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The Mortgage Professor: Borrower decisions on a HECM reverse mortgages

Borrowers in the forward-mortgage market make similar decisions. There are no points on HECM reverse mortgages, only origination fees, which are a flat dollar amount. That makes the decision on the be... read more

‘Mortgage Professor’ to Launch ‘Retirement Income Stabilizer’

The program is being established by Jack Guttentag, a.k.a. “The Mortgage Professor ... HECM as having a great deal of unrealized potential, which is further limited by the HECM program’s losses that p... read more

The Mortgage Professor: Introducing the Kosher HECM Reverse Mortgage

which makes it easy for seniors to find the best deal. —There are no unanticipated surprises down the road that would make the senior regret taking a HECM. —The set of options for drawing funds is the ... read more

THE MORTGAGE PROFESSOR: A new tool for tracking a HECM reverse mortgage

HECM borrowers have other options, however, which are unique to HECMs and may not be known or fully understood. If they took a monthly payment, as Sheila did and find later ... fence to take the rever... read more

Using a reverse mortgage to pay off your first mortgage

Reverse mortgages have gained a somewhat dubious reputation over the years, but they can be a useful financial tool for seniors when used appropriately, says David Johnson, associate professor ... a r... read more

Reverse mortgages: Are they worth it?

You must be 62 or older to take out a reverse mortgage and the amount you can borrow depends on your age, interest rate and the value of your home. Under the Department of Housing and Urban Developmen... read more

Fixing the Dysfunctional HECM Reverse Mortgage Market

His site has information on HECMs and includes HECM prices submitted by seven reverse mortgage lenders with whom he has a ... Shopping lenders for the ‘best deal’ in the way that I shopped for a camer... read more

Should Retirees Buy a Home With a Reverse Mortgage?

But there's another opportunity, often overlooked: Get a reverse mortgage on ... But with the HECM, there is no income requirement or credit check. Generally, borrowers get fixed-rate loans and can ch... read more

HUD Sued by AARP Over Reverse Mortgage Rule Change

For various reasons and in one case what appears to be lender error none were parties to their spouse's mortgage. Home Equity Conversion Mortgages (HECM), or reverse mortgages, are popular financial p... read more

How Homeowners Can Get a Retirement Savings Boost from Uncle Sam

You have to have a substantial chunk of your mortgage paid off before you can qualify for a HECM. And people in truly dire straits may not be able to qualify for them in the first place. (You can find ... read more

JACK GUTTENTAG: Why the HECM Reverse Mortgage Market Is Stunted

But the major problem is sins of omission, where seniors who badly need a reverse mortgage, don’t take one. The existing counseling system doesn’t deal with ... needs. • Finding the lender offering th... read more

Navigating the Risks and Rewards of Reverse Mortgages and Financial Advice

“A borrower who uses a HECM to finance the purchase of an annuity may be a better credit risk than a borrower drawing a tenure payment,” Jack Guttentag — who runs the Mortgage Professor ... reverse mo... read more