Reverse mortgage leads, reverse mortgage leads.#Reverse #mortgage #leads


reverse mortgage leads

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Reverse mortgage leads

Reverse mortgage leads

Home123 helps you build strong relationships with your partners. Connecting with Real Estate Professionals is one of the smartest moves a lender or service provider can ever make. A relationship with a real estate professional is a consistent source of business that pays for itself over and over again. But how do you get those relationships? If you re like most service providers who are focused on real estate purchase business you ve tried renting a desk, buying a lunch, providing informational training, emailing, direct mailing, attended trade shows, etc., etc. with minimal lasting results. Maybe you have had success with an agent or two but .when you have individual relationships, how do you turn them into relationships with the entire brokerage instead of just an agent?? We have the answers

Home123 s unique sponsored platform bridges the gap between the lending and real estate communities, and provides real estate professionals with the tools and technology they need to grow their business and yours as well. The key to partnering with real estate professionals is to give them what they want and what their business needs. Our sponsored marketing platform does both. It brings with it a host of benefits while positioning your company as the ultimate service partner.

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1 Reverse Mortgage Calculator, age, reverse mortgage info.#Reverse #mortgage #info


Reverse Mortgage Calculator

Each week we update our online calculator to reflect our most popular programs offered at All Reverse Mortgage . You can request a formal analysis including written loan comparisons of ALL options, closing costs and amortization schedules by completing step 3 or call us while you’re using this calculator Toll Free (800) 565-1722

Input your date of birth, property zip code, estimated home value and existing mortgages (if applicable)

Unsure of your home value? Not to worry. When you request a formal analysis our team will also include a free property report.

Did You Know? Anytime you close a reverse mortgage within 6 months from your next birthday you will automatically be calculated a year older.

Step 2

Did You Know? On the adjustable plans you can change the terms of your reverse mortgage after closing for a time fee of $20. i.e. Move from a credit line to payment plan or vice versa.

Unsure of Program? Not to worry. Our expert team will provide straightforward comparisons of all your options. We look forward to helping you decide which HECM program may be most suitable for your immediate or long term needs.

Step 3

Did You Know? Once you request an application we lock in your expected rate which guarantees you access to the current principle limit even if rates should rise.

Additional Calculators courtesy of All Reverse

Legal Stuff: All Reverse Mortgage Calculator and all content included on this page and on their website are for borrower convenience only. Results using the online calculator are loan estimates, and terms produced by the calculator may not be presently available credit terms. All Reverse Mortgage will endeavor to maintain current information and a fully functioning calculator for customer use at all times, but cannot guarantee terms available or that system malfunctions will never occur. To receive an actual proposal or available programs, rates and terms, you must contact our office. Interest rates (fixed rate and adjustable rate, LIBOR index) and amortization, mortgage insurance premiums (MIP), origination fees, lender margins, payment options and closing costs may vary. Borrowers with reverse mortgages must continue to pay all property charges such as property taxes, hazard insurance and HOA dues (if any). Please contact our office to determine eligibility


It Just Got Tougher to Get a Reverse Mortgage – Next Avenue, reverse mortgage rules.#Reverse


It Just Got Tougher to Get a Reverse Mortgage

Reverse mortgage rules

New federal rules that took effect in April may make it harder for some people to qualify for reverse mortgages. But they’ll also make it more likely that those who do receive reverse mortgages will have fewer worries about them.

Reverse mortgages are FHA-insured loans available to homeowners age 62 or older that let the borrowers convert their home equity to cash without making monthly payments; they’re repaid when the borrower sells the home, moves or dies. A 65-year-old with a $250,000 home might be allowed to borrow $127,000 with a reverse mortgage, according to the Boston College Center for Retirement Research.

The New Financial Assessments

Under the new rules (which sprang from a 2013 law), to get a reverse mortgage, you’ll now be subject to what’s known as a “financial assessment” — much like what lenders do when sizing up applicants for regular mortgages. Lenders will now review the income, cash flow and credit reports of prospects.

