Servicing a troubled Federal Housing Administration-backed loan costs three times as much as a loan from government-sponsored enterprises (GSEs).
If you’re age 62 or older, you too could get the home that has everything you imagine, because a home equity conversion mortgage for purchase could provide the financing you need for the home you really want.
Despite substantial improvements over the past five years, the vast majority of financial professionals still fail to incorporate home equity planning or reverse mortgages into their practices.
There are no fixed loan-to-value ratios with reverse mortgages. The amount a borrower can receive from a reverse mortgage depends upon these three factors.
On Tuesday, August 29th, 2017 the Department of Housing and Urban Development (HUD), surprised the reverse mortgage industry by formally announcing new changes to the Home Equity Conversion Mortgage (HECM) program.
Senior homeowners ask what happens to their properties once they get their reverse mortgage loans. Will they lose them to foreclosures someday?