Search Results for: reverse mortgage

Changes Make Reverse Mortgages Harder to Get

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...]

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...]

The Reverse Mortgage Saga Part 6: “How One Reverse Mortgage Lender is Helping Americans Stay at Home”

I have chronicled the ups and downs of the reverse mortgage industry for the past five years.  In 2010, I exposed two major problems with the reverse mortgage industry -- the “competency problem” and the “expense problem.” I … [Read more...]

The Reverse Mortgage Saga Part 5: “How the Farr Law Firm is Helping Clients Stay at Home”

“Presume not that I am the thing I was,” wrote William Shakespeare in the play, 2 Henry IV, reminding us that nothing stays the same. On the personal side, we all change over time; our families and our other assets grow and … [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...]

No More Reverse Mortgages, Announces Bank of America

Since 2007, my opinions on reverse mortgages have been mixed.  Today, I re-examine my previous articles and prior concerns, due to Bank of America’s monumental announcement Friday that it is exiting the reverse mortgage … [Read more...]

Reverse Mortgage Industry in Trouble?

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, … [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...]

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