Basically, you’ll need to prove that you have the “willingness” and “capacity” to continue paying your home’s property taxes and insurance premiums. If the assessment convinces the reverse mortgage lender that you won’t have the cash to make those home-related payments, you may be rejected. That’s because a reverse mortgage borrower who fails to pay property taxes or homeowner’s insurance could be tossed out of the home and the house could then go into foreclosure.

“I think these changes are positive overall,” says Phil Stevenson, a Certified Reverse Mortgage Professional and principal of PS Financial Services in Coral Gables, Fla. “They’ll affect five to 10 percent of potential borrowers and, in reality, those are the ones who probably shouldn’t have done reverse mortgages in the past.”

The new rules will undoubtedly make the reverse-mortgage application process more complex, though, and will lengthen the time it’ll take for loan approval, at least initially.

“It will be more work for borrowers and mortgage companies,” says reverse-mortgage lender Stevenson. He estimates that at his firm, for the next six months or so, applicants might need to wait about six weeks altogether compared to four weeks before the new rules kicked in. “Eventually, maybe it will add no time or up to one week,” he says.

Now, when you apply, you’ll need to document your income and financial assets, which represents your “capacity” to pay. The lender will also examine your expenses and cash flow. So you’ll have to pull together your most recent tax return, W2 and 1099s. If you’re collecting Social Security or rental income, you’ll need to show that to the lender, too.

To assess your “willingness” to pay, the lender will examine your credit by looking back over the last two years to see if you paid your mortgage, property taxes and homeowner’s insurance on time. “If you were late a couple of times last year, you might have to wait a year to get a reverse mortgage,” says Stevenson.

Your credit score, however, won’t be a factor in whether you’re approved.

“We can deny someone with an 800 score and approve someone with a 500 score,” says Stevenson. “We’re looking at credit history. You could have been in medical collections, but always paid your mortgage and property taxes and just fell on hard times.”

In some cases, the lender can now approve a borderline applicant by creating what’s called a “set aside.” This means a portion of the reverse mortgage proceeds will be kept in reserve to ensure that the property taxes and homeowner’s insurance will be paid.

More Lenders Will Compete for You

On the positive side, now that the new rules have lowered the risks for lenders, look for more companies to get into the reverse mortgage business. This competition should help drive down borrowers’ costs.

“Some big lenders who used to be in this business — like Bank of America and Wells Fargo — may come back in,” predicts Stevenson. Bank of New York Mellon just set up operations to buy and securitize reverse mortgages.

Reverse mortgages, which long had a bad reputation as a loan of last resort, are now gaining growing acceptance among financial experts, too.

“I am a fan,” Alicia Munnell, director of the Center for Retirement Research at Boston College, told me recently. “The reason I like them is that the biggest asset most people have is their house and they save by making their mortgage payment each month. If you’re in a house that’s too big for you, you could buy a cheaper house and get your equity out that way. But if you want to stay in your house, I think a reverse mortgage is the way to go.”

1,200 Complaints About Reverse Mortgages

However, Munnell added, a reverse mortgage isn’t for everyone.

It’s also worth noting that reverse mortgages can be expensive, complicated, confusing and even irritating. In fact, a recent U.S. Consumer Financial Protection Bureau (CFPB) report said the agency received 1,200 reverse mortgage complaints since December 2011. “Many older consumers are quite frustrated with loan terms, service runarounds and foreclosure problems,” said CFPB Director Richard Cordray at a recent White House Conference on Aging regional forum.

Before applying for a reverse mortgage, I encourage you to read the CFPB’s free guide and Lending Tree’s site, both assessing the pros and cons, the National Council on Aging’s Q and As on reverse mortgages. Also, get counseling from a U.S. Department of Housing and Urban Development (HUD)-sanctioned counselor; you can find one through HUD’s website.

