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Should One Refinance Their Reverse Mortgage?
Current reverse mortgage borrowers are receiving letters encouraging them to refinance. Even their monthly statements are encouraging them to look at refinancing. While refinancing a reverse mortgage is an option, let’s explore whether it should be considered. Just like refinancing a conventional, or what we call a forward, mortgage borrowers consider refinancing a reverse mortgage when they... [Read more]
My Reverse Mortgage Funds Are Used… Now What?
A question on a recent post was “What happens when a borrower uses all the funds or out lives the money? This happened to a woman and then she had to pay rent she didn’t have.” The first part of the question is common and shows the continued need to clarify the many misconceptions and lack of understanding of reverse mortgages. The second part of the question demonstrates confusion... [Read more]
Using The Reverse Mortgage As A Tool To Strategically Manage One’s Assets
Dorothy closed on her reverse mortgage in 2006. Now four years later during a presentation where she joined me at a Minnesota senior resource fair workshop , she shared how the reverse mortgage has been a tool to strategically manage her assets and the benefits she has received from her reverse mortgage. Here’s what she had to say. “I have a single family residence and have lived there for... [Read more]
Do You Understand The Reverse Mortgage Closing Costs?
As with a conventional mortgage, there are costs associated with a reverse mortgage. While perceived as high, once understood you’ll see the reverse mortgage costs are comparable to a conventional loan. Most people don’t understand the fees, what they cover or why they have to be paid with a conventional loan either, they just accept them as part of doing a loan. One difference... [Read more]
A Letter to Minnesota Governor Tim Pawlenty Regarding Reverse Mortgages
From the time I first heard about the proposed reverse mortgage legislation in 2009, SF489, I have been writing to and in contact with MN Governor Pawlenty’s office. This year even prior to having details of the bill I started contacting Governor Pawlenty’s office, sending emails regarding the suspected legislation. After Friday evening May 14, 2010 when I finally found the details of the... [Read more]
