Reverse Mortgage Info

Recent Posts

  • How A HECM Reverse Mortgage Can Help During The COVID-19 Crisis

    In one week the COVID-19 virus has shook not only the health of the entire world, but our national economy and stock market and our local economies as well.  Seniors are an especially vulnerable age group to not just the virus itself, but also to the broad reaching impact on finances. Here’s how a HECM […]

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  • What Retirees Want In Housing

    If you find yourself yearning for a retirement of comfort in your own home in a community you love, you are definitely not alone.  Here are some pretty telling facts and statistics surrounding the desires of older adults in the U.S.. According to research by the American Association of Retired Persons (AARP): Nearly 90 percent of […]

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  • I Have A HELOC On My Home – Can I Get A Reverse Mortgage?

    The short answer is – absolutely.  And as a matter a fact, reverse mortgages are great options to eliminate HELOC payments. A HELOC is the acronym for Home Equity Line of Credit, and thousands in the Fort Collins and Loveland cities have taken advantage of it. When the housing boom was in full swing a number of […]

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  • Reverse Mortgage For Purchase – A Hidden Gem

    Nearly everyone is familiar with a Reverse Mortgage and many even know someone who has used one to increase cash flow or help them remain in their existing home.  But what many people don’t realize is that you can also use one to purchase a home.  This little known portion of the reverse mortgage program, called Reverse Mortgage […]

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  • Should Your Financial Planner Be Discussing Reverse Mortgage?

    When financial planners counsel retirees on how to best leverage their retirement portfolio, social security, and other assets, considering a reverse mortgage was long not part of that conversation – but this is beginning to change. As the myths of the industry are laid to rest, many professionals are beginning to better understand how reverse […]

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  • What is Required Reverse Mortgage Counseling?

    Prior to being approved for a reverse mortgage, HUD’s Federal Housing Administration (FHA) requires each borrow to participate in a counseling session with an approved agency. These not-for-profit agencies are funded by the federal government and work closely with both the FHA and lenders to ensure a smooth process. The goal of this session is not […]

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  • Reverse Mortgage FAQ – Part 3

    This is the third in a three part series of frequently asked questions about Reverse Mortgage.   Will I Lose My Government Assistance If I Get a Reverse Mortgage? A reverse mortgage does not affect regular Social Security or Medicare benefits. However, if you are on Medicaid or other public assistance, any reverse mortgage proceeds you receive […]

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  • Reverse Mortgage FAQ – Part 2

    This is the second in a three part series of frequently asked questions about Reverse Mortgage. Can I get a Reverse Mortgage even if I have an existing mortgage? You may qualify for a reverse mortgage even if you still owe money on an existing mortgage. The existing loan will be paid off first with the […]

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  • Reverse Mortgage FAQ Part 1

    This is the first in a three part series of frequently asked questions about Reverse Mortgage. Are There Any Special Requirements to Get a Reverse Mortgage? In order to qualify for a reverse mortgage, you must own your home, be at least 62 years old, have some equity in your home, and meet the income […]

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  • Everything You Need To Know About The Reverse Mortgage Appraisal

    Getting assessments on just about anything can seem laborious or tedious, who wants to have something close to them looked at with a magnifying glass? But appraisals for reverse mortgage loans are not only very helpful for everyone involved, they’re required by the lender.  Part of what determines the amount of funding available from a reverse mortgage is the appraised […]

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  • How Rising Interest Rates Affect Reverse Mortgages

    Interest rates have been at historic lows for years.  This has afforded thousands of Americans to the ability to secure home loans for their dream house.  It’s also worked in favor for those who have made the decision to tap in their home equity using a reverse mortgage.  But interest rates affect a conventional loan […]

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  • Will A Reverse Mortgage Affect Social Security, Medicare & Pension?

