any negative effect on getting a reverse mortgage financing in 2016. Robert's friend was just placed in an assisted living facility. Can the bank foreclose on his home that is financed with a reverse mortgage?
Reverse Mortgage for Home Purchase Program - Featuring no monthly house payments, the program that produces steady income is often used for refinancing. Yet few know that Senior home buyers can also take advantage of Reverse Mortgage (HECM) financing!
December 2013 Reverse Mortgage News - Leaving one of their names off the mortgage when it was the only way for senior homeowners to qualify for a reverse mortgage was not uncommon. But eventually, this left many surviving non-borrowing spouses in foreclosure. See the recent court ruling.
Breaking FHA Reverse Mortgage News - Effective October 1, 2013, the Department of Housing and Urban Development (HUD) will begin tightening up on the requirements for the FHA reverse mortgage (Home Equity Conversion Mortgage, HECM for short). The goal of the Reverse Mortgage Stabilization Act of 2013 is to ensure the program remains strong enough to aid future generations of senior homeowners.
Reverse Mortgage Pitfalls For Heirs - I am told to obtain a reverse mortgage, my home needs little to no equity. My concern is the debt my heirs will incur. What is the worst case scenario?
Am I too young for a reverse home mortgage?
How my reverse home mortgage helped grandma - I would recommend a reverse mortgage to any elderly person who outright owns their home.
7 tips for highest property appraisals - How can I influence a property appraisal?
Important: Senior homeowners should consult a financial planner, tax accountant, and/or attorney as applicable to evaluate their circumstances before financing with a reverse mortgage. Even if not a loan requirement, reverse mortgage counseling is highly recommended.
September 2015: Fannie Mae and Freddie Mac Improve Loan Modifications.
September 2015: New Foreclosure Time Frames in 33 States.
June 2015: California Owes Millions to Struggling Borrowers.
June 2015: The Mortgage Forgiveness Debt Relief Act Update.
May 2015: HAMP and HARP Program Extensions.
Learn how to get out of debt and pay off your mortgage early while beating the bank at its own game.
Suzana writes me after reading The Mortgage Freedom Project...
I'm following your magical steps in hopes of getting my financial situation under control. Thanks for your help!
Go here if you also want to get out of debt and pay off your mortgage early without sacrificing your lifestyle!
Available in Paperback and Kindle format.
Please share Reverse Mortgage Information with your friends. I hope you'll come back and visit often.
Insider mortgage secrets, every Thursday morning. Sign up now.
Delivered by Super Kate who respects your email privacy.
Borrow a mortgage insider's brain.
Mortgage news, interest rate updates, loan approval tips.
Search my site by entering Ask Kate and a term into your browser's search box. So for the scoop on refinancing, search for Ask Kate Refinance. Try it!
What Is a Reverse Mortgage? Specialty mortgages created to produce income without a monthly payment.
Will heirs become responsible for homes financed with a Reverse Home Mortgage?
Learn who can help homeowners evaluate Reverse Mortgage Income for Seniors before refinancing.
Meet the stable FHA Reverse Mortgage Refinance Program (HECM) and learn the payment options.
Introducing the FHA Reverse Mortgage Purchase Program (HECM) for Senior home buyers.
Seniors and family members Ask Kate for Reverse Mortgage Information.