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Do I qualify for a Reverse Mortgage ?
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Refi with a Reverse Mortgage
Refinancing a reverse mortgage can be desirable for those whom already have a reverse mortgage and may want to lower their rate and / or receive more cash proceeds.
When considering a refinancing an existing reverse mortgage, the borrower must take into consideration a few things. First, will the borrower benefit from a reverse mortgage refinance. Benefits can be broken down into several components:
Will refinancing a current reverse mortgage lower my interest rate?
Will the borrower receive more funds with a refi?
Often times when these benefits are answered with a yes, the borrower is capable of refinancing. However, in order to refinance, the borrower must receive, in funds, five times the costs of the reverse mortgage fee’s. In many cases this can be met simply due to the borrower being slightly older in combination with a significantly reduced upfront mortgage insurance premium. Also, if the property value happened to increase the refinance would be much easier.
Pros and Cons of Reverse Mortgages
Reverse Mortgage Pros and Cons
Many people are are not properly informed on how a reverse mortgage can benefit their lives. The Pros and Cons of a reverse mortgage are itemized below. The lists clarify several myths as well.
Pros
Stay in your home. You do not have to move out of your home or relinquish your title once you have finalized on your reverse mortgage. You keep your home.
The money is yours to do with as you please.
Your credit score and current income are not considered when applying for a reverse mortgage. The amount of your reverse mortgage loan is determined by the current interest rate, value of your home and your age, which you must be at least 62 years of age or older.
You will have no payments while you are in your home. The principle guideline for the reverse mortgage program is that you remain in your current home. As long as you stay in your current home, you do not have to make any payments.
Your reverse mortgage is not taxable. You do not have to file any tax forms at the end of the year with a reverse mortgage.
Cons
The fees of a reverse mortgage may be higher than a conventional mortgage. The cost of the FHA mortgage insurance and origination fees generate the higher costs for reverse mortgages.
There is a cap on the amount of loan proceeds you can receive.
The loan balance gets larger over time and the value of the estate/inheritance may decrease over time.
Reverse mortgage Items Required
Items Required
Government Issued Photo ID
Driver’s License
Medicare Card
or Passport
Proof of SSN
Social Security Card
Utility Bill
Home Phone
Gas
or Electricity
Counseling Certificate
Original Certificate from an Approved HUD Counselor
Application
Fully executed reverse mortgage application
Lenders for Reverse Mortgages
Wholesale Lenders
Generation Mortgage Company is a top-five ranked nationwide wholesale reverse mortgage lender, voted “2011 Best of Wholesale Lender” by RMD peer awards. We offer the innovative Generation Plus® jumbo product, outstanding turn times and we’re Ginnie Mae servicer approved. Partners receive training, access to web-based software and exceptional personal service that carries through servicing all loans. Financial and logistical support are provided through our controlling shareholder, Guggenheim Partners. Call Laura Troy, Wholesale Division Coordinator, Wholesale at 1-866-790-6151.
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Liberty Home Equity Solutions, Inc. (formerly known as Genworth Financial Home Equity Access, Inc.) is one of the nation’s largest and most experienced reverse mortgage lenders. For nearly a decade, we’ve provided education and lending solutions to more than 1000 business partners across the US, while helping change the lives of over 25,000 senior clients.
HIGHTECHLENDING INC. is becoming one of the fastest growing wholesale Reverse Mortgage companies. The HighTechLending’s winning strategy consists of a carefully crafted blend of excellent compensation, a complete product selection and an exceptional experienced Reverse Operation staff that believes in a sense of urgency in closing your loan. We value the Reverse Mortgage to be an integral part of our senior’s “golden years” and strive to supply them with the best mortgage to fit their needs. We are proud to be a part of this industry and would like to have you join us. Check us out online at: www.hightechlending.net/reverse-wholesale or contact Joan Imelio today at 888-369-3232.
Live Well Financial is one of largest Reverse Mortgage Seller/Servicers in the United States. Our value proposition is simple: competitive pricing, best-in-class service, no-hassle underwriting and on-time funding. To learn more about Wholesale Partner opportunities, visit www.LiveWellFinancial.com/Partners
Nationwide Equities Corporation, voted the “Company to Watch” by its peers in RMD for 2011, has rolled out ReversePower, its wholesale platform built around the motto “ If we do not service our customer, someone else will”. Armed with tiered pricing that recognizes performance, a complete product menu and a service delivery system that gets loans closed, Nationwide invites brokers to see what everyone is talking about—ReversePower! Call Laura Alinger, VP of Wholesale today at 201-529-1401 ext 320.
