Is it possible to take out a reverse mortgage on manufactured homes? Manufactured homes have surged in popularity since 2008, and are a common housing choice for seniors. Yet, there appears to be a lot of confusion over whether these types of properties qualify for reverse mortgage help. So do they? Or does it demand…Details
Reverse mortgages are becoming integrated as a staple in long term financial plans. Used in a comprehensive plan, reverse mortgages make retirement funds last longer. Unfortunately, there is still a lot of confusion for those couples with notable age gaps. Generally, reverse mortgages take place when all borrowers are over 62. It is possible for…Details
Expert Jane Bryant Quinn, author of “How to Make Your Money Last: The Indispensable Retirement Guide”
TIME recently featured a segment with renowned author and personal finance columnist, Jane Bryant Quinn, where she discusses how her perspective has changed on reverse mortgages and why it can be a good option, even if you aren’t running out of retirement income.
Should I Get a Reverse Mortgage or a Credit Line? What’s the difference between a home equity line of credit and reverse mortgages?
The number of financial products available to older homeowners is growing. Access to home loans, credit lines, and reverse mortgages appears to be improving. But which is the best option for you? Is it a reverse mortgage or a home equity line of credit? Rising Expenses & Uncertainty Many older homeowners are on fixed incomes.…Details
Reverse Mortgage applicants will undergo financial assessments after April 27, 2015. For the first time since the start of reverse mortgages in 1989, reverse mortgage applicants will be asked to show willingness and means to meet their financial obligations. The application process will look like traditional mortgages. Borrowers will be asked to provide income documentation.…Details
HUD gave March 2, 2015 as the implementation date that all lenders implement financial assessments in applying for a reverse mortgage. Stating that there is a delay of certain system enhancement support the changes, had just sent an email to lenders indicating that they are going to delay the policy. The expected delay may be…Details
We’ve been expecting financial assessment guidelines for two years now. We finally received those new rules early November. After March 2, 2015, reverse mortgage applicants will undergo a financial assessment as part of the process in applying for a reverse mortgage. Those applying who are behind on credit card payments, taxes or who do…Details
If you’ve been considering a reverse mortgage, there’s news from the U.S. Department of Housing and Urban Development that could affect both your eligibility and your decision. HUD has issued a notice stating that a financial assessment will apply to all case numbers issued on or after March 2, 2015. Before applying for a…Details
Last year, the Federal Housing Administration requested a $1.7 billion taxpayer-funded bailout from the U.S. Treasury, the first in the nearly 80-year history of the FHA. This means that the FHA is back on track and does not anticipate needing any additional assistance in fiscal year 2015. This is good news for the federally insured…Details
Just a few years back, people 62 and over had more than a dozen reverse mortgage products to choose from. With the burst of the real estate bubble and the contraction of the market, their options became much more limited, but now homeowners have a new choice. HomeSafe is a Jumbo Reverse Mortgage that offers…Details