Finding an Approved Reverse Mortgage Lender

There are many reverse mortgage lenders marketing themselves to senior homeowners. All one has to do is turn on the television during typical business working hours and to see commercial after commercial targeted to retired homeowners.
Because of the recent surge in reverse mortgage loan popularity, many seniors are jumping on the reverse mortgage bandwagon. [...]

Why Do I Have to Complete Reverse Mortgage Counseling?

Federal regulations mandate that all prospective borrowers be required to meet with an independent, third-party reverse mortgage counseling service before they are able to apply for a reverse mortgage.
The counseling sessions are mandatory because many seniors aren’t aware that they have numerous rights and protections in lending and borrowing. Today, many consumer safeguards are [...]

Reverse Mortgages and the Housing and Economic Recovery Act of 2008

The Housing and Economic Recovery Act of 2008 was put in place to “strengthen and modernize the regulation of the housing government-sponsored enterprises and expands the housing mission of these GSE.” Although the bill was primarily created to address the sub-mortgage lending crisis, legislators included provisions to regulate the reverse mortgage industry and offer greater [...]

Arm Yourself With Information to Prevent Being Taken In By A Reverse Mortgage Scam

New legislation has been put in place just to help prevent seniors from being taken in by scammers in the reverse mortgage industry. If you or a member of your family is considering a reverse mortgage, read the tips below to help protect yourself from unscrupulous lenders.
Con artists prey on those that are too [...]

Steps to Applying for a Reverse Mortgage

Once homeowners have learned about the advantages of reverse mortgages and decided that a reverse mortgage is appropriate for their situation, they can begin taking steps to secure the reverse mortgage loan.
Stage One: Counseling
Prior to applying for a reverse equity mortgage, all candidates must obtain third-party financial counseling from a Department of Housing and Urban [...]

Consumer Safeguards for Reverse Mortgage Borrowers

There’s always a large concern for the safety of the elderly in business and lending situations. Scam artists often prey on older people in an attempt to defraud them of their money. In the case of reverse mortgages, the concern of exploiting the elderly can be of great concern to borrowers, their children, or their [...]

Basic Features of a Reverse Mortgage

A reverse equity mortgage can be an attractive option for some seniors, but this type of loan does come with a specific set of requirements and regulations. Any consumer considering using a reverse mortgage to unlock the equity in his or her home should carefully examine the terms of the mortgage before committing.
• Reverse mortgage [...]