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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' Site Adds 'Safe Place' for Seniors to Comparison-Shop for Reverse Mortgages

find the best unbiased advice and choose loans from pre-vetted lenders while protecting their privacy, Prof. Guttentag has added a HECM shopping service to his popular, consumer-oriented mortgage-shop... 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

‘Solid Seniors,’ Not Principal Limit Cuts, Could Boost Reverse Mortgage Fortunes

the federal reverse mortgage program needs more “solid seniors,” and not lower principal limits. Jack Guttentag, writing for his Mortgage Professor blog, noted that the pool of HECM borrowers isn’t ma... read more

The Mortgage Professor: Why small home mortgage loans are hard to find

The best option for residents ... prices are very low and mortgage loans are not available. In the 1920s, before the Federal Government entered the marketplace, many mortgage loans had 5-year terms. L... 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

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

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

FHA seeks tighter reverse mortgage rules

A reverse mortgage works best as a line of credit that allows seniors to meet their ... But many seniors have used reverse mortgages as a lifeline to deal with more urgent financial needs, such as avo... 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

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

‘Kosher’ Reverse Mortgages: Fixing a Dysfunctional Market

In this opinion piece, Wharton emeritus finance professor Jack ... are a select group of reverse mortgage brokers and loan officers who are proficient in the use of the calculator, who will advise on ... read more