AAG to Roll Out New Reverse Mortgage Product

On the heels of Urban Financial announcing their new "HomeSafe" product, AAG has announced that they too will be unveiling a new private reverse mortgage product in the next 2 months.  Stay tuned for more changes to come to the reverse mortgage industry.

America Plauged With Lack of Retirement

An article recently published by Brookings, points to the issue of America spending away their retirement.  A sound retirement will have adequate savings and spending  to meet our increasing demands and the unforeseen  hurdles we will come across. Read the entire article here.
The article mentions reverse mortgages as a viable retirement tool.

Contact ReverseMortgageBenefit.com for all related reverse mortgage questions.

Weigh Your Options Before Buying Your In-Laws' Home

A reader of the LA Times asked the question whether he and his wife should buy their in-laws home or suggest they obtain a reverse mortgage.  As the reader indicates, his in-laws have gone through their retirement fund and soon won't be able to pay their mortgage.  They still have a substantial amount of equity in their home, but they would rather stay in their home than sell.  If the children take over the mortgage and property, they run the risk of over-extending themselves financially and possibly seeing themselves face similar financial difficulties.  A reverse mortgage may be the best solution in this case since the in-laws want to remain living in their homes.  Though the reverse mortgage will not completely eliminate all their home costs, such as property taxes, homeowner's insurance and maintenance, it will eliminate the large mortgage payment each month which will help free up much needed cash.  In addition, they may also qualify to receive cash-out proceeds which can help secure their retirement.

Contact ReverseMortgageBenefit.com to determine if your specific situation would be best suited for a reverse mortgage.

Breaking News: New Private Insured Reverse Mortgage

Just announced on August 19th, 2014....the Reverse Mortgage industry will soon have more options to help more homeowners.  Up to this point, 95% of reverse mortgages originated today are under FHA's HECM program.  HECM's (Home Equity Conversion Mortgage) are insured by HUD and most follow HUD guidelines.  As a result, there are certain property types and scenarios that are unable to qualify for a FHA reverse mortgage.  A proprietary reverse mortgage can now allow for financing on non-FHA approved condos, will allow seller concessions on reverse mortgage purchases, and provide greater flexibility for high values homes.  Urban Financial of America is the first investor who will be offering a private reverse mortgage which will be called the HomeSafe Reverse Mortgage.

Send your questions and scenarios to ReverseMortgageBenefit.com and we will be sure to put you in touch with a lender who can meet your needs including the HomeSafe product.

Texas and Non-Borrowing Spouses

As of August 8th 2014, the state of Texas is not allowing the new HUD rules on Non-Borrowing Spouses (NBS) regarding reverse mortgages.  The good news is that the spouse issue is not a constitutional issue and is expected to be resolved in the next month or two.  The National Reverse Mortgage Lenders Association (NRMLA) is currently working with HUD to amend Texas loan documents to allow for the implementation of the new NBS rules.  We will keep you posted as developments unfold.