The Best Reverse Mortgages

Nevada residents are now able to utilize a private reverse mortgage product called "HomeSafe", which was created to provide even more access to your home's equity.  Previously, the only option in NV was the HECM reverse mortgage, which is federally backed and has a loan limit of $636,150 (note: that loan limit is increasing to $679,650 as of January 1, 2018).  As a result, many homeowners with higher valued properties or non-FHA approved condos may have not been able to qualify under the HECM program or may have not qualified for as much of their equity as they would have liked.  This private jumbo program could solve that issue by allowing loan amounts up to $4 million and condos valued over $500,000. If you have an existing reverse mortgage, you could refinance into the jumbo program to potentially access a larger amount of your equity. Or if you are looking at a reverse mortgage for the first, this product could provide the key to unlocking the equity in your home to

The Department of Housing and Urban Development (HUD) has increased the lending limit for federally backed reverse mortgages effective January 1, 2018.  The new maximum claim amount is $679,650, which is up from $636,150 from the previous year.  This is the second year in a row that HUD has increased the lending limit on the FHA reverse mortgage. For more information on HUD's new limits, read HUD's Mortgagee Letter here. Contact Rick R. Rodriguez for more information Rick R. Rodriguez Certified Reverse Mortgage Professional (CRMP) NMLS# 473353 Toll Free  (877) 500-0454 www.reversemortgagecertifiedprofessional.com

You've seen the commercials and you've heard people talk about it, but do you really know what a reverse mortgage is?  This might come to a surprise to you, but it's nothing more than a mortgage loan secured by your home.  Just like any other mortgage you might have had in the past.  With some differences.  It's only available to homeowners over the age of 62 and it's only available on principal (aka primary) residences.  It allows a homeowner to use part of their home equity to obtain cash proceeds that can be used in many ways.  With me so far? It has more flexibility.  Really? A reverse mortgage gives you the option to decide whether you would like to make a monthly payment or not.  Most borrowers elect not to make a payment which is what the program was designed to offer:  keep more of your cash for retirement.  The reverse mortgage does not have to be repaid until one of three things occur:  the last remaining borrower or eligible non-borrowing spouse passes

On Tuesday August 29th, 2017, the Department of Housing and Urban Development announced one of the biggest changes that our reverse mortgage industry has seen.  Their plans are to change the insurance premiums that are charged upfront at closing, as well as decrease the ongoing annual insurance premium from 1.25% to .5%.  The upfront premium will now be 2.0% for all, whereas before it was either .5% or 2.50% depending on loan to value amounts.  In addition, the biggest felt change will be the reduction of cash that people will be able to access, which is reported to be declining from an average of 64% to 58%.  Note that these are just average percentages, as it does vary depending on one's age.  These changes are set to take effect for all new reverse mortgage loans with case numbers obtained on or after October 2nd, 2017. Read more about this upcoming change by clicking here . Contact Rick R. Rodriguez for more information Rick R. Rodriguez Certified Reverse Mortgage

According to the National Association of Realtors, fewer buyers signed contracts to buy existing homes in May, likely because they can't find or afford what they want.  The pending home sales index dropped 0.8% month-to-month and is now 1.7% lower than May 2016.  Prospective buyers are being sidelined by both limited choices and home prices that are climbing too fast.  The supply situation has buyer confidence in the housing market dropping. While about 80% of current homeowners think now is a good time to buy, they are not listing their homes for sale. This may have more to do with weakening affordability than anything else. They don't want to sell if they can't afford a move-up home. For homeowners 62 or older who have been thinking about moving into a more desirable home but are reluctant to do so because of a lack of confidence, there is a solution.  The Home Equity Conversion Mortgage Purchase program or more commonly referred to as the HECM for Purchase or Reve