Reverse Mortgage Changes in 2023!!!
ฝัง
- เผยแพร่เมื่อ 3 ม.ค. 2023
- There have been some major changes and news events that have happened recently in the Reverse Mortgage space. We will discuss the ramifications of these news stories and changes and discuss what to expect in 2023 for Reverse Mortgages.
Link to Should You Wait to do a Reverse Mortgage video:
• Should You Wait to do ...
Like our video and subscribe to our channel for the most up to date and in depth information about reverse mortgages.
If you or someone you know has questions about a reverse mortgage, give me a call. I'm always happy to educate you about your options and help you determine if a reverse mortgage is a good fit.
We are currently licensed in Arizona, California, and Colorado.
Taryn Proctor
(888) 982-0475
rheadvisors.com
info@rheadvisors.com
NMLS: 1457445 | DRE: 02116203
Branch NMLS: 2134579
Reverse mortgages can be horrible for beneficiaries if you don't have a proper plan
Yes, they absolutely can. That is why we recommend a trust, discussing the reverse mortgage with any heirs, as well as having a plan, to avoid any issues at that point.
is it a good time to get HECM right now instead of waiting, My house is paid off and would like HECM setup . I dont need the money right now. thanks for great info. Rod
Hi Rod! Happy you found the video helpful. I would certainly recommend, at the very least, giving me a call so that we can discuss the ins and outs of your particular situation and you can see how the reverse would look for you currently. Once you have all the information at hand, I’m confident you’ll feel confident with whatever decision you wind up making. Unfortunately, I can’t tell you whether you should or shouldn’t wait, but what I do know is there are many additional benefits to someone who has their home paid off, as far as setting up the HECM sooner rather than later. There are also some risks you should be aware of if you do wait. Could it pay off, sure.. is the risk worth the potential benefit.. That would be the decision for you to make. If you’d like to chat more, you can reach me at (888) 982-0475. Hope to chat soon.
My husband and I purchased our current home with a reverse mortgage in 2009. We want to downsize to a smaller home. Can we purchase our next (smaller) home using a reverse mortgage again after selling our current home? Thanks in advance for your response.
Hi there! Yes, you can certainly do this. If you sell the current home and repay the current reverse mortgage at that time, you can absolutely go and purchase a new home using a new reverse mortgage after that. You just cannot have 2 reverse mortgages at the same time. :-)
How does one go about finding a reverse mortgage broker in your area. I’ve done google searches, contacted and left messages asking for referrals from my Credit Union where I had my home mortgage. I’m disappointed you apparently do not cover my state. Any suggestions?
Hi! I’m sorry you are having a tough time with this. Unfortunately, it can be hard sometimes, as there aren’t many of us out there. But, give me a call and I can see if I can help find someone for you. (888) 982-0475.
My friends dad got a HECM mtg….. he took all the equity and then bought another house and abandoned the HECM home….. house went under foreclosure because he voided the contract and didn’t pay taxes or reside in the home. House was sold for less than amount taken out …. Can the holder of the HECM mtg go after him and put a lien on his current home ?
Hi there! Appreciate the question. No they cannot. HECM (federally insured reverse mortgage) loans are non recourse. This means the lender has no other recourse to satisfy the loan, other than the original home the reverse mortgage was taken out on. So the lender cannot come after your friends dad for anything else, even though the home did not sell for as much as the loan amount. The federal insurance will make the lender whole for what the sale didn’t satisfy. Hope that helps!😊
What if a senior age 75 owns a mortgage-free custom home worth $2.5 [ or more] . Can this senior borrow only $400k? I assume yes. And let's say the senior dies in 6 years- the heirs inherit the home but must repay the reverse mortgage-right? And the interest has added up and so now heirs own what? $500k?
Hi there! This is a bit of a tricky one to answer for you, without having more information at hand. The amount you qualify for depends on a number of factors. But, at 75, you should be able to get a bit more than $400,000. Also, there is another type of reverse mortgage that will offer a higher loan amount, if that is a concern for you. And yes, when the reverse mortgage borrower dies, the heirs do have to repay the loan, if they want to keep the home. As far as the interest goes though, the way in which your loan will incur interest is incredibly dependent on how the loan is structured, to begin with, and how you use it. So, after 6 years, depending on a number of different scenarios, you could incur $15,000 of interest or $100,000. I’d be more than happy to go over these concepts in more detail with you, if you’d like. You can always feel free to reach out anytime at (888) 982-0475.
We need to look seriously at a Reverse Mortage on our Condo to pay for the $11K monthly Nursing Home costs of my 99 year old partner. We have no mortgage, and do not want to leave our home to anyone. Taxes and fees are paid and current since we have no mortgage. What do you recommend?
Hi there! I would recommend giving me a call and we can certainly discuss your options. (888) 982-0475
I am interested in getting a reverse mortgage on my home in Iowa. Do you offer your services in this state? If not, do you/could you recommend someone?
Hi Kenneth. Unfortunately, I am not licensed in Iowa. However, I’d be happy to help you find someone if you’d like to give me a call.😊
Can I still qualify for a reverse mortgage at 61 years old . I have a medical condition which permits me from doing my job anymore and I can't wait for disability to kick in because Im in fear of getting behind on my house payments and losing my home?
Hi there! There are, what are called, Proprietary or Private Reverse Mortgages. These are not federally insured, but instead, are offered and backed by the lender themselves. These loans are generally geared towards higher valued homes and you will sometimes hear them referred to as Jumbo Reverse Mortgages. Depending on your state and circumstances, you can be as young as 55 for these. But, unfortunately, for the federally insured reverse mortgages, you must be 62 at the time of closing. Although you may begin the process up to 90 days prior to your 62 birthday. If you'd like to see if the proprietary option may work or have any more in depth questions, feel free to give us a call anytime. (888) 982-0475.
Would you recommend getting a reverse mortgage at me ( 55) hubby ( 62) to fund "early" retirement until we could get government benefits, and live in Mexico for 4 to 6 months then back home for the rest of the year?
Hi there! I would say it’s possible and certainly something for you to consider. And unfortunately, I don’t know much about your situation for any sort of a recommendation at this point. But, please feel free to give me a call and we can certainly discuss in more detail.
I’m about to turn 62, in 2024 how early can I apply
Most lenders allow you to begin the application process 90 days prior to your birthday. Then, must wait to close until your birthday.