Reverse mortgage rules


Reverse Mortgage Eligibility, Learn Rules of Reverse Mortgage, reverse mortgage rules.#Reverse #mortgage #rules


Reverse Mortgage Information

The basic requirements to qualify for a reverse mortgage loan include: the youngest borrower on title must be at least 62 years old, live in the home as their primary residence and have sufficient home equity. Borrowers must also meet financial eligibility criteria as established by HUD.

The amount you can access from your home equity is based on a Federal Housing Administration (FHA) calculation that considers among others, the following factors:

  • Age of the youngest homeowner
  • Current value of the property
  • Balance on existing mortgage loans
  • Interest rates

Frequently Asked Questions Regarding Reverse Mortgage Eligibility

  • If the homeowner is under 62 years of age but they are on permanent disability, do they qualify?
    • No. The minimum age is 62 years and there are no exceptions for disability or Social Security status.
  • Can a homeowner that has a mortgage still get a reverse mortgage loan?
    • Yes. Many people who obtain a reverse mortgage loan use it to pay off their existing mortgage and eliminate monthly mortgage payments. 1
  • Does every homeowner over age 62 qualify?
    • No. Many people who want a reverse mortgage loan may not have enough equity in their home to qualify or may not meet other eligibility requirements.
  • What if there is too little home equity to qualify?
    • A “shortfall” means that the reverse mortgage loan would not generate enough loan proceeds to cover the existing mortgages on the home. In this situation, the homeowner cannot get a reverse mortgage loan until the balance of their existing mortgage is lowered or paid off. If they have money available, they can “pay down” their mortgage balance to qualify for the reverse mortgage loan.

To assist you in better understanding this type of loan we suggest you read our What is a Reverse Mortgage page or look into calculating how much you may be able to receive using our free reverse mortgage calculator.

1 You must still live in the home as your primary residence, continue to pay required property taxes, homeowners insurance, and maintain the home according to FHA requirements. Failure to meet these requirements can trigger a loan default that may result in foreclosure.


Home Equity Line of Credit – HELOC, The Truth About, reverse mortgage disadvantages.#Reverse #mortgage #disadvantages


Home Equity Line of Credit

Reverse mortgage disadvantages

A HELOC , or home equity line of credit, is a type of home loan that allows a borrower to open up a line of credit using their home equity as collateral.

It differs from a conventional home loan for several different reasons. The main difference is that a HELOC is simply a line of credit a homeowner can draw from, up to a pre-determined amount set by the mortgage lender, whereas with a typical mortgage, the amount borrowed is the total amount financed.

In other words, a HELOC is a lot like a credit card because of its revolving balance nature. When you open a credit card, the bank sets a certain credit limit, say $10,000. You don t need to pay interest on the total amount, or even withdraw or spend any of the $10,000, but it is available if and when you need it.

That s also how a HELOC works. Your bank or lender will give you a line of credit for a certain amount, say $100,000. And you can draw upon it as much or as little as you d like, up to that $100,000, if and when you want.

Generally, you will be required to make an initial minimum draw, say $10,000 or $25,000, depending on the total line amount. This ensures the bank actually makes money on the transaction, and doesn t just give you a line of credit you never touch.

At that point, you can borrow from it, pay it back, and then borrow again. Or never touch it and just set it aside for a rainy day.

Additionally, most HELOCs allow you to make just the interest-only payment, instead of having to pay back the principal. This keeps payments low while also giving homeowners access to much needed cash.

It s a flexible choice because you get the option to use the line of credit if you need it, without having to pay interest if you don t.

Most people use the funds to pay for things like college tuition, home improvements, higher-interest rate debt, or to fund another home purchase.

Accessing Your Funds with a HELOC

Once your HELOC is open, you ll have a variety of options to access the funds.

Most banks will provide you with an access card that works kind of like an ATM debit/credit card. You can make purchases with it and/or withdraw cash at a branch location.

