https://www.reversemortgagegroup.org/home daily 1.0 2024-05-13 https://images.squarespace-cdn.com/content/v1/59232e95725e25ffefee6c17/1499876119193-S2ID96ETIPZKGICZLX1S/image-asset.png Home https://images.squarespace-cdn.com/content/v1/59232e95725e25ffefee6c17/1499876132326-Y422VJKZOLD9WI3OVD8J/image-asset.png Home TO SUPPLEMENT RETIREMENT & FINANCIAL FREEDOM https://images.squarespace-cdn.com/content/v1/59232e95725e25ffefee6c17/1499876105951-C21UQH1B10UYQXP3OH1T/success-checkmark.png Home LOOKING TO PAY OFF YOUR EXISTING LOANS & DEBT https://images.squarespace-cdn.com/content/v1/59232e95725e25ffefee6c17/1512412626916-AKSF9ABTYPT6YA8XQN6Q/1.png Home https://images.squarespace-cdn.com/content/v1/59232e95725e25ffefee6c17/1499876082439-5WGQJWOQ3JR83PF26YSI/tick.png Home https://images.squarespace-cdn.com/content/v1/59232e95725e25ffefee6c17/1498848322127-GU9OPKIK4AN1NATKG4U7/living-room Home https://images.squarespace-cdn.com/content/v1/59232e95725e25ffefee6c17/1497983879929-V0LQXHGBRRTHZ5II31TQ/patio-view.jpg Home https://images.squarespace-cdn.com/content/v1/59232e95725e25ffefee6c17/1497984763503-JD5OFF9OZHISIJXR7B51/couple-on-bench Home https://images.squarespace-cdn.com/content/v1/59232e95725e25ffefee6c17/1497983647879-W5Y7GXGWY79ZJH61GKMN/man-on-bench.jpg Home https://images.squarespace-cdn.com/content/v1/59232e95725e25ffefee6c17/1495479267458-E280GPFCV78IMOYZDSP2/49_photodune-7751505-luxury-home-with-swimming-pool-l.jpg Home https://images.squarespace-cdn.com/content/v1/59232e95725e25ffefee6c17/1497983446331-107ZW3D39VSECT4RVZSH/old-people-couple-together-connected.jpg Home https://images.squarespace-cdn.com/content/v1/59232e95725e25ffefee6c17/1498197561104-G5ASD6NKTIBN55CQ5K2A/pexels-photo-189333.jpeg Home https://images.squarespace-cdn.com/content/v1/59232e95725e25ffefee6c17/1566324004300-XWLLVF9O2YI1ZLIK6B6R/logo.jpg Home https://www.reversemortgagegroup.org/blog daily 0.75 2023-09-06 https://www.reversemortgagegroup.org/blog/5-ways-the-feds-interest-rate-decisions-impact-you monthly 0.5 2023-07-17 https://www.reversemortgagegroup.org/blog/single-purpose-reverse-mortgage-what-are-they-amp-when-to-get-one monthly 0.5 2020-03-11 https://www.reversemortgagegroup.org/blog/who-needs-a-proprietary-reverse-mortgage monthly 0.5 2020-02-27 https://www.reversemortgagegroup.org/blog/dont-get-triggered monthly 0.5 2020-03-17 https://www.reversemortgagegroup.org/blog/socialsecurityworries monthly 0.5 2020-02-26 https://www.reversemortgagegroup.org/blog/repaying-a-reverse-mortgage monthly 0.5 2019-10-31 https://www.reversemortgagegroup.org/blog/ways-to-take-reverse-mortgage-proceeds monthly 0.5 2019-09-13 https://www.reversemortgagegroup.org/blog/how-does-private-mortgage-insurance-add-value-to-a-reverse-mortgage monthly 0.5 2019-09-13 https://www.reversemortgagegroup.org/blog/distribution-of-funds-with-a-reverse-mortgage monthly 0.5 2019-09-13 https://www.reversemortgagegroup.org/blog/6-regulations-on-reverse-mortgage-loans-to-protect-borrowers monthly 0.5 2019-09-13 https://www.reversemortgagegroup.org/blog/reverse-mortgage-vs-home-equity-line-of-credit monthly 0.5 2019-09-13 https://www.reversemortgagegroup.org/blog/what-is-a-reverse-mortgage monthly 0.5 2019-09-13 https://www.reversemortgagegroup.org/blog/2019/7/25/how-reverse-mortgages-are-breaking-records-across-northern-border monthly 0.5 2020-03-17 https://www.reversemortgagegroup.org/blog/tag/Reverse+Mortgage monthly 0.5 https://www.reversemortgagegroup.org/blog/tag/Social+Security monthly 0.5 https://www.reversemortgagegroup.org/media-gallery daily 0.75 2023-09-06 https://images.squarespace-cdn.com/content/v1/59232e95725e25ffefee6c17/1678210052859-81M84B6EJEEJ7VWU2WZV/image-asset.png Media Gallery - The Biggest Myth About Reverse Mortgages What is the BIGGEST MYTH about Reverse Mortgages? We hear it all the time…it’s that the bank will own your home. It’s simply NOT TRUE! There are guidelines and