Reverse Mortgage 101
New to the HECM reverse mortgage? No problem! The articles linked below cover the basics, common myths and misconceptions, the history of the reverse mortgage, common terms, and case studies based on real-world scenarios.
You’ve probably heard the rumors, but what is a 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.
How much can you get from a reverse mortgage? Download our free Excel reverse mortgage calculator and find out. The reverse mortgage is a fantastic financial tool, but it's not perfect for everybody. Is ... 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 loan product, but it's not the right solution for everybody. Is it right (or wrong) for you? We'll cover the reverse mortgage pros and cons to help you ... 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 >
A reverse mortgage purchase loan enables seniors to finance a home purchase with no mortgage payment. Sound crazy? Read on and learn about one of the best kept secrets in the mortgage industry. Very few ... Read More >
What is a HECM for purchase and how does it work? Great question! The HECM for purchase is one of the best kept secrets in the mortgage lending industry. The HECM enables seniors to ... 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 >
For the right candidate, a HECM reverse mortgage is a pretty phenomenal financial tool. I mean, what other mortgage product allows you to make zero mortgage payments? It probably sounds too good to be true, ... 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 >
If you're at least 62, the reverse mortgage for purchase enables you to finance a home purchase with no mortgage payment. Sound crazy? Read on and I'll explain! This is a fantastic program and ... 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 >
What are some reverse mortgage for purchase pros and cons? Great question! The reverse mortgage is a great product, but like any financial tool, it's not always the perfect solution for everybody. Potential pros ... Read More >
If you're looking to have the HECM purchase explained in an easy-to-understand way, you're in the right place. If you're at least 62 (or married to somebody who is), the HECM for purchase program ... 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 >
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 >
Are you looking for a free and easy-to-use reverse amortization calculator? You're definitely in the right place! MyHECM has probably one of the best reverse amortization calculators available online. If you'd like more information about ... 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 heard all the great things about the HECM reverse mortgage, but there has to be some downsides, right? In this article, we'll cover our take on the top five reverse mortgage disadvantages you've ... 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 ... Read More >
As crazy as it might sound, it's possible to finance a home purchase with no mortgage payment. How? With a purchase money reverse mortgage. Very few home buyers or realtors even know about this program, ... 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 >
https://youtu.be/NkJiJC7SylU Updated 9/8/2020. You may have heard or seen the acronym in commercials or online, but what is a HECM exactly? How does it work? HECM (which is often pronounced heck-um by industry insiders) ... 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 >