You may also be given the option to transfer funds to a linked bank account, or be given checks that can be written to anyone for any purpose, which are deducted from your credit line.

There may be a bill pay option if you want to use the funds to pay bills, or an option to transfer funds over the phone.

In any case, it should be pretty easy and convenient (and usually free) to access your money.

Interest Rate on a Home Equity Line of Credit

Reverse mortgage disadvantages

A HELOC s interest rate is determined by the prime rate plus the margin designated by the bank or lender.

Many banks will offer borrowers the prime rate with zero margin, or even less than prime. You ll often see bank ads that say prime -1% or something to that effect. Of course, this is usually an introductory rate, and will often go up after the first few months or year.

After that promo period, expect a margin greater than zero plus prime. For example, you might see something like prime + 2%. Prime is currently 4.25%, so the fully-indexed rate would be 6.25%. A well-qualified borrower may get a rate as low as prime + 0.5%.

If your loan scenario is a bit more high-risk, it could carry a margin of 4% or more, which when combined with the prime rate, can be quite hefty. That would make the interest rate 8.25%, which isn t a very desirable rate.

When shopping for a HELOC, pay close attention to the margin since it s the one number that you can control. The prime rate is the same for everyone.

Tip: Ask for the margin during the draw period and the repayment period. Sometimes lenders will impose a higher margin during the latter period, which can get expensive!

Downsides of Home Equity Lines of Credit

Many borrowers steer clear of HELOCs for a number of reasons. The main reason being that a HELOC is an adjustable-rate mortgage, tied to prime. Whenever the Fed moves the prime rate, the rate on your HELOC will change.

Usually it s only .25% at a time, but the Fed raised the prime rate about 20 times in a row since 2004, pushing the rate from 4% to 8.25%, before it began to move the other way. So your interest rate can fluctuate greatly, even if the Fed moves prime in so-called measured amounts.

HELOCs generally adjust either monthly or quarterly, depending on the terms specified by the lender. Check your paperwork so you know what to expect after the Fed makes a move.

Also note that HELOCs don t have periodic interest rate caps like standard adjustable-rate mortgages, just lifetime caps, so the rate can fluctuate as much as the Fed allows it to, up to 18% in California (it varies by state).

Term of a Home Equity Line of Credit

A HELOC normally has a 25-year term, with a draw period and a repayment period. The draw is typically the first 5 to 10 years, followed by the repayment period of 10 to 20 years.

During the draw period, the homeowner can borrow as much as they d like within the line amount, and can make interest-only payments on the amount drawn upon. There is usually a minimum payment, just like a credit card.

After the draw period , the borrower must pay off the principal of the HELOC, along with the interest. This period is known as the repayment period .

Usually the loan balance is broken down into monthly payments, but there could also be a balloon payment because of the way the loan amortizes. Also note that some HELOCs don t have a repayment period, so full payment is simply due at the end of the draw period.

Home Equity Lines of Credit Often Serve as Second Mortgages

Most HELOCs are opened behind an existing first mortgage as a source of funds to pay down credit cards or other revolving debt, or for home improvements and other household costs. HELOCs provide flexibility at a relatively low interest-rate compared to a standard credit card.

They can also be used as purchase-money second mortgages to extend financing and allow the homeowner to put less money down on a hom purchase.

In this common scenario, the HELOC utilizes the entire credit line as the down payment, and the borrower must pay interest on the full amount from day one.

For example, if a borrower wanted a zero-down mortgage on a $100,000 property, they could open a $80,000 first mortgage at 80 percent loan-to-value and a 20 percent second mortgage (the HELOC) to cover the remaining $20,000.

Some borrowers may even open a HELOC as a first mortgage, although it is less common and can be fairly risky for a homeowner if the prime rate rises rapidly.

Home Equity Line of Credit vs. Home Equity Loan

With a home equity loan, you receive a lump sum and make monthly mortgage payments on the total amount borrowed, usually at a fixed rate.

