You’ve probably heard the rumors, but what is a HECM reverse mortgage really? We’ll get you up to speed on the most important reverse mortgage basics here.
Mystified by a reverse mortgage? We’ll cover how a HECM reverse mortgage really works. Learn the stuff most lenders don’t bother explaining to you.
The reverse mortgage is a highly misunderstood product. We’ll address the most common myths and misconceptions that you may have heard.
The reverse mortgage has been around longer than you may realize. Learn the history of the reverse mortgage and how it evolved into what we know today.
The reverse mortgage comes with a vocabulary all it’s own. Learn the most common terms and meanings with our reverse mortgage glossary.
The HECM reverse mortgage can impact your financial well being in a positive way. Learn how with these case studies based on real-world scenarios.
Is a reverse mortgage right (or wrong) for you?
Get the inside scoop on how a reverse mortgage really works in The Reverse Mortgage Revealed, by Mike Roberts, the founder of MyHECM.com. This book is well-written, easy to understand, and jam packed with information and insights that only an experienced industry professional can offer. Get it today at Amazon.com!
Can you get a reverse mortgage on a manufactured home? Absolutely! However, there are some basic qualification requirements that your manufactured home must meet. We'll cover what those are in this article. If you're ... Read More >
Can you get a reverse mortgage with bad credit? Yes, you can get a reverse mortgage with bad credit, but there are some caveats. Reverse mortgages are more forgiving from a credit standpoint than ... Read More >
You've probably seen the reverse mortgage commercials with Henry Winkler and Tom Selleck. They make reverse mortgages sound pretty good, right? But are reverse mortgages as good as they say? There has to be ... Read More >
What is a HECM loan? How does it work? Could a HECM be right (or wrong) for you? If you're looking for answers to these questions, you're in the right place. Welcome to the ... Read More >
Can I get a reverse mortgage on a mobile home? Absolutely! However, there are some basic requirements that your mobile home must meet to qualify. We'll cover what those are here. If you're the ... Read More >
What is a CAIVRS check? How does it impact you when applying for a mortgage? A CAIVRS check is an important underwriting requirement that mortgage lenders must complete before they can close a federally-backed ... Read More >
What is a reverse mortgage calculator? Why do you need one? A reverse mortgage calculator is useful for estimating how much you can get from a reverse mortgage. But if you want accurate results, ... Read More >
A reverse mortgage is a great financial solution, but it's not always the right fit. Is it right (or wrong) for you? I've been in the mortgage industry for over a decade and have ... Read More >
Are you a good candidate for a reverse mortgage? Find out here! We'll cover the basic reverse mortgage requirements to help you determine if a reverse mortgage is right for you. Congratulations on looking ... Read More >
The reverse mortgage is a fantastic product, but it's not the right solution for everybody. Is it right (or wrong) for you? In this article, we'll cover key reverse mortgage information to help you ... Read More >
So, what is the current principal limit on a reverse mortgage? It depends! The fact that you're asking this question demonstrates an understanding on your part that the principal limit is not a set ... Read More >
A home equity conversion loan enables seniors to tap into their home's equity and use it to improve their retirement lifestyle and financial security. You've probably seen the ads with celebrity spokespeople extolling the ... Read More >
A home equity conversion mortgage is a unique home loan product that offers seniors the ability to tap into home equity without giving up ownership of the home or taking on a mortgage payment. ... Read More >
If you're over 62, it's possible to finance a home purchase with no mortgage payment using the HECM for purchase. You bring your down payment and the bank finances the rest with no mortgage ... Read More >
You've heard of them and seen the TV commercials with Henry Winkler and Tom Selleck. You're intrigued about these HECM things, but they sound almost too good to be true. So, what is a ... Read More >
What is the minimum credit score for reverse mortgage financing? Can I qualify with bad credit? The answers to these questions may surprise you! In the traditional "forward" mortgage world, credit scores are extremely ... Read More >
You've seen the TV commercials with celebrities extolling the benefits of a reverse mortgage. It sounds good, but you need more information, right? You just need a simple reverse mortgage explanation that covers how ... Read More >
How does a HECM loan work? Great question! The HECM is a fantastic home loan program that enables seniors to convert a portion of their home's value into cash that can be used for any ... Read More >
