Author Archive
Who is the average reverse mortgage borrower?
Who is the average revervse mortgage borrower? HUD compiled a study of what a typical borrower looks like. Because women tend to outlive men, this is understandable. Were you surprised? Average HECM Borrower Age 75 Home Value $289,000 Principal Limit $159,000 Single Female 44% Couples 39% Single Male 17% HECMs Lasting Under 7 Years 60% [...]
Times are changing for HUD’s HECM program.
From Housing and Urban Development website: Despite home sales price declines observed in some markets in 2007, single-family residential real estate values have risen significantly on net over the past decade. The repeat sales house price index produced by the Office of Federal Housing Enterprise Oversight (OFHEO) demonstrates that fact clearly (see Table 10 in [...]
How are reverse mortgage funds distributed
I have received many questions from borrowers that are not clear on the details of a reverse mortgage. In today’s discussion I am going to focus on how approved loans are distributed. You have five options: Tenure – equal monthly payments as long as at least one borrower lives and continues to occupy the property [...]