General Information and Insights
Helpful details to support informed lending and finance decisions.
Knowledge for Confident Borrowing
Myths and Misunderstandings
Reverse Mortgages have experienced major changes and updates since the product was first introduced in 1961. The most significant improvements have been made in the last decade. Unfortunately, many people are unaware of these updates. As a result, there are a lot of seniors who could really benefit from one of the Reverse Mortgage options and they are missing out on this opportunity.
Senior Purchase Power Plus
Most people believe that Reverse Mortgages can only be used on a home that is already owned. In reality, for people who are 55 and over, a Reverse Mortgage can open up opportunities to purchase the home that best meets your current needs and desires.
Reverse Mortgage Tips
Although the new Reverse Mortgage products have opened up a lot of opportunities and benefits for seniors, there are ways to leverage these benefits they offer. There are also some important things people should know if they are doing (or have already done) a reverse mortgage.
Reverse Amortization Table
One of the most common myths on Reverse Mortgages is that they take away the ability for a senior to leave any equity for their heirs. With the new reverse mortgage products, it is very possible that the home’s appreciation could outpace the increase in the loan balance even if a borrower elects to never make a payment.
One of the things that we include in our service to the seniors we assist is amortization examples based on their loan amount and program selection.
FAQs
Answers to some of the most common questions that we hear from seniors who are considering a Reverse Mortgage.
Ultimate Flex-Pay Mortgage
Most people think of Reverse Mortgages as a way for seniors to make the most of their golden years. However, there is also a significant opportunity with these products that hasn’t been recognized in the Residential Real Estate sector.
These products can be an excellent option for borrowers who are self-employed or commission compensated as they offer significant flexibilities in payments.