safeguards that were put in place in 2013 that protect the borrower/homeowner. This is a non-recourse loan, meaning you will never owe more than your home is worth, and your home is the ONLY collateral for the loan. You remain on TITLE and have full OWNERSHIP of your home…plain and simple! https://images.squarespace-cdn.com/content/v1/59232e95725e25ffefee6c17/1678210052859-81M84B6EJEEJ7VWU2WZV/image-asset.png Media Gallery - The Biggest Myth About Reverse Mortgages What is the BIGGEST MYTH about Reverse Mortgages? We hear it all the time…it’s that the bank will own your home. It’s simply NOT TRUE! There are guidelines and safeguards that were put in place in 2013 that protect the borrower/homeowner. This is a non-recourse loan, meaning you will never owe more than your home is worth, and your home is the ONLY collateral for the loan. You remain on TITLE and have full OWNERSHIP of your home…plain and simple! https://static1.squarespace.com/static/59232e95725e25ffefee6c17/640772c8db7e051ad289d20a/64077539edbbc14c1e6c6c60/1678210786482/ Media Gallery - Are Reverse Mortgages Safe? In 2013, everything changed in the reverse mortgage industry. With the Reverse Mortgage Stabilization Act, the Feds implemented strict guidelines to protect borrowers. The act was created to provide safeguards for consumers, lenders, and the FHA which insures the loans. Today’s reverse mortgage programs contain numerous safety features to ensure that seniors retain their rights as homeowners, and to reduce any risk to themselves, their homes, or their families. At Reverse Mortgage Group, we go one step further by creating our own safeguards, while providing education and open communication. For example, below we list the nine most significant consumer safeguards. #1 - Independent Counseling Before a reverse mortgage application can be processed, the prospective borrower must first meet with an independent third-party counselor. The HUD-approved counselors have no affiliation with lenders. Their job is to review the transaction, answer questions, make sure the borrower understands the loan, and also suggest alternative options. #2 - Limitation on Fees Origination fees are capped and may be financed as part of the reverse mortgage. This means a senior incurs very little out-of-pocket expense to get a reverse mortgage. #3 - Advance Disclosure Under the FHA HECM program, the Total Annual Loan Cost, or “TALC” disclosure, is required by the Federal Reserve Board. This document displays the total transaction costs over the projected life of the loan. And we provide this document to our prospective borrowers early in the process so that our clients are informed and aware of the costs incurred in obtaining a reverse mortgage. #4 - No Change in Title The borrower retains title to the home, just as with a regular forward mortgage. In many cases, it’s even possible to close the loan in the name of a trust, if the title is held in trust. #5 - No Maturity Date A reverse Mortgage is designed to last for the homeowner’s lifetime. In a regular forward loan, a rate is fixed for a particular term, like 20 or 30 years. The fixed rate on a standard HECM loan has no term other than the lifetime of the borrower. Because there are no required payments, and there is a lifetime right to occupy the home, borrowers are more protected against unforeseen or unanticipated future circumstances, rendering reverse mortgages vastly safer than other loan options. #6 - No Prepayment Penalty Reverse mortgage loans are not typically due and payable until the senior permanently moves out of the home. It can however, be paid off at any point with no additional fees or costs. #7 - No Penalty for Canceling the Loan After the borrower signs their loan documents, they have up to three days to cancel the transaction. This so-called “right of rescission,” allows the borrower to “back out” of the loan for any reason whatsoever