Review Mortgage Lenders

age for reverse mortgage

Reverse Mortgage Tips - Coming of Age TV

Reverse mortgages are a hot topic among retirees these days, as well as those thinking about retirement. But beware, a reverse mortgage is not for ...

Reverse Mortgage Originators Mixed on Borrower Outreach During the Holidays

“Most of my clients understand we have a business relationship, and they know that if they ever have a question, they can call me,” he said.

In establishing the relationship he has with his clients, Pinnell does everything he can to make sure they know that he will be an advocate for them as they enter a world that is certainly complicated for those who may be uninitiated in financial matters, he says.

“When I talk to clients, I’m an agency of the bureaucracy. When I talk to the bureaucracy, I’m an agent for my clients,” he explained.

He also says a reason for his lack of specific holiday outreach may stem from a childhood memory concerning his father’s business.

“My dad was in the insurance business, so me and my sister had to address hundreds of envelopes when I was a kid.” The envelopes, he said, contained greeting cards for his father’s insurance clients.

One originator who said that he does perform seasonal outreach is Scott Harmes of C2 Reverse Mortgage in San Diego, Calif.

Reverse mortgage industry reacts to David Stevens' criticism

Many said his critiques of the product are dated.

“David Stevens is correct that ensuring the financial sustainability of HECM is the No. 1 priority. However, the observations and approach are out of date,” said Mark Browning, a long-time participant in the reverse mortgage space.

Stevens served as FHA commissioner from July 2009 to March 2011. Since that time, a number of important program adjustments have been made.

Dan Hultquist, vice president of education and organizational development at Live Well Financial , pointed out that Stevens’ concern regarding non-borrowing spouses has already been addressed through two mortgagee letters issued in 2014 and 2015.

“Since then, initial HECM proceeds must be based on the age of the youngest borrower or non-borrowing spouse,” Hultquist said.

Hultquist said Stevens’ remark regarding full-draw HECMs is problematic in that it can mislead people to believe that the loan allows borrowers to withdraw 100% of their equity. Instead, the average principal limit is about $170,000, or 50% of the home’s value.

can a disabled person apply for reverse mortgage at age 55?

I'm 55 years old and physically disabled from the waist down, mortgage payments are difficult to meet and I would like to apply for a reverse mortgage, Is this possible?

disability is not a criteria for qualifying for a reverse mortgage; only age. currently, everyone on title must be 62 years old by the time the loan closes.

смотрим тут