Heritage Reverse Mortgage Blog

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Interest Rates are Rising, Last call to Refinance

Interest Rates are Rising, Last call to Refinance

Interest rates are rising fast. The Year 2020 was a real nightmare for most people but the one silver lining is that we’ve experienced record low interest rates for almost a year. https://youtu.be/Jrr6KnuT6kc Unfortunately, inflation is starting to catch up with us,...

Can I inherit a Home with a Reverse Mortgage?

Can I inherit a Home with a Reverse Mortgage?

Can I inherit a home with a Reverse Mortgage? Answer: Of course, IF you're the heir. The False myths about Reverse Mortgages lead most people to believe that the bank will always get the home when a Reverse Mortgage is done. This is not true but its origins give good...

How long does a Reverse Mortgage last?

How long does a Reverse Mortgage last?

How Long does a Reverse Mortgage Last? Answer: As long as you need it too. https://youtu.be/IbpobuSX-cM Age Limit Technically speaking a Reverse Mortgage is guaranteed by HUD/FHA until age 150 of the youngest Borrower. But because that number is still so far above...

What is a HECM Refinance?

What is a HECM Refinance?

What is a HECM Refinance? AKA a HECM to HECM Refinance? Most people don't know that a Reverse Mortgage can be refinanced. A Reverse Mortgage is like any other mortgage. If we can improve the terms of a Reverse Mortgage we can refinance it....

How does a HECM Loan Work?

How does a HECM Loan Work?

How does a HECM Loan Work? Answer: Just like your conventional mortgage but with no payments. Misconceptions: People tend to fear what they don't understand. Reverse Mortgages often get a bad rap because people think they are more complicated than they really are. The...

Who owns my home with a Reverse Mortgage?

Who owns my home with a Reverse Mortgage?

With a Reverse Mortgage, you own your home. Then the bank allows you to use the equity in your home to live better but you are always free to sell or refinance the home. Then when you pass away your heirs will still inherit the home and any remaining Equity.

Most Common Reverse Mortgage Scenarios

Most Common Reverse Mortgage Scenarios

There are many reasons people do Reverse Mortgages but today's article shows the most common Reverse Mortgage Scenarios. Depending on your situation a Reverse mortgage could be an absolute life changer. Or it may just provide nominal improvement to your already solid...

HECM Reverse Change – LIBOR vs. CMT

HECM Reverse Change – LIBOR vs. CMT

If you have a Reverse Mortgage or are thinking of getting one then a HECM Reverse Change issomething you keep an eye on. https://www.youtube.com/embed/e9o_F2YZCBU Every year around the end of September and again in December FHA/HUD likes to surprise the HECMReverse...