with no penalty. With the extent of education and communication we provide, this is extremely rare with Reverse Mortgage Group, but the safeguard is in place. #8 - Asset Protection In no event does the repayment amount exceed the value of the home, as long as the property is sold to satisfy the reverse mortgage balance. If the heirs decide to keep the home, then the pay-off amount is simply the balance of the loan. All remaining equity in the house always belongs to the borrower and their heirs. #9 - The Stabilization Act of 2013 Prior to the Stabilization Act of 2013, if the borrower who signed on the loan died or left the house, the surviving spouse was obligated to repay the outstanding loan in order to remain in the home. This is no longer the case. And in fact, Reverse Mortgage Group allows a “non-borrowing” spouse to be included on the loan. This allows the surviving spouse to defer “due and payable” status and establish legal ownership to remain in the property. https://images.squarespace-cdn.com/content/v1/59232e95725e25ffefee6c17/1678729723050-UW5B9DFO2933KXM6RZ9G/image-asset.jpeg Media Gallery - Reverse Mortgage Myth #1 - I Won't Qualify Because of Limited Income Reverse Mortgage Myth #1: I've heard I won't qualify for a reverse mortgage because of my limited income. Fact: False. Most traditional mortgages require income qualifications and have a monthly payment. Although the HECM (Home Equity Conversion Mortgage) reverse mortgage does require a financial assessment to insure that the senior can pay their property taxes, home owners insurance and normal, daily expenses, it is easier to qualify for and there are no monthly payments. Many seniors who don’t qualify for traditional mortgages are eligible for a reverse mortgage. https://images.squarespace-cdn.com/content/v1/59232e95725e25ffefee6c17/1679417221629-IWHXQYSATNJJ73ABMH4R/image-asset.jpeg Media Gallery - Reverse Mortgage Myth #2 If I Take Out A Reverse Mortgage the Lender Will Own My Home Reverse Mortgage Myth #2: If I take out a reverse mortgage the lender will own my home. Fact: False. Homeowners still retain title and ownership to their homes during the life of the loan, and can choose to sell the home at any time. As long as the borrower continues to live in and maintain the home and property taxes and homeowners insurance are paid, the loan cannot be called due. https://images.squarespace-cdn.com/content/v1/59232e95725e25ffefee6c17/1679417200156-MVQPT519ME9PTC2MBZGL/image-asset.jpeg Media Gallery - Reverse Mortgage Myth #3 : There Are Restrictions On How Reverse Mortgage Proceeds May Be Used Myth #3: There are restrictions on how reverse mortgage proceeds may be used. Fact: False There are no restrictions. The cash proceeds from the reverse mortgage can be used for virtually any purpose. In fact, Borrowers should be cautious of lenders attempting to cross sell other products. Many seniors have used reverse mortgages to pay off debt, help their kids, make ends meet or to have a financial reserve. https://images.squarespace-cdn.com/content/v1/59232e95725e25ffefee6c17/1680631887776-4MT6L9SH27A7EEHFAOJR/image-asset.jpeg Media Gallery - Reverse Mortgage Myth #4: I cannot get a reverse mortgage if I have an existing mortgage. Fact: False Reverse Mortgage Myth #4: I cannot get a reverse mortgage if I have an existing mortgage. Fact: False If your house isn’t paid off, the proceeds from the reverse mortgage pay off any existing mortgages. Granted, you will need enough equity in order for this to work. Typically it’s around 60% equity, depending on your age. https://images.squarespace-cdn.com/content/v1/59232e95725e25ffefee6c17/1680632140504-FXIFCUV7SSTATFBBL7SX/image-asset.jpeg Media Gallery - Reverse Mortgage Myth #5: My children will be responsible for the repayment of the loan. True, just like any other mortgage. Reverse Mortgage Myth #5: My children will be responsible for the