Ready to join those who have seen remarkable growth in the reverse mortgage industry? URBAN is often ranked as America’s top wholesale reverse mortgage lender thanks to our competitive pricing, same-day closings, 24-hour turn times and consistent underwriting. We offer a full line of marketing materials and powerful origination software. Get started today using our turn-key approach to success! Find us online at www.reverseit.com. Contact Sherry Apanay at 888-777-3311.
Reverse Mortgage Solutions, Inc. (RMS) is the premier reverse lender/servicer in the industry. RMS offers not only a full menu of partnering opportunities with Correspondents and Brokers, but the company provides Technology Solutions, Asset Management Services, Reverse and Forward Servicing platforms and Claims Management. The Partner experience is fully supported by a robust technology platform: RMCompass, a complete ongoing calendar of reverse mortgage product education and training opportunities, and a multi-service Fulfillment Center which provides custom loan support and services based upon Partner needs
RMS has a “Strong” rating from S&P, the highest in the industry and has received numerous awards for their technology and systems work. RMCompass®, won the 2011 RMD award for best LOS.
Security One Lending is one of the top lenders in the Reverse Mortgage industry. Our focus is Reverse, and we’re known for our exceptional levels of service, while offering a complete line of products at competitive pricing. In addition to Reverse Loan products, we also offer a variety of ways that will help you to achieve greater levels of success within this highly competitive market. We currently operate in 38 states and are continuing to expand our licensing footprint. Our partners include traditional mortgage brokers and bankers, through our wholesale, correspondent and hybrid channels. Visit www.S1L.com/wholesale to find out more, or contact us at 866-480-4715 to find out how you can become a Security One lending partner.
Sun West Mortgage Company Inc. is a nationwide, Ginnie Mae, FHA, VA, USDA, Freddie Mac, and Fannie Mae approved full-service mortgage banker. Sun West has served its community since 1980. It is an industry leader in Reverse Mortgage securitization. Sun West has over $11 Billion in Ginnie Mae servicing and HMBS bonds under management. Sun West is dedicated to exceptional customer service, integrity, strength and stability nationwide. Visit Sun West at http://www.swmc.com or contact Anthony Toro at 626.676.9609
Reverse Mortgage Requirements
What is a Reverse Mortgage?
Securing a Reverse Mortgage is like getting an advance on a paycheck — a bank is giving you access to your home equity to use in any way you choose. You retain home ownership and there are no loan payments. However, the monies must be repaid when you no longer reside in the home.
How are Reverse Mortgage Loan Amounts Calculated?
Your loan amount is calculated by using your age, your home value and any outstanding mortgage balance.
Am I Eligible for a Reverse Mortgage?
All titleholders must be 62 years or older and reside in a qualified home. You must also have sufficient equity.
Friday Round Up: Reverse Mortgages Debated on NBC’s Morning Joe | Reverse Mortgage
Friday Round Up: Reverse Mortgages Debated on NBC’s Morning Joe
March 22nd, 2013 | by Elizabeth Ecker Published in News, Reverse Mortgage
In case you missed it… here’s what happened in reverse mortgage news this week.
Walter continued its push for reverse mortgage servicing… After announcing two major reverse mortgage acquisitions in 2012 and 2013, Walter Investment Management Corp. said it is still seeking additional opportunities in the reverse mortgage space.
Against the vote of Senate Republicans, Cordray will go to a full vote for CFPB director. After months of opposition by Republican members of Congress against the appointment of Richard Cordray to serve as Consumer Financial Protection Bureau director, the Senate Banking Committee this week voted, along party lines, to approve his nomination.
Nationstar expressed reverse mortgage concerns…. After making large plays at reverse mortgage servicing rights among a widespread buy-up of MSRs in general, Nationstar Mortgage (NYSE:NSM) expressed concerns about its portfolio to its investors last week.
… and raised capital toward future MSR acquisitions. Nationstar announced Friday it has priced $200 million in senior notes that will be issued for corporate use including future servicing acquisitions.
Reverse mortgage counseling agencies began to feel a crunch. Reverse mortgage counseling agencies are beginning to feel an influx of demand for counseling as the April 1 deadline approaches for case number assignments before the fixed rate standard reverse mortgage option becomes a thing of the past.
via Friday Round Up: Reverse Mortgages Debated on NBC’s Morning Joe | Wc.org Why get a Reverse Mortgage.