A HELOC, on the other hand, not only gives the borrower the freedom to decide when and if to use the money, but also how much they need to pay back and when.

Borrowers generally choose HELOCs as purchase-money second mortgages because the interest rate is lower than closed-end fixed second mortgages.

And HELOCs have an interest-only option which many fixed-end seconds don t offer. HELOCs also don t carry prepayment penalties, whereas many fixed-end seconds do.

Once the borrower pays down the HELOC, they also have the option to draw upon it again if they need additional funds, something a home equity loan doesn t offer.

Common HELOC Fees

Another negative to HELOCs are the associated fees. Some of them require you to order an appraisal, which can amount to several hundred dollars. Others will charge closing costs and an origination fee.

There may also be an annual fee on your HELOC, which could range from $50 to $100 or more per year. Over time that can add up.

HELOCs also tend to come with early closure fees of around $300-$500, although they don t usually carry an explicit prepayment penalty.

This means if you close your equity line just 1-3 years into the loan, the bank will charge this fee. Again, they want to make money off the deal, so if you close the line too quickly, they ll probably charge you for it.

Sometimes the fee will be equivalent to what they would have charged for closing costs. For example, they may say you can get a HELOC without closing costs, but charge you those fees later if the line isn t kept open for a minimum period of time.

lower rate than a fixed loan

ability to choose draw amount you want, when you want

able to borrow multiple times from same line


1 Reverse Mortgage Calculator, age, reverse mortgage disadvantages.#Reverse #mortgage #disadvantages


Reverse Mortgage Calculator

Each week we update our online calculator to reflect our most popular programs offered at All Reverse Mortgage . You can request a formal analysis including written loan comparisons of ALL options, closing costs and amortization schedules by completing step 3 or call us while you’re using this calculator Toll Free (800) 565-1722

Input your date of birth, property zip code, estimated home value and existing mortgages (if applicable)

Unsure of your home value? Not to worry. When you request a formal analysis our team will also include a free property report.

Did You Know? Anytime you close a reverse mortgage within 6 months from your next birthday you will automatically be calculated a year older.

Step 2

Did You Know? On the adjustable plans you can change the terms of your reverse mortgage after closing for a time fee of $20. i.e. Move from a credit line to payment plan or vice versa.

Unsure of Program? Not to worry. Our expert team will provide straightforward comparisons of all your options. We look forward to helping you decide which HECM program may be most suitable for your immediate or long term needs.

Step 3

Did You Know? Once you request an application we lock in your expected rate which guarantees you access to the current principle limit even if rates should rise.

Additional Calculators courtesy of All Reverse

Legal Stuff: All Reverse Mortgage Calculator and all content included on this page and on their website are for borrower convenience only. Results using the online calculator are loan estimates, and terms produced by the calculator may not be presently available credit terms. All Reverse Mortgage will endeavor to maintain current information and a fully functioning calculator for customer use at all times, but cannot guarantee terms available or that system malfunctions will never occur. To receive an actual proposal or available programs, rates and terms, you must contact our office. Interest rates (fixed rate and adjustable rate, LIBOR index) and amortization, mortgage insurance premiums (MIP), origination fees, lender margins, payment options and closing costs may vary. Borrowers with reverse mortgages must continue to pay all property charges such as property taxes, hazard insurance and HOA dues (if any). Please contact our office to determine eligibility


Reverse Mortgage Information, reverse mortgage calculator.#Reverse #mortgage #calculator


Reverse Mortgage Information

Reverse mortgage calculator

Foreclosure is More Likely with a Conventional Mortgage Than a Reverse Mortgage

It is a common misconception that reverse mortgages run a high risk of foreclosure. This is largely due to a lingering bad reputation that reverse mortgages earned prior to the 1987 Housing and Community Development Act, when the government systemized reverse mortgages through the Home Equity Conversion Mortgage (HECM) program. However, today all HECM reverse [ ]