repayment of the loan. True, just like any other mortgage. If the borrower decides to sell the home or an heir wants to retain the property after the borrower passes, the loan balance must be paid in full. However, if the borrower or their estate sells the property to pay off the debt, there is no recourse even if the reverse mortgage loan balance exceeds the home’s value. You can never owe more than what the home is worth. This is one of the standard protections offered by FHA loans. Any equity remaining in the property after the reverse mortgage is retired belongs to the borrower or their estate. https://images.squarespace-cdn.com/content/v1/59232e95725e25ffefee6c17/1680632274046-GC0IASM2TZ6K2UPGYEGV/image-asset.jpeg Media Gallery - Reverse Mortgage Myth #6: Only Low-Income Seniors Get Reverse Mortgages Fact: FALSE Reverse Mortgage Myth #6: Only Low-Income Seniors Get Reverse Mortgages Fact: FALSE Although some seniors may have a greater need than others for the monthly proceeds or lump sum funds reverse mortgages offer, most simply prefer to be free of monthly mortgage payments. Without a payment, many homeowners find they can improve their existing quality of life and build their savings to help with future expenses. A growing number of people who have no immediate need secure reverse mortgages as an "insurance policy" and so that they have a financial cushion for future expenses. Those who don’t need the funds immediately usually keep all available proceeds in a Line of Credit, that begins compounding and growing day one, and can be accessed as needed after the first year. https://images.squarespace-cdn.com/content/v1/59232e95725e25ffefee6c17/1680803882842-TQ3V3UC1F70466MP26Q8/image-asset.jpeg Media Gallery - Reverse Mortgage Myth #7 - If I Outlive My Life Expectancy the Lender Will Evict Me Reverse Mortgage Myth #7: If I outlive my life expectancy, the lender will evict me. Fact: FALSE Reverse mortgage lenders put no time limit on how long borrowers can stay in their home. Since homeowners still own the property, lenders cannot evict them as long as the borrower continues to live in and maintain the home, and property taxes and homeowners insurance are paid. And because HECM loans are "non-recourse," you and your home are safe even if the home value drops below the loan balance. https://images.squarespace-cdn.com/content/v1/59232e95725e25ffefee6c17/1681406380502-UGJD2Q743BAJBLTKYV74/image-asset.jpeg Media Gallery - Reverse Mortgage Myth 8: A Reverse Mortgage Will Affect My Government Benefits Reverse Mortgage Myth # 8: A Reverse Mortgage Will Affect My Government Benefits Fact: Mostly False First, it’s important to note that proceeds from a reverse mortgage are not considered income. A reverse mortgage generally does not affect regular Social Security or Medicare benefits. However, if you are on Medicaid, any reverse mortgage proceeds that you receive would count as an asset and could impact Medicaid eligibility. To be sure, we always recommend that potential borrowers consult their federal benefits administrators or financial advisors. https://images.squarespace-cdn.com/content/v1/59232e95725e25ffefee6c17/1681406500004-E849W7D5V9RQCPH5PIKE/image-asset.jpeg Media Gallery - Reverse Mortgage Myth 9: There Are No Objective Advisors Available To Counsel Seniors Reverse Mortgage Myth 9: There Are No Objective Advisors Available To Counsel Seniors Trying To Decide If A Reverse Mortgage Is A Smart Decision. Fact: False Borrowers are required to complete independent, third-party counseling approved by the U.S. Department of Housing and Urban Development (HUD). This local educational session allow them to ask questions and helps them make the right decision for their unique situations. https://www.reversemortgagegroup.org/free-reverse-mortgage-guide-download daily 0.75 2023-08-27 https://www.reversemortgagegroup.org/what-is-a-reversemortgage daily 0.75 