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Tuesday, 16 April 2019 15:46

KKOB - April 23rd, 2019

<>Ben Lucero speaks about hat seniors need to know about reverse mortgages
Published in Radio
Thursday, 02 June 2016 15:24

KKOB on June 1

Don’t trust a screen actor to be your expert in reverse mortgages. Although they do make enthralling performances on the big screen, when it comes to reverse mortgages they are surely not the experts.

Published in Radio

The Reverse-to-Purchase Loan (Reverse Mortgage) was established in 1961, as a unique way to help a widowed wife in Portland, Maine keep her home...

Published in Blog
Thursday, 17 March 2016 20:37

KKOB on March 15th

The Reverse Mortgage: Exciting Options for Seniors

Published in Radio
Tuesday, 23 February 2016 20:29

Reverse Mortgages "Made Simple"

Many lenders across the United States, including our company Indigo Mortgage, caution seniors about the complications of using an out-of-state lender for a Reverse Mortgage. There are many scams that have been reported to the Federal Government...

Published in Blog
Tuesday, 23 February 2016 20:13

KKOB on February 23rd

Caution: Reverse Mortgages

Published in Radio
Tuesday, 27 October 2015 00:00

KKOB on October 27

Stay Local with Your Reverse Mortgage

Published in Radio

Two thumbs down! You've seen them on the sliver screen-- actors, using their performances to pull you into an incredible scene. But, just because they're good actors doesn't make them experts in reverse mortgages. Quite the contrary.

Published in Blog
Thursday, 12 September 2013 17:20

New Rules Affecting Reverse Mortgages

The FHA has just announced some new rules which will affect Reverse Mortgages. The new rules will take effect Sept 30th.

Under the new rules many borrowers will be able to get access to even less of the equity in their home — about 15% less — compared to the maximum available now. The rule also put new limits on the amount of money that can be taken out in the first year. For example, a homeowner eligible to withdraw a total of $200,000 in cash, would be allowed to get only $120,000, or 60% of that sum, in the first year. Lenders will also be required to verify income to determine if borrowers will be able to make future tax and insurance payments. This last rule is probably the most important change, as the number one reason for a reverse mortgage default is unpaid property taxes and home insurance.

The changes are designed to make a reverse mortgage more of a long-term financial planning tool as opposed to a crisis management tool. So in a nutshell, the new rules will reduce the percentage of available equity, limit the amount a borrower can take on the initial draw, and lenders will be required to verify income. 

Luckily, there is still a little time to get a reverse mortgage using the current program. As long as prospective borrowers go through the required financial counseling and receive a case number before Sept. 28, they will be able to qualify under the current rules. I encourage any senior considering a reverse mortgage to call us at Indigo Mortgage and we can assist them in the process.

Published in Blog

From The Blog

  • Reverse Mortgage and What Seniors Should Expect +

    Indigo Mortgage has learned that seniors in Albuquerque either have an idea of what a reverse mortgage is and have Read More
  • The Pre-Qualification Process and Why It's Important to Stay Local +

    Preapproval is necessary for the home-buying process. In fact, it’s so necessary that realtors in Albuquerque are hesitant to show Read More
  • Full-Refinance or Taking Out a Second Mortgage Equity Loan? +

    Interest rates are falling again, and many Albuquerque homeowners are now deciding on what they should do with the equity Read More
  • New Mortgage Rate Updates +

    Homeowners in Albuquerque who are looking to refinance have some good news as interest rates over the last few weeks Read More
  • First Time Home Buyer Loans +

    Many mortgage lenders make offers for first-time home owner loan programs or first responder programs. However, they embellish what those Read More
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