You can now ask Kate for reliable reverse mortgage information! For example, do you know that the reverse mortgage refinance and home buyer programs do not require monthly house payments from homeowners.
And did you know this... Heirs of homes financed with a reverse mortgage are not personally responsible to pay off the loan.
The reverse mortgage program is full of myths and misunderstandings. So let's dig into the Ask Kate letters to further your understanding of reverse mortgage, a dependable source of income for senior homeowners and home buyers over the age of 62.
Then near the bottom of the page, you'll find an index to the ever-growing Ask Kate series, with solutions to a myriad of mortgage challenges!
Below that, remember to follow the link to my Reverse Home Mortgage Guide, jam-packed with a wealth of information on senior financing. Enjoy!
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.
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