Reverse mortgage calculator

Reverse Mortgages – Rethinking the Typical Borrower

In the past, reverse mortgages were commonly perceived as a loan of last resort used by homeowners who were struggling financially. However, that misconception is quickly dissipating as more and more financial planners and retirement advisors have begun recommending reverse mortgages as part of a comprehensive retirement strategy. As a result, the profile of a [ ]

Reverse mortgage calculator

Medicare Open Enrollment Sparks Financial Concerns

Medicare Open Enrollment began October 15th, and continues through December 7th. According to AARP, you are eligible to enroll for Medicare if you are 65 or older, a US citizen or legal resident, and you or your spouse have worked long enough to be eligible for Social Security.1 If you are already enrolled but not happy [ ]

Reverse mortgage calculator

Home Equity for Senior Homeowners Grows by $162 Billion in Q2

Homeowners age 62 and older saw an increase in home equity of 2.4% in the second quarter of 2017 for a combined total of $162 billion.1 According to the proprietary index, developed by NRMLA and RiskSpan in 2000, the driving factor of the increase in equity appears to be home values. The index, which takes [ ]

Reverse mortgage calculator

Is a Reverse Mortgage Government Funded?

As many senior homeowners are aware, The Department of Housing and Urban Development (HUD), recently announced changes which will affect the Home Equity Conversion Mortgage (HECM), also known as a reverse mortgage. These announcements may have caused some confusion with seniors wondering, is a reverse mortgage government funded? Reverse Mortgages are Federally Insured The short [ ]

Reverse mortgage calculator

Choosing the Right Reverse Mortgage

One of the most challenging aspects of getting a Home Equity Conversion Mortgage (HECM), also known as a reverse mortgage, is identifying which product configuration and interest rate type best meets your needs. What many borrowers may not realize is that there are over a dozen different ways to configure a reverse mortgage. Depending on [ ]

Reverse mortgage calculator

Advantages and Disadvantages of a Reverse Mortgage

A reverse mortgage, can be a valuable retirement planning tool. This type of mortgage allows homeowners 62+ years old to convert a portion of their home equity into usable funds without having to repay the loan for as long as the borrower continues to meet the loan obligations.1 As you evaluate this financing option consider [ ]

Reverse mortgage calculator

What Influences Reverse Mortgage Interest Rates

Generally, when considering a loan of any kind, one of the first pieces of information considered is the interest rate as it affects the funds available to you and the amount you will repay. In this respect, a Home Equity Conversion Mortgage (HECM), commonly known as a reverse mortgage, is no different than other types [ ]

Reverse mortgage calculator

HUD Announces Big Reverse Mortgage Changes

On Tuesday, August 29th 2017, the US Department of Housing and Urban Development (HUD) announced some changes that will have a large impact on senior homeowners interested in tapping into the equity in their homes through the use of a Home Equity Conversion Mortgage (HECM), also known as a reverse mortgage. The Federal Housing Administration [ ]

Reverse mortgage calculator

How Reverse Mortgage Interest Rates Affect Your Loan Options

Generally, when considering a loan of any kind, one of the first pieces of information considered is the interest rate as it affects the funds available to you and the amount you will repay. In this respect, a Home Equity Conversion Mortgage (HECM), commonly known as a reverse mortgage, is no different than other types [ ]


Reverse Mortgage Calculator – MLS Reverse Mortgage, reverse mortgage calculator.#Reverse #mortgage #calculator


Reverse Mortgage Calculator

Reverse mortgage calculator results are for illustration purposes only and not an offer to lend. Rates and programs are subject to change without notice.