    A very common concern among seniors and adult children when considering a reverse mortgage is how it will affect social security, medicare, and even certain pensions.  For many seniors, these benefits are a large part of their income. Fortunately, because the funds from a reverse mortgage are NOT considered taxable income, a borrower’s benefits will not be affected when taking out […]

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  • Why Reverse Mortgage for Purchase is Different

    The Reverse Mortgage for Purchase program is an age-based mortgage insured by the FHA for individuals and married couples aged 62 and older. Unlike a traditional mortgage, monthly payments are deferred and the loan balance increases over time. Because the loan is backed by the FHA, neither the borrower(s) nor their heirs are personally liable for the debt. […]

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  • 3 Things to Do with a Reverse Mortgage in Connecticut

    One of the best parts of a reverse mortgage is the borrower(s) can do anything they’d like with the funds – while also living mortgage payment free.  In Connecticut, seniors are more active than ever, whether it be traveling, home improvements, or visiting with family and grandchildren often. Here are 3 fulfilling ways seniors are using their reverse […]

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  • Dissecting The Differences In Reverse Mortgage Professionals

    When you start navigating the waters of reverse mortgages, you will undoubtedly come across MANY different companies and individuals ready and willing to help.  Flashy ads, website calculators, famous spokesmen, and more.  But who are all these people?  And what is the difference between them?  How do you know what is the best fit for […]

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  • What Will I Be Responsible For After I Get A Reverse Mortgage?

    Reverse Mortgages have helped millions of seniors live more plentiful lives as they age.  Homeowners and their spouses over the age of 62 are eligible for Home Equity Conversion Mortgages (HECM), but although they will NOT have a monthly mortgage payment to pay, they are still responsible for some financial obligations regarding the home.  These include: […]

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  • 7 Worst HECM hReverse Mortgage Myths

    Reverse Mortgage was created to give our retiring generation a way to keep their homes and manage the ever increasing costs of life after working long and hard over the years. It is an option that could be just right for you. All applicants are required to participate in HUD approved counseling to ensure all their questions and concerns […]

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  • How A Widow Can Buy A Home Using A HECM Reverse Mortgage

    It’s a scenario all to familiar for the elderly in Connecticut… A spouse passes away leaving behind a widow.  The remaining partner wants to move closer to family.  But there’s a catch – although the widow’s current home is owned outright, they would typically need to sell it before they could purchase another.   And they […]

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  • Will A Reverse Mortgage Affect Social Security, Medicare & Pension?

    A very common concern among older adults and their adult children when considering a reverse mortgage is how it will affect social security, medicare, and even certain pensions.  For many seniors, these benefits are a large part of their income. Fortunately, because the funds from a reverse mortgage are NOT considered taxable income, a borrower’s benefits will not be affected when taking […]

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  • Home Equity Among Seniors Rises

    In the first quarter of 2017, home equity held by homeowners 62 and over rose 2.6% to $6.3 trillion, according to data from the National Reverse Mortgage Lenders Association. This $200 billion increase of housing wealth is attributed to rising home values across the nation, and especially in Colorado where some of the largest spikes were […]

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  • When To Refinance Your HECM Reverse Mortgage Loan

    HECM reverse mortgages are for seniors 62 and older, including married couples, and were once considered a life line. Times have changed, and now reverse mortgages are regularly being incorporated into retirement planning.  But refinance a reverse mortgage?  It’s not something you hear about often, or maybe you don’t even realize it’s an option.  And why would […]

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  • Why Society is Reversing Their Thinking on HECM Reverse Mortgages

    Since the HECM reverse mortgage industry began seeing changes in 2015 and again, earlier this month, financial advisers, retirement planners, and reverse mortgage specialists are collaborating more than ever before.  In an effort to ensure these changes are are thoroughly understood and appropriate solutions are offered to clients, a strong relationship between professionals is vitally important. Because of […]

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  • Reverse Mortgage Changes Coming Oct 2, 2017

    Last week the FHA announced some important changes to HECM reverse mortgages which will go into effect October 2, 2017. If you already have a loan in place or have signed an application by this date, this will not impact you. But if you are still in the thinking stage, you should consider the possible financial impact […]

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  • Applying for a Reverse Mortgage : What to Expect

    If you’ve reached the point you are ready to apply for a reverse mortgage, you have likely done a fair amount of research (and if you haven’t, feel free to read through the informational articles here on my blog).  So what comes next? Here’s a quick run down of what to expect… Age qualifications.  You’re probably […]

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  • Are You Ever Too Old For A HECM Reverse Mortgage?

    The minimum age for a reverse mortgage loan is 62, but what about a maximum age?  Is anyone ever too old for a reverse mortgage?  I don’t think so, although it won’t be right for everyone. Reverse mortgages are available to homeowners, or those seeking to purchase a home, who are 62 and older, including married couples.  There are […]

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