Reverse Mortgage: You Won’t Lose Your Home!
Reverse Mortgage: You Won't Lose Your Home! People ask me that all the time: “Well, I thought, with the reverse mortgage, that they lose the house in the end”. No! Why would anybody do that? That just doesn't make any sense. What's funny is, I... The first reverse mortgage [...]
Not Your Parent’s Reverse Mortgage!
Not Your Parent's Reverse Mortgage! Hey everyone, Mortgage Nerd here! So there's a new, or fairly new, reverse mortgage product. It’s kind of like a hybrid. It’s not your parents’ reverse mortgage. That's for sure! It's a conventional loan with reverse mortgage mix. What you do is you're able [...]
A Mortgage For Widows?
A Mortgage For Widows? Hey everyone, Mortgage Nerd here! So what do I mean by reverse mortgage for widows? When you have someone who's a widow or a widower, they've lost one of the incomes. They keep the higher income of the 2 when it comes to social security [...]
Jumbo or Proprietary Reverse Mortgage!
Jumbo or Proprietary Reverse Mortgage! Hey everyone, Mortgage Nerd here! Another discussion on reverse mortgages: What is a jumbo reverse mortgage? Well, for 2022, the loan limit or the value limit in this case for reverse mortgages is $970,800, so $970,000, what if your value is $970k, or $1,000,000, [...]
Non-Borrowing Spouses & Reverse Mortgages
Non-Borrowing Spouses & Reverse Mortgages Hey everyone, Mortgage Nerd here! So, the reverse mortgage has something called a “Non-borrowing spouse rule”. So what’s a non-borrowing spouse? It’s kind of self explanatory, it's one of the spouses that is not a borrower. But what does it mean in reverse mortgages? [...]
What is a Reverse Mortgage?
A reverse mortgage loan is a mortgage that's for older people. Usually, it's been for ages 62 and over but, more recently, there are certain private reverse mortgages that allow for someone that's 55 and older to qualify as well. How does it work? Basically, instead of taking money [...]