2024-05-13 https://images.squarespace-cdn.com/content/v1/59232e95725e25ffefee6c17/1495493939480-5ZYCKPE2UE19CDL0C6YO/couples-home.jpg What Is a Reverse Mortgage Loan? https://images.squarespace-cdn.com/content/v1/59232e95725e25ffefee6c17/1495493213280-63XVFAP0IL0Q2F6SETEL/pexels-photo-28620.jpg What Is a Reverse Mortgage Loan? https://www.reversemortgagegroup.org/reversemortgageguide daily 0.75 2024-05-13 https://images.squarespace-cdn.com/content/v1/59232e95725e25ffefee6c17/1510331211329-N346KHT744TYVURGTELT/revers-mortgage-guide FREE REVERSE MORTGAGE GUIDE https://images.squarespace-cdn.com/content/v1/59232e95725e25ffefee6c17/1498848201956-ENHFLBXLHWJEI4BS4OO1/pexels-photo-276551.jpeg FREE REVERSE MORTGAGE GUIDE https://www.reversemortgagegroup.org/contact-us daily 0.75 2024-05-07 https://www.reversemortgagegroup.org/reverse-mortgage-for-purchase daily 0.75 2024-05-13 https://images.squarespace-cdn.com/content/v1/59232e95725e25ffefee6c17/1497985408794-BRXKO5FE6JKKY311JO4X/view-into-livingroom.jpg Reverse Mortgage For Purchase https://images.squarespace-cdn.com/content/v1/59232e95725e25ffefee6c17/1497985015339-ZQP2J4DIEQTMCXGFKQ0W/pexels-photo-189333.jpeg Reverse Mortgage For Purchase https://www.reversemortgagegroup.org/faq daily 0.75 2024-05-13 https://images.squarespace-cdn.com/content/v1/59232e95725e25ffefee6c17/1497985204424-RZN6FPKZ7RU20HMHMWKH/man-in-blue-shirt.jpg Frequently Asked Questions https://images.squarespace-cdn.com/content/v1/59232e95725e25ffefee6c17/1497985057865-4T8SDUSUDASG45DHSTR4/photo_100_20051001.jpg Frequently Asked Questions https://www.reversemortgagegroup.org/testimonials daily 0.75 2023-09-06 https://www.reversemortgagegroup.org/10-things-social-security-wont-tell-you daily 0.75 2024-05-07 https://images.squarespace-cdn.com/content/v1/59232e95725e25ffefee6c17/1512156651697-X32K6ZPB9XI8QGHC51Q5/couple-with-grand-kids 10 THINGS SOCIAL SECURITY WON'T TELL YOU https://www.reversemortgagegroup.org/9-surprising-ways-to-use-a-reverse-mortgage daily 0.75 2024-05-13 https://images.squarespace-cdn.com/content/v1/59232e95725e25ffefee6c17/1512585671966-BYM1B9V2UJZHPY0TVUSI/man-on-beach.jpg 9 Surprising Ways to Use a Reverse Mortgage https://images.squarespace-cdn.com/content/v1/59232e95725e25ffefee6c17/1512586005168-ALV4ZU2FRT5Q0QZC3NRT/free-guide.png 9 Surprising Ways to Use a Reverse Mortgage Learn How to Eliminate Your Monthly Mortgage Payment in This 100% Free Reverse Mortgage Guide. Click Here to Receive Your Guide. https://www.reversemortgagegroup.org/consumer-safeguards daily 0.75 2024-05-13 https://images.squarespace-cdn.com/content/v1/59232e95725e25ffefee6c17/1513273436035-74XD26V71OCAUNVNJEDY/Screen+Shot+2017-12-14+at+9.43.20+AM.png Consumer Safeguards Learn How to Eliminate Your Monthly Mortgage Payment in This 100% Free Reverse Mortgage Guide. Click Here to Receive Your Guide. https://images.squarespace-cdn.com/content/v1/59232e95725e25ffefee6c17/1513273909002-F0SIZHYPYSM5VBB8T5P7/couple.jpg Consumer Safeguards - Consumer Safeguards In 2013, everything changed in the Reverse Mortgage industry. With the Reverse Mortgage Stabilization Act of 2013, the Feds implemented strict guidelines to protect borrowers. The act was created to provide safeguards for consumers, lenders, and the FHA which insures the loan. https://www.reversemortgagegroup.org/key-terms daily 0.75 2024-05-07 https://www.reversemortgagegroup.org/a-reverse-mortgage-in-9-steps daily 0.75 2023-09-06 https://images.squarespace-cdn.com/content/v1/59232e95725e25ffefee6c17/1517170310295-P7U5H3RF22WDH10O361F/9-steps A Reverse Mortgage in 9 Steps - 9 Steps to a Reverse Mortgage Cheat Sheet Click to receive your free cheat sheet https://www.reversemortgagegroup.org/reverse-mortgage-calculator daily 0.75 2024-05-09 https://www.reversemortgagegroup.org/rmg-lp daily 0.75 2024-05-24 https://www.reversemortgagegroup.org/free-reverse-mortgage-guide daily 0.75 2024-05-13