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!
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?
Current Reverse Mortgage Interest Rates and HECM (FHA) - Are these interest rates reasonable for a reverse mortgage loan in today's market. Can you point me in the right direction?
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?
Meet a Reverse Mortgage Specialist from Long Island in New York.
HARP and HAMP Loan Modification Answers - Unique help for modifying your mortgage, HARP refinancing, and understanding the Making Home Affordable Program.
Rate Lock Answers Part I - Learn the nitty gritty inside story of locking your mortgage rate.
Rate Lock Answers Part II - The dilemma of locking mortgage rates continues with the most recent letters.
Refinance Answers Part I - Refinancing brings out opinions, for sure! Get the facts here.
Refinance Answers Part II - The most recent questions on refinancing a mortgage.
Home Buying Answers I - Learn how to buy a house. Unusual facts to aid your home buying experience.
Home Buying Answers II - Home buyers ask questions and tell their stories.
Credit Score Answers - Improving credit could change your life. Find how to get more than temporary results.
FHA and VA Answers - Clear the fog. The low down on VA and FHA loan requirements.
PMI Answers - Private mortgage insurance, friend or foe? Do you know how to get rid of it?
ARM Answers - Do you have an adjustable rate home mortgage? You can ask me for help.
Reverse Mortgage Answers - A unique source of income for Senior Retirees.
How To Compare Mortgage Rates Online - You'll enjoy this collection of homeowner questions and experiences while shopping for lenders.
Mortgage Advice Forum - Savvy home mortgage questions and tips from readers to my website.
Mortgage News - Bold opinions of Joe Public regarding mortgage and real estate news.
Website Answers - Yes... I'm even asked how to build a website.
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The information you obtain at this site is not, nor is it intended to be, a substitute for personalized professional advice. All numbers are estimated and are for illustrative purposes. Rates are published for convenience only, vary with no advance warning, are not guaranteed, and should not be relied upon. You are encouraged to consult a lender for a current rate quote and seek advice from qualified professionals, for example, attorneys, accountants, financial planners, housing counselors, mortgage lenders, and/or real estate agents, regarding your individual situation. Comments and opinions found here are not necessarily those of Get-Your-Best-Mortgage-Rate.com and its owners.
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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.