Reverse mortgage calculator

Reverse mortgage calculator

Reverse mortgage calculator

Reverse mortgage calculator

Reverse mortgage calculator Reverse mortgage calculator Reverse mortgage calculator

Reverse mortgage calculator

Reverse mortgage calculator

Find reverse mortgage info by state:

Reverse mortgage calculator

California: Real Estate Broker, California Bureau of Real Estate #01456165

Florida: Office of Financial Regulation Mortgage Broker Business License #MBB 0800812, Mortgage Broker License #MB 0862416

Idaho: Department of Finance Mortgage Broker / Lender License #MBL-6909

Washington: Department of Financial Institutions Mortgage Broker License #510-MB-50216

Reverse Mortgages are neither “endorsed” nor “approved” by the Federal Government. The FHA (Federal Housing Administration) provides certain insurance benefits for lenders and borrowers in connection with the lender’s HECM loans; the FHA does not make or originate loans. It is strongly advised that you consult with your family and / or trusted financial planner when considering any reverse mortgage loan.

The materials contained on this site are not from HUD or FHA and were not approved by HUD or a government agency.

Reverse mortgage calculator


Reverse Mortgage Lending Requirements Now Stricter with HUD Criteria – AARP, reverse mortgage scam.#Reverse #mortgage


Bulletin Today

Posted on 05/14/2015

Reverse Mortgages Now Harder to Get

Reverse mortgage scamIf you’ve thought about taking out a reverse mortgage, be aware that new rules that recently kicked in might make it harder for you to qualify.

The U.S. Department of Housing and Urban Development tightened lending criteria late last month. The changes require that lenders determine whether would-be borrowers have enough income to keep up with property taxes and homeowners insurance so they don’t default on the loan and, possibly, lose their home. HUD’s Federal Housing Administration insures most reverse mortgages.

Reverse mortgages are for homeowners 62 and older who have a significant amount of equity built up in their house. They can borrow against that equity — taking the cash in a lump sum, as a monthly income stream or a line of credit they can tap when needed. The money doesn’t have to be repaid until the owner moves, sells the house or dies.

Borrowers must continue to pay property taxes and homeowners insurance, however. And for some, that’s been a problem. In 2012, about 1 in 10 outstanding loans were in technical default because borrowers couldn’t keep up with those bills, says Lori Trawinski, director of banking and finance at the AARP Public Policy Institute.

The new lending standards are designed to reduce defaults. Lenders will be required to look at credit reports, assets, income and the borrower’s history of paying taxes and homeowners insurance.

“It will be more difficult for people who are struggling with income flow to meet the criteria,” Trawinski says.

Even so, she adds, a borrower could still qualify for a loan by having the lender set aside a portion of the loan proceeds to cover taxes and insurance. The amount to be set aside would be based partly on the borrower’s life expectancy.

Younger borrowers living in high-tax states will have to determine whether a set-aside makes a reverse mortgage worthwhile or if they would be better off financially with other alternatives, such as selling their house.

“We think reverse mortgages can be a useful tool for some people,” Trawinski says. “That s where it becomes difficult. Everybody is in a different financial circumstance.”

See the AARP home page for deals, savings tips, trivia and more.


Bank of America: Online Banking Alert – Scam Reports at ScamTrendsScam Reports at ScamTrends, reverse


Scam Reports at ScamTrends Daily updated database of user reported online scams and threats.

Be on the lookout for this fake Bank of America email. A common scare tactic is used to try to get you to click on a link in the email to confirm your data. If this email manages to slip through your spam filter, report it to abuse[@]bankofamerica.com. More information on how to detect phishing scams like these can be found on Bank of America s official website here.

Malicious link included with message: http:// 211. 21.123. 175 /css / (disabled)

A VirusTotal analysis of the above link revealed the following:

Reverse mortgage scam

This entry was posted on Monday, April 9th, 2012 at 7:00 pm and is filed under Phishing. You can follow any comments to this entry through the RSS 2.0 feed. You can leave a comment, or trackback from your own site.

Reverse mortgage scam

I have recently been scammed while trying to sell my timeshare. I have reason to believe the timeshare agent has sold my information to someone else in Florida. This information is being passed around in Orlando, FL It has my address (which is no longer our address), a BOA credit card number (which I cancelled several months ago), and the name of the timeshare I was trying to sell. So, obviously this information was given to him by the agent I was dealing with at Vacations Advertising Solutions. I have names and phone numbers of both of these guys if you want to further investigate.

