1-866-840-0279Many banks and mortgage lenders often offer borrowers lender credits to help pay for closing costs. Here we’ll discuss lender credits in more detail and how you can use these credits to reduce — or in some cases eliminate — reverse mortgage closing costs. What is a...
Nicole Hendrickson
What is the Mortgage Interest Rate Index?
The mortgage interest rate index is a benchmark that adjustable-rate mortgages (ARMs) base their fully indexed interest rates on. The fully indexed rate is the interest that borrowers will pay for their loan. To get this, the ARM index is added to the margin. There...
What is Asset Dissipation?
Asset dissipation is a calculation of how much income you would have each month if you sold all your liquid assets for cash, then figured out how much income you would have if you divided it into even monthly withdrawals. What is an asset dissipation loan? Asset...
New for 2022: Significant Increase in Lending Limits Means More Money’s Possible Out of a Reverse Mortgage
You’re not alone if money’s a concern as you think about the future. Reverse mortgages (HECM loans) are a safe and flexible financial tool used by millions of older adult homeowners to solve the common challenges and concerns of retirement. Now with record-high...
What is a Loan Origination Fee for a Home Mortgage?
A loan origination fee for a mortgage is a charge that lenders establish as compensation for setting up or processing your loan. This fee can range anywhere between 0.5% and 1% of the total loan amount. For reverse mortgages, that’s $2,500 or 2% of the first $200,000...
What is an Upside-Down Mortgage?
When you buy a home, the property’s value will appreciate over time, allowing it to build equity. However, this isn’t the case with upside-down mortgages. Having an upside-down mortgage means you owe more money on a home than it’s worth, which can be caused by several...
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What Is Home Equity?
The average price of a house in the US is $428,700 in 2022. Owning a home offers a range of benefits, and one of those is establishing equity. While paying off a mortgage, you slowly gain full ownership of the property. This equity can increase your net worth, and you...
How to Get a Reverse Mortgage
Are you nearing retirement and curious about what a reverse mortgage is? Ready to tap into your home equity? A reverse mortgage could be a great way to do it! This type of loan allows you to borrow against the value of your home, and there are a variety of ways to use...
The Benefits of a Reverse Mortgage
Wondering if a reverse mortgage is the right option for you? More people opted for a reverse mortgage in 2022 than ever before and this article will explain some reasons why. One of the biggest benefits of a reverse mortgage is that they allow you to turn your home's...