1-866-840-0279Are There Different Types of Reverse Mortgages? Reverse mortgages are a great retirement solution for many homeowners. They allow you to access a portion of your home’s equity as cash payments, a lump sum, or a line of credit. This helps many people fund their...
Nicole Hendrickson
What Does Being an Executor of a Will Mean?
What Does Executor of a Will Mean? You may have heard of the executor of a will before — but what does being the executor of a will mean? The executor of a will ensures that everything the deceased specifies in their will is carried out according to their wishes. This...
How Much is Income Tax for Seniors? (And How to Plan Effectively)
Planning for Taxes in Retirement Many changes come when you retire—no more rush hour commute or 9 to 5 workday. One thing that does remain constant when you enter retirement is taxes. Most retirees will have to pay taxes in retirement, and the taxes you pay depend on...
Reverse Mortgage Jumbo Loans Explained
What is a Jumbo Reverse Mortgage? Many homeowners wonder how they can access the wealth they’ve built through home equity in the past, so they can improve their financial circumstances in the present. A jumbo reverse mortgage offers a unique solution that can be...
FHA Announces Increases for FHA & HECM Loan Limits (2021)
Increases on HECM Loan Limits For the fifth consecutive year, the Federal Housing Administration (FHA) raised its lending limit on all FHA loans, including the home equity conversion mortgage (HECM). Often referred to as a reverse mortgage, the HECM program enables...
What is a Constant Maturity Treasury (CMT)?
The constant maturity treasury rate (CMT) is a measure of the yield rate on a treasury security if it were issued that day. Lenders use this rate to help determine the rate that is applied to an adjustable rate mortgage, which is a mortgage with an interest rate that...
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What Is a Financial Assessment in Reverse Mortgages?
When you apply for a reverse mortgage, lenders must conduct a financial assessment to verify you have enough money to cover ongoing expenses, such as property taxes and homeowners insurance, until the loan matures. Lenders will ask you to provide additional...
Can You Get a Reverse Mortgage on a Manufactured or Mobile Home?
For many Americans, manufactured or mobile homes can be an effective and affordable housing solution and alternative to renting. And for many Americans looking forward to retirement and considering funding options, this may raise the question: can you get a reverse...
Reverse Amortizations: What you Need to Know
Amortization describes the process and rate that a loan can be paid off over time. When a borrower takes out a loan from a lending company — like a reverse mortgage lender — they are responsible for paying off both the principal value of the loan as well as the...