Category: New Reverse Mortgage

Reverse Mortgage and Senior Divorce

Saving the family home when senior citizens divorce

The New Reverse Mortgage helping seniors get through divorce Senior citizens divorce (also called “silver” or “gray” divorce) is becoming more common, and more acceptable. In 2014, people age 50 and above were twice as likely to go through a divorce than in 1990, according to the National Center for Family and Marriage Research at…

HECM Counseling for The New Reverse Mortgage

In 2012 HUD began fine tuning its HECM (Home Equity Conversion Mortgage) program to make it more senior friendly. At that time they instituted the requirement that you complete mandatory HECM counseling seven days prior to starting any paperwork for a Reverse Mortgage. What is HECM counseling? Mandatory HECM counseling provides seniors with the necessary…

The New Reverse Mortgage

The truth about the New Reverse Mortgage

The New Reverse Mortgage isn’t what you think it is. The Reverse Mortgage program was signed into law by President Reagan in 1987. The intent was to provide an instrument for senior homeowners to have a retirement “safety net”. He recognized that the skyrocketing inflation of the early 1980s made it almost impossible for those…

Debunking Reverse Mortgage Myths

Debunking the #1 New Reverse Mortgage Myth

I give up ownership of my home with a Reverse Mortgage. Without question is the number one fear of many older homeowners when considering a Reverse Mortgage. I can remember when someone asked my father if he owned his home, he always answered: Yes, me and the bank! With a forward mortgage as long as…

How much do you need for a secure retirement?

Do you have $1 million saved for a secure retirement? A recent Huffington Post article proclaimed that retirees need $1 million dollars to have a secure retirement. No doubt that’s probably true but what about the rest of us? Don’t have your million saved yet? The good news is there are enough other retirement rules…