According to an AARP survey found on the HUD.gov website, the majority of mid-life and older Americans want to remain living independently in their own homes and communities for as long as possible. Nursing home? People don't want to live in a nursing home, they want to stay in their own home! The survey found that: 70% of seniors who are able to make changes to their homes have made … [Read more...]
FHA Reverse Mortgages: How Old Do You Have To Be?
A common question we are asked is "how old do you have to be in order to get an FHA-insured reverse mortgage?" The simple answer is... 62. But wait, there is more to the story. The are strict age requirements to the FHA/HECM (Home Equity Conversion Mortgage) program and the age requirements state that each borrower be at least 62 years of age. It seems that quite often, we speak with … [Read more...]
Reverse Mortgage? Your Lender May Call You With An Offer You Can’t Refuse
Imagine for a second the following scenario: You are age 70. You live alone. You are living on social security and a small pension. You have never used the Internet. You have lived in your home for 25 years. You have recently had some unexpected expenses arise and you find yourself not being able to make your mortgage payment each month. You are currently at least 30 days late on … [Read more...]
Arizona FHA Reverse Mortgages: Bad Credit Doesn’t Matter
Are you over the age of 62 and currently late on your mortgage payment? Here is something that I bet you didn't know -- according to a data provider that I use, there are currently 499 seniors in Arizona who are over the age of 62, have a loan-to-value ratio of 60% or less and they are currently late on their mortgage payment by either 30, 60 or 90 days. When digging a little deeper into the … [Read more...]
Reverse Mortgages: Top 10 Things HUD Wants You To Know
Many seniors are searching for more information about reverse mortgages and with the FHA-insured HECM Reverse Mortgage, FHA has done a nice job of putting some information out on their website about it. Here is an parahprased list of the top 10 things HUD wants seniors to know about the HECM Reverse Mortgage program: Top Ten Things to Know if You're Interested in a Reverse Mortgage 1. … [Read more...]
Arizona FHA Reverse Mortgages – 5 Myths About Reverse Mortgages
For better or worse, there is quite a bit of mis-information about reverse mortgages in general and like it or not, more and more people are asking the question of "is a reverse mortgage right for me?" Here are 5 of the most common myths about reverse mortgages: Top Five Myths About Reverse Mortgages Myth 1. - The bank takes the house OR the borrower can lose the house. With a reverse … [Read more...]
Arizona FHA Reverse Mortgages – Ten Reasons Seniors Choose A Reverse Mortgage
Lately, we have been talking to more and more people who are interested in learning more about the FHA Reverse Mortgage program. With more people turning 62 every day, the number of people who are getting a reverse mortgage is expected to increase substantially over the coming years. What are the top 10 reasons that seniors get a reverse mortgage? According to AARP: Top 10 Reasons Seniors … [Read more...]
The Housing and Economic Recovery Act of 2008 — Arizona Reverse Mortgage Law Changes
If you are a senior living in Arizona and considering a reverse mortgage, be sure to thank the new housing law for increased options, flexibility and lower fees to get into a reverse mortgage. Some of the big changes in the bill include new loan limits for reverse mortgages, reduced costs to obtain a reverse mortgage and some protection from predatory sales practices. New loan limits for … [Read more...]
Common Questions and Easy Answers About Reverse Mortgages
I was poking around on the Internet the other night and came across a site about reverse mortgages that was aimed at collecting information from seniors so that one of their sales people could call them and end up trying to sell them a reverse mortgage. The interesting thing about this site is that their "hook" was "get your free booklet if you give us your information". They even let you … [Read more...]