Solutions to a Reverse Mortgage with a Non-Borrowing Spouse
It doesn’t always happen but it can. You are becoming increasingly impoverished during retirement under the crushing weight of mortgage payments, medical bills and other unexpected expenses. You consider a reverse mortgage because you are 62 years of age and older, live in your primary residence and have enough equity in your [...]
Value Limits for Reverse Mortgages May Drop to Previous Levels…
Last December, The Department of Housing and Urban Development extended the $625,500 maximum appraised value limit on Home Equity Conversion Mortgage (HECM), or the Reverse Mortgage, effective until December 31, 2013. This represents an 150% increase over the statutory loan limit of 417,000. Under this new extension, (which began in 2009 under the American Recovery and [...]
Reverse Mortgages and the Non-Borrowing Spouse
If you are married, the best way to approach applying for a reverse mortgage is for both spouses to be on the title of the house and both apply jointly for the reverse mortgage. This is not always possible, so there are details to consider, especially if the borrowing spouse passes away [...]
Reverse Mortgages With Non-Borrowing Spouses Are Still Possible
The fastest way to apply for a reverse mortgage is with both senior homeowners to qualify and be on title of the house. However, there are still ways to qualify for a reverse mortgage even when one spouse doesn’t qualify as a borrower for a reverse mortgage. PS Financial Services follows new guidelines [...]
Can I Age in Place With a Reverse Mortgage?
Yes You CAN! Moving when you’re entering retirement, or worse yet, when you’ve been in retirement for a few years, is the worst. I know because I’ve moved myself and it’s always a hassle. Where do I move? How fast can I sell my house? How fast can I get a new house? Can [...]
Looking for the Truth in All the Right (And Wrong) Places
Despite the recent “housing boom,” Florida continues to be ahead of the curve when it comes to foreclosures. Does this necessarily signal a downturn in Florida’s economy? Not really. One reason that might account for the higher foreclosure rates can be that they take longer in Florida can anywhere else in [...]
