Basics
Properties Not Eligible for Reverse Mortgages
According to HUD, there are several types of housing units that are not eligible for a HECM or Reverse Mortgages. Primarily older manufactured homes are not eligible with a couple of other types you would not think about on a normal basis.
Cooperative units
Newly constructed residence where a Certificate of Occupancy or its equivalent has [...]
HELOC vs. Reverse Mortgage (Frequently Asked Questions)
There is a difference between a HELOC and a Reverse Mortgage, although to the average consumer they seem pretty close. Bankrate, does a fabulous job explaining the difference.
A reverse mortgage is an interest-only loan that capitalizes the interest expense along [...]
Wells Fargo braces for reverse mortgage growth
As the new limits on reverse mortgages settle amongst lenders, Wells Fargo is expecting to see a bump in applications, despite the current state of the economy. In an interview with McClatchy columnist VICKI LEE PARKER, we find a Wells Fargo Reverse Mortgage specialist giving his insights into the industry.
Brien J. Brandenburg, a reverse mortgage [...]
Wells Fargo Reverse Mortgage
Back to basics. Wells Fargo recently updated their reverse mortgage section with the latest definition of what is a reverse mortgage. While they do not list rates on their site, having the basic understanding goes a long way for a senior or loved one looking for basic information.
What makes it a “reverse” mortgage?
A reverse mortgage [...]
Reverse mortgage turns home equity into cash - Centre Daily Times
Reverse mortgage turns home equity into cash
Centre Daily Times, PA - Oct 22, 2008
None of your other assets will be affected by HUD’s reverse mortgage loan.
Q: Can a lender take my home away if I outlive the loan?
A: A reverse mortgage is a special type of home loan that lets a homeowner use a portion of the equity [...]