Category: RSS

Reverse Mortgage News

HECM for purchase

Reverse Mortgage Appraisal Frequently Asked Questions

An appraisal on your property to secure a reverse mortgage can be confusing. There is a lot of jargon that isn’t explained and specific requirements that must be done from the appraiser. Our company, Shop Reverse Mortgage, understands this and seeks to make the appraisal process easy and painless for our customers.

Skyler Smith - UnsplashTo take a step back, a reverse mortgage is a retirement tool for seniors over the age of 62. This financial product is useful for seniors because often times seniors will find themselves to be cash poor but house rich. This is because over the course of their traditional mortgage, the person or couple have built up significant equity in their home over the course of multiple years, usually between 15 to 30. ..Read More>>

HECM Reverse Mortgage Loan Limits for 2016

Gerard Moonen - UnsplashRecently, I had the pleasure to welcome a lovely couple to my office where we discussed options in obtaining financing. They have been married since their 20s and have had a remarkable, long life together. The couple was facing a problem that demanded their full attention—the wife was recently diagnosed with cancer.

While not the first time I had an opportunity to help a couple facing a medical emergency, this time I could see more easily than others how damaging this was to her husband. They needed money to cover the cost that the insurance company required. We discussed their assets and liabilities and determined that their best option was to receive a cash infusion from a reverse mortgage. ..Read More>>

rate hike and reverse mortgages

The Federal Reserve Rate Hike and Reverse Mortgages

The rate hike and reverse mortgages will have an impact on the industry. Just yesterday (on 12/16/2015), the Federal Reserve increased the rate for the first time in just about 10 years. How will the federal reserve increase in the interest rate impact reverse mortgages?

This is an important question to consider moving forward as loans will typically cost the consumer more money. Does the same apply to reverse mortgages? This is what this post attempts at explaining to interested consumers. ..Read More>>

reverse mortgage lender

CNBC Reverse Mortgages – Coverage Alert

Our CNBC reverse mortgage coverage alert pertains to the recent article written on October 26th 2015, titled – “Reverse Mortgages: Useful Retiree Tool or Bad Move?

It is our goal to formulate our opinion on their article and add our commentary to the CNBC reverse mortgage article.

First, the article hints that this type of unique mortgage product was once viewed as a last resort. Shop Reverse Mortgages would have to respectfully disagree with this connotation. ..Read More>>

reverse mortgage lender

Florida Reverse Mortgage News

Reverse mortgages in Florida are making a surprising turnaround. Just a few years ago in 2012, when the housing market declined, it was known as the latest housing bubble. Housing prices were significantly slashed making traditional refinances along with reverse mortgages hard to fund.

The reasoning is simple, people were surprised to hear the value of their homes was so significantly low. With appraised values at an all-time low, many quickly realized they did not have the equity in the home they once thought they had.

This led to many people walking away form their homes as they were actually upside down. Banks faced more foreclosures and it was a grim situation. ..Read More>>