Reverse Mortgage

By Alain Valles, CRMP Everyone has heard the words “reverse mortgage.” But few people really know how one works. However, most of us know the challenge,...

We all know the stereotype of a "senior" - a weary, grumpy “old person.” But, like all generalities, this image of a "senior" is far from accurate. Today’s seniors are active, engaged and filled with a desire to get the most out of life. They have worked hard for many years to earn a living, buy a home, and raise a family. Now they are eager to turn to the next chapter and enjoy the rewards of retirement.

Reverse mortgages are a unique, government insured loan program that allows eligible homeowners 62 years old or older to access their home equity for immediate cash, a line of credit, a monthly check, or a combination of the three. In all cases, the homeowner has the right to never again make a monthly mortgage payment, as long as the real estate taxes and insurance are paid and other requirements are met.

By Alain Valles The rules covering reverse mortgages changed Nov. 10, 2014. But there is still time to be grandfathered and get a reverse mortgage...

By Alain Valles You’ve heard bits and pieces about reverse mortgages. Perhaps you have read an article, or had a friend suggest that you get...

By Alain Valles With recent improvements made by the federal government to the reverse mortgage program, the cost of most reverse mortgages have dropped by...

By Alain Valles Over the past 25 years hundreds of thousands of homeowners age 62 years or older have converted the equity in their home...

By Alain Valles On Jan. 7 President Obama announced that the Federal Housing Administration (FHA) will drastically lower the cost of FHA mortgage insurance by...

By Alain Valles “I heard reverse mortgages are bad” is the response I often receive when I tell people what I do. Fortunately, I don’t...

By Alain Valles, CRMP, MBA, CSA The Greek philosopher Heraclitus said, “Change is the only constant in life.” Time has shown this to be true. The...