2024 Reverse Mortgage Limits Skyrocket to $1,149,825
All Reverse Mortgage Blog
by Michael G. Branson
4M ago
2024 HECM LIMITS ANNOUNCED: The Federal Housing Administration has just announced that it will increase the maximum claim amount for Home Equity Conversion Mortgages in calendar year 2024 from $1,089,300 to $1,149,825 effective for case numbers assigned on or after January 1, 2024.  This new maximum claim amount is also applicable to Freddie Mac’s special exception areas of Alaska, Hawaii, Guam, and the Virgin Islands. Details were published in Mortgagee Letter 2023-22 and will be included in a future Single Family Housing Policy Handbook 4000.1 (Handbook 4000.1) release.   ..read more
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6 Reasons to Downsize (or Rightsize) with a Reverse Mortgage
All Reverse Mortgage Blog
by Michael G. Branson
5M ago
As we grow older, our housing needs and preferences often change/evolve.  The family home that once fulfilled all our needs and still holds a lifetime of memories may begin to feel impractical or burdensome as our family sizes and physical needs change.  This is where downsizing, “rightsizing,” or even a move to a more advantageous location is often the best alternative for many homeowners. Downsizing refers to the process of moving from a larger residence to a smaller, more manageable one.  Rightsizing might not be less square footage but might be a home that is better suited ..read more
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How to Buy Reverse Mortgage Property at a Foreclosure Auction
All Reverse Mortgage Blog
by Michael G. Branson
6M ago
I am a Professional Real Estate Investor in Florida. I purchase a lot of properties at the foreclosure auction at the clerk of the courts. My questions are: 1. Is there a way to find out what is owed on a reverse mortgage on a property going to the auction? 2. Is there a formula to calculate the maximum borrowed amount? 3. Why is the deed recorded with the amount due 50 years later?     Hello Jim, I can answer this the way I have been instructed by two individuals working in servicing divisions.  Still, I have never personally handled a reverse mortgage foreclosure, and I’m a l ..read more
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Reverse Mortgage Payment Options: Term, Ten Year & Tenure Explained
All Reverse Mortgage Blog
by Michael G. Branson
6M ago
I applied for a reverse mortgage ten months ago with the understanding that I was applying for a ten-year reverse mortgage.  Then, I received a letter from the servicing department that the final monthly payment would end on October 2.  After calling the lender who wrote up the package and then checking, it was determined that the person processing my application entered data incorrectly and that it was only a ten-month, not ten year.  They suggest I use the line of credit available to me, but I have to apply for it to be disbursed monthly, and there is a fee for each disburseme ..read more
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Beware: New Reverse Mortgage Scam on Home Warranty Renewal
All Reverse Mortgage Blog
by Michael G. Branson
7M ago
When I obtained a HECM through ARLO two years ago, the company never said anything about activating a Home Warranty Policy.  The letters claim YOUR company took out a home warranty policy.  Nothing in the stacks of documents provided by your company indicates this fact.  I am now getting letters saying it will expire and that my home is subject to foreclosure if I do not sign up for a Home Warranty Policy.  The letters claim that the policy is required to keep one’s home in proper repair.  Such a policy costs several hundred dollars a month!  Why did it release my ..read more
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Reverse Mortgage Servicing FAQs
All Reverse Mortgage Blog
by Michael G. Branson
9M ago
  HOW CAN I REQUEST FUNDS FROM MY LINE OF CREDIT? If you selected a line of credit as part of your payment plan option, you may request those funds by sending a written request to the servicing department.  You will receive a Line of Credit draw request form with each monthly statement, provided you have available funds remaining.  The draw request form can be mailed to us (our address is on the form) or faxed toll-free at (866) 616-2160. Once we receive your signed request, it will be processed.  We will deposit the funds electronically in your bank or credit union accoun ..read more
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4 Ways You Can Lose Your Home With a Reverse Mortgage
All Reverse Mortgage
by Michael G. Branson
10M ago
  A reverse mortgage can be a powerful tool for an American senior aged 62 or older to create a new source of cash flow from his or her home equity.   With a Federal Housing Administration-insured Home Equity Conversion Mortgage (HECM), the borrower still retains ownership of the property while continuing to live there over the course of the loan. He or she is not required to make monthly mortgage payments during that time.   Reverse mortgages are often misunderstood, and a common misperception is the idea that in a reverse mortgage “the bank takes the home.”   On the cont ..read more
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Unpacking the 3 Types of Reverse Mortgages
All Reverse Mortgage Blog
by Michael G. Branson
10M ago
While the majority of reverse mortgages are Home Equity Conversion Mortgages, or “HECM” loans, there are several reverse mortgage loan types to be aware of if you are in the market for tapping into your home equity.    In this article, you will learn:  What differentiates each of the different reverse mortgage types Key elements that each type offers Resources and where to learn more   In addition to HECM loans, there are proprietary or “jumbo” reverse mortgages and single-use reverse mortgages.  Proprietary loans have recently gained popularity, particularly in area ..read more
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Facing a Reverse Mortgage Foreclosure? Here Are Your Options.
All Reverse Mortgage
by Michael G. Branson
10M ago
Hello Arlo, My mother passed away a year ago. She had taken a reverse mortgage on her home. We later discovered that my mother had not been paying her property taxes, and her home had now been foreclosed. Will they auction the home off? And exactly where do the proceeds of the auction go? If the home sells in auction for more than the reverse mortgage amount. Then where does the rest of the money go? My mother’s home is valued at approximately $250.000. I’m not sure, but I think my mother only received approximately $40,000-$50,000. That’s $200,000 over the loan amount. Do those funds go to my ..read more
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Suze Orman’s Expert Take on Reverse Mortgages
All Reverse Mortgage Blog
by Michael G. Branson
11M ago
Personal finance experts often address reverse mortgage questions and concerns from the general public, which typically involves a discussion of the pros and cons around these financial products. Suze Orman, known for years of experience providing personal financial expertise, including hosting the Suze Orman Show on CNBC for over a decade, has often answered questions and provided her opinions on reverse mortgages.  Orman, who in addition to her time on CNBC, has written 10 New York Times personal finance bestsellers and has appeared frequently as a guest on tele ..read more
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