Mortgage Guides

Compare HECM reverse mortgage line of credit growth vs annuity for retirement income. Costs, flexibility, tax treatment, and when each strategy works for seniors 62+. NMLS #1426884.

Prevent reverse mortgage default by understanding HECM borrower obligations: property taxes, homeowners insurance, maintenance, and occupancy requirements. Guide for seniors 62+. NMLS #1426884.

HECM non-recourse protection ensures borrowers and heirs never owe more than the home is worth. Learn how FHA mortgage insurance covers the difference when reverse mortgage balance exceeds home value. NMLS #1426884.

Compare HECM fixed-rate lump sum vs adjustable-rate line of credit options. Fixed provides one-time disbursement; ARM offers flexible access with unused credit line growth. NMLS #1426884.

How HECM reverse mortgage interest rates are structured: lender margin plus index, MIP components, and how rates affect principal limit factors. Compare rates across 50+ Wholesale Lenders. NMLS #1426884.

Should California seniors sell their home or get a reverse mortgage? Compare costs, Prop 19 tax base transfer benefits, heir impact, and aging-in-place considerations. NMLS #1426884.

HECM reverse mortgage proceeds are generally not considered taxable income by the IRS. Learn about interest deduction rules, property tax obligations, estate tax considerations, and Medicaid implications. Consult your CPA for personalized guidance.

Surviving spouses have specific protections under HUD rules after a reverse mortgage borrower dies. Co-borrowers continue accessing proceeds. Non-borrowing spouses may qualify for deferral under Mortgagee Letter 2021-11.

HECM reverse mortgages require at least one borrower to be 62 or older. Age directly affects principal limit factors — older borrowers access higher percentages of home value. Proprietary programs start at age 55.

FHA requires a financial assessment for all HECM applicants. Lenders evaluate credit history, income, property charges, and residual income. Learn what triggers a LESA set-aside and how to prepare.

Selling a home with a reverse mortgage follows a clear payoff process. The loan balance is repaid from sale proceeds, and any remaining equity belongs to the homeowner or heirs. Non-recourse protection applies.

HECM borrowers choose from 5 payment plans: tenure, term, line of credit, modified tenure, and modified term. Each plan distributes proceeds differently based on retirement needs.