Reverse mortgage scam

i got a tex from boa, it reads exactly. qxd19egwhbcyre45sdp_Recieved today,10-3-2014 from bnkofamerica_ call now; 4104372504 and avoid_ limit_visa_debit_._very important!!_vyc12scd76mun83metqjc15rpu9. this is pretty pathetic people think they have to do this. i have a bank acct. there

Reverse mortgage scam

I received this scam today. I did not download anything since I have no account with Bank of America. I did view the source and found an IP address. An online address locater told me the IP address was in Germany. I’m sorry I can’t give more information. I deleted the scam before I found this site.

Reverse mortgage scam

I received this scam today. I did not open it because I have no account with Bank of America. I did view the source and found the IP address. And the IP address finder gave a location in Germany.

Reverse mortgage scam

Just got a call from B of A stating that they were the B of A Fraud Dept. This was on my home phone which is not registered with B of A. Sounded very professional but wanting me to call an 800 number to verify recent activity on my account. Needless to say very suspicious so called the bank from Another number to check accounts. No red flags so far. Be aware people!

Reverse mortgage scam

My father took out a reverse mortgage his daughters insisted for a small amount then while he was hospitalized a man named Scott serbin scammed my father the sisters used this man who fraudulently took a loan for 470 thousand from Bank of America one of the sister is gang affiliated h by the time he went to bak his deed and his original loan was missing now there overnight the bank has changed mad the date and amount changed to 450 thousand. The Bank of America said they no longer carry the reverse the police and the bank tell me prove it my father is 89 worked hard all his life someone called the transaction a cash cow definite organized crime in Ventura california

Reverse mortgage scam

These scammers tried to draw me in using B of A dep slip. I became suspicious when they said I had to send 620.00 for access to an acct that does not exist. Anita H

Reverse mortgage scam

Just got a scammer phone call from 800-325-6271. It was a pre recorded call, said they were from BOA fraud. Asked for my husband by name. Wanted him to push 1 if it were him, 2 if not. I pushed nothing and it hung up.

Reverse mortgage scam

Just got one tonight, and I am not too happy because I now have to question is someone attempting to compromise my accounts. I don’t have an account with this institution, but these hackers and phishers are criminals, and I have something hot and now waiting to smoke their asses if they have they have the nerve to contact me in person versus be a coward and do this bs behind the screen.

Reverse mortgage scam

theres another one tonight i got stating welcome to online banking with bank of america. its a scam. i just got off the phone with them november 5, 2012

Reverse mortgage scam

My experience was much different. I signed in online to check my balance and after entering my logon identification I was taken to the correct Site Key where I entered my password. I was then taken to a screen for “Additional verification of your identity.” It said, “In order to provide you with extra security, we occasionally need to ask for additional information when you access your accounts online. Please enter your card information below.” The questions that I was asked to enter were: Card Number, Exp. Date, CVV Code, Date of Birth, Social Secuity Number (all 9 digits), Mother Maiden’s Name, Driver License Number, and date and location that account was opened. Next to the obvious error in grammar “mother maiden’s name” instead of “mother’s maiden name” I was dubious about any bank asking such personal information. I call the bank and they confirmed that is was an attempt at identify theft. WOW, am I glad I didn’t fall for that one.

Reverse mortgage scam

@Joseph Freeman Can you please detail what happened after? This just occurred to me as well.

Reverse mortgage scam

@ bmc89 Any details from either of you? I am getting this screen too.

Reverse mortgage scam

I got one, I have never had a Bank account!

Reverse mortgage scam

A Text Message to my personal telephone number urged me to call Bank of America (561)235-7256 and enter my CC #. I don’t have an account with BOA. This is clearly a scam.

Reverse mortgage scam