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Indigo Mortgage has learned that seniors in Albuquerque either have an idea of what a reverse mortgage is and have some basic questions, or they have no idea what a reverse mortgage is and have many, many questions!

Most seniors are skeptical about calling or engaging with a lender. Seniors don’t want to be harassed and they want someone they can trust. They just want a safe environment where they can ask questions and be educated on a reverse mortgage program.

Other lenders advertise the benefits of a reverse mortgage, but they don’t necessarily want to take the time to educate the borrowers in all the details. At Indigo Mortgage, we promise to never push reverse mortgages on our clients or sway our clients into taking out a reverse mortgage.

Indigo Mortgage promises to educate you on what a reverse mortgage is as well as what it isn’t. We invite you to ask as many questions as needed and we’ll go over the program as many times as you want until you completely understand the program.

Indigo Mortgage encourages seniors to bring family members to these meetings, so they can ask questions about reverse mortages as well.

We want our clients to be assured that we will never push them into an application nor try to influence their decisions. Give Indigo Mortgage in Albuquerque a call today!

Published in Blog
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

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
Wednesday, 11 March 2015 15:37

2015's Best Reverse Mortgage Tips

Many seniors may want to consider a reverse mortgage when their retirement drops or they are waiting to collect Social Security. These tips are also useful for seniors who are receiving Social Security, but want to supplement their incomes, or are fearful that their "nest egg" of money will run out. Protecting yourself from a sudden drop in income, or planning for occasional medical expenses and rising prescription costs is smart!

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

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