What is the reverse mortgage maximum loan amount? You may be surprised to learn that there is no maximum loan amount. The reverse mortgage is completely open-ended as long as you meet your program ... Read More >
If you’re over 62, it’s possible to finance a home purchase with no mortgage payment using a reverse mortgage for purchase. You bring your down payment to closing and the bank finances the rest with ... Read More >
So, what is the reverse mortgage age requirement exactly? Great question! The reverse mortgage does have an age requirement, which I'll cover shortly. But first, let's make sure we're both on the same page ... Read More >
A reverse mortgage amortization schedule is an important document that details how a reverse mortgage changes over time. Most reverse mortgage borrowers are concerned mainly with how much they can get at the start ... Read More >
How much equity is required for a reverse mortgage? Well, that depends. There are a few different factors that determine the equity requirements for a reverse mortgage to be workable. A reverse mortgage is ... Read More >
How much can I get on a reverse mortgage? Well, that depends! A reverse mortgage is not a one-size-fits-all home loan, so the amount differs from one person to the next. We'll cover the ... Read More >
What happens when a reverse mortgage borrower dies? Great question! This is a common question asked by seniors investigating a reverse mortgage. Before we dig into the answer, let's first cover a few basics ... Read More >
Can you pay back a reverse mortgage early? Or are you locked in for life once the loan is complete? We'll separate fact from fiction and explain your options for paying off your reverse ... Read More >
Updated 9/8/2020. So, how does a reverse mortgage work? With this article, I want to dig under the hood and show you the nuts and bolts of a reverse mortgage. I can almost guarantee ... Read More >
A HECM reverse mortgage is a great mortgage program, but not everybody can get one. Yes, a reverse mortgage age requirement does apply. However, how it applies depends primary on the marital status of ... Read More >
A HECM reverse mortgage is a fantastic mortgage product, but it's not available to everybody. Yes, a reverse mortgage age limit applies. But how it applies depends on the marital status of the borrowers on ... Read More >
[myhecm-rmcalculator-reverseam-page page="1" totalpages="2"] How to use the reverse amortization calculator Our reverse amortization calculator is very easy to use. Simply enter the interest rate, the starting loan balance, and the number of years to ... Read More >
What if I said screwdrivers were bad and nobody should use them? You'd probably think I'm nuts, right? Or, what if I said that hammers were terrible and should always be avoided? Such a ... Read More >
This is part 2 of my article covering some of the basics about the HECM reverse mortgage. If you haven't read part 1, you can find it here. Reverse Mortgage Closing Costs Like any ... Read More >- You've seen the TV ads or heard of friends who've gotten one, but you've never actually had the reverse mortgage explained to you. Well, you're in the right place! This article is written by an ... Read More >
You've probably seen the commercials with Tom Selleck pitching reverse mortgages. He makes reverse mortgages sound pretty great, doesn't he? Is the reverse mortgage as good as Selleck presents? There has to be some ... Read More >
You're retired and you need a financial fallback plan. You're evaluating the merits of a reverse mortgage vs home equity loan, but you're not sure which is the better option. Which one should you ... Read More >
The reverse mortgage line of credit growth feature is probably one of the best aspects of the HECM reverse mortgage program. If you owe little to nothing on your home, the reverse mortgage line ... Read More >
Reverse mortgage insurance for the HECM program is designed to protect both borrower and lender if the home isn't worth enough to settle the entire balance at the time the loan is due and ... Read More >
The HECM reverse morgage industry is a relatively small niche of the broader mortgage industry, so it's not quite as easy to find current HECM interest rates online as it is for traditional forward mortgages. ... Read More >
You may be surprised to learn that reverse mortgage history began as early as 1961 when the first reverse mortgage was issued by a Savings & Loan in Portland, ME. Various types of reverse ... Read More >
An FHA-insured HECM reverse mortgage is not perfect for everybody, but it can be a great financial tool for the right candidate. Unfortunately, many seniors who could benefit from a reverse mortgage never take ... Read More >
I've been in this business for a number of years and have talked with thousands of people about the HECM reverse mortgage. The following are some of the most common reverse mortgage FAQs (frequently ... Read More >
