Last October, the President signed HR 2167 – “The Reverse Mortgage Stabilization Act of 2013”. As a result, changes have been made to make it harder to qualify for a reverse mortgage. To be eligible for a reverse mortgage you … [Read more...]
Search Results for: reverse mortgage
Key Changes Tighten Reverse Mortgage Eligibility
Q: My mother, Sally, 62, owns a home in Fairfax that is valued at $500,000 and the amount owed on her mortgage is still $300,000. When my mother retires in 3 years, the monthly mortgage payment will be unaffordable for her, but … [Read more...]
Senior Homeowners: When does a Reverse Mortgage Make Sense?
For many seniors the equity in their home is their largest single asset, yet it is unavailable to use unless they use a home equity loan. But a conventional loan really doesn't free up the equity because the money has to be paid … [Read more...]
Reverse Mortgage Rules Changing Again
I've written several times over the years on the topic of Reverse Mortgages. My first article explained the concept and requirements of a Reverse Mortgage and how seniors can use a reverse mortgage. My second article, entitled … [Read more...]
Huge Problem with Reverse Mortgage Industry
I have always praised the use of Reverse Mortgages as a way for seniors to pay for Home Care so they don't need to leave their home and move into a long-term care facility. See, for example, my January 30th, 2010 blog posting on … [Read more...]
Using a Reverse Mortgage to Pay for Home Care
Many of my clients ask me how I feel about reverse mortgages, and even more so this past week because of a favorable story that appeared in last week's Washington Post entitled "Reverse Mortgages are Not the Next Subprime." This … [Read more...]