About Reverse-Loans.net and Charles Dennis
Welcome to Reverse-Loans.net. My name is Charles Dennis and I attempt to cover the world of reverse mortgages and loans with relevant and up to date information, news and comment. If the information is out there I’ll do my best to present it on this site.
About me:
I am a recent convert from the tech world to the mortgage banking world. I spent many years working as a mainframe programmer, but fell victim to the change of the digital revolution. In other words, I didn’t want to do web programming only to see my job outsourced in 3 years. So out went the big IBM mainframe server job and in came my new Apple iBook and entrance into real estate mortgage banking. While I do not solicit my services on this site, I do assist many clients with their reverse mortgage financing, living trust creation and general estate planning. I live in California and I am an alum of UCLA, class of ‘81. Go Bruins!
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SLAnderson
#1. July 9th, 2007, at 4:41 PM.
On the aritcle of outliving your HECM, any lender that tells a borrower they will receive payment for as long as they live is not a good lender or no big surprise, does not understand the program. You can get payments for as long as you live in your home on the tenure program, but those will STOP if you are out of the home for over 12 months and the loan becomes due. Anyone looking for a reverse should make sure their lender is a member of NRMLA, if not, do not use them!