I got a call today from a very fun 85 year old Roy in Phoenix who currently lives in a mobile home that was built pre-1976 -- which means that his property is not eligible for any of the FHA insured loan programs. He was interested in learning more about reverse mortgage options other than the FHA HECM reverse mortgage option becasue he knew that he couldn't get an FHA insured loan due to the … [Read more...]
How To Buy A House With A Reverse Mortgage: No Down Payment, No Monthly Payments. Ever.
If you are senior who just happens to want to live in Arizona, now is your chance to buy a house with no down payment and make no mortgage payments for as long as you live in the home. Re-read that last part. Buy a home in Arizona, make no down payment and make no mortgage payments for as long as you live in the home? Correct. FHA's newest reverse mortgage program is called the HECM … [Read more...]
Seniors In Foreclosure: An FHA Reverse Mortgage May Save You
I was speaking with our data provider a little while ago and she told me that there were currently about 500 people in Arizona who were over the age of 62, had a loan-to-value ratio of 60% or less and were currently late on their mortgage payments. In this month's National Reverse Mortgage Lenders Association magazine, there is a section titled "When A Reverse Mortgage Protects Against … [Read more...]
FHA HECM Reverse Mortgage: Top 10 Regions
In what regions of the US are FHA HECM reverse mortgages becoming more popular? Where are the most FHA reverse mortgages being done? What regions are there the most lenders who provide FHA reverse mortgages? These are just a few of the questions that the statistics put out by Reverse Market Insight answers. FHA reverse mortgages are becoming a more popular option for seniors on a … [Read more...]
FHA Reverse Mortgage Counseling: What To Expect
If you are senior who is thinking about getting an FHA reverse mortgage, you are required to attend a counseling session with a HUD-approved counselor prior to getting a reverse mortgage. The counseling session can be done at your home, in a group setting, or even over the phone and usually lasts between an hour and two hours. Some of the questions that you can expect the reverse mortgage … [Read more...]
Reverse Mortgages: “A Good Idea” FHA Commissioner Says
As some of you know, my grandparents currently have a FHA HECM reverse mortgage and I am currently working with my parents to get an FHA HECM reverse mortgage. Many seniors are concerned whether or not a reverse mortgage is right for their situation, and the truth is "it depends". But with the current downturn in the economy, there are more seniors than ever who are struggling to make their … [Read more...]
Arizona Reverse Mortgages: Top 10 Home Improvements Seniors Make
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...]