Thursday, July 3, 2014

Happy 4th of July!


From all of us at ReverseUtah.com we wish you a Happy Independence Day tomorrow.  We thank all those who have served our great country and we remember those who have gave the ultimate sacrifice so we can enjoy the freedoms we have.  Happy 4th of July everybody!

Thursday, December 12, 2013

The Reverse Mortgage Explained In Under 100 Words

A reverse mortgage allows you to access a portion of your equity payment free as long as you live in your home. If you’re on a fixed income a reverse mortgage can help to supplement your retirement like no other product out there.  To qualify you must be 62 or older and have enough equity, plus your home needs to pass an FHA inspection.  Visit our reverse mortgage details page for up to date info and our calculator page to get pre-qualified.  For more questions call 1-800-431-9250 to talk with a representative!

Friday, November 15, 2013

Qualify For A Reverse Mortgage On Your Smartphone!

Utah seniors use smartphone and tabletsMost people including many Utah seniors agree the internet is a great place to research any product or service. There is so much information you can get with just a few clicks of your mouse on any subject you desire. Over the past 5 or so years as the smartphone and more recently the tablet have grown in popularity substantially, and more internet searches are moving away from the traditional computer to these new devices.  In fact in India more people use the internet with mobile devices than on computers and we here in the US are not far behind.

So what does this mean to Utah seniors?  Well if you are deciding if a reverse mortgage is the right fit for you or not chances are you will do some research on the internet.  If you have a smart phone or tablet it's nice to have a website you can actually read on a smaller device.  If this is you; we have some good news!

Reverse Mortgage USA's Utah branch in Alpine Utah has just launched an updated version of their popular website reverseutah.com with a smart, responsive design that looks good on any size of device.  The website has a clean and refreshed look that is easy to navigate through. The website also has a calculator on the home page as well as a dedicated calculator page that responds to the device you're using to make it easy to not only learn about the reverse mortgage program while you use your smartphone but also see what you qualify for as well.

If you're in the marketing for a reverse mortgage or know someone who is, pull our your smartphone or tablet and check out the new reverseutah.com.  You'll be surprised how easy it is to get educated on the reverse mortgage program.

Wednesday, October 9, 2013

3 Reasons To Get A Reverse Mortgage Before The End Of The Year

3 reasons to get a reverse mortgage
If you're a senior living in the State of Utah you've probably seen the TV commercials, gotten a post card in the mail, or maybe even spoken to someone about the reverse mortgage program.  If you haven't taken advantage of it, the next 2 1/2 months may be the last good opportunity.  In fact, you may not even qualify by the end of the year! So if you're looking for a good reason to get a reverse mortgage right now: here are 3 of them.

Reason #1: More Changes

The changes that were mandated in the Reverse Mortgage Stabilization Act of 2013 have partially been enacted by lowing the amounts you can qualify for, but the biggest change has yet to happen. Many seniors get a reverse mortgage because of the ability to access some money without the need to make a payment. The reverse loan has a reputation of being a loan of last resort, but there are a surprising number of people who get it and don't really need it, they just like having access to their equity because they don't know what the future will hold.

Starting in January 2014 all reverse mortgage applicants will be required to take a "means" test.  The means test is supposed to show how much the borrower needs the loan as well as their ability to keep up on house repairs, taxes and insurance.  If the borrower doesn't really need the money, then they will not be able to qualify for as much if any.  If you don't want "big brother" to tell you what you can do with your own money, then getting started on the reverse mortgage by the end of the year is the thing to do.

Reason #2: Increasing Property Values

After the financial crisis started a few years ago everyone's property values took a hit.  If you have looked at a reverse mortgage within the past few years and didn't qualify, you may now!  The median home prices in Salt Lake County have gone up 17% from last year and you may be surprised to see how much your home is now worth.  Websites such as Zillow.com can be a good option to see how much your home has increased in value.  Once you have an idea, try our free reverse mortgage calculator to see if you qualify.

Reason #3: The Holidays

No this is not like the commercials you see on TV saying to get a reverse mortgage and then go on a cruise or vacation and blow all your money.  In fact we recommend you don't use the money from the reverse on things like that.  Why the coming holidays is a good reason to get a reverse mortgage though is to save you money.  How many of us on a fixed income end up buying gifts on a credit card and then take most of the next year to pay it off just in time to do it all again?  Well by getting a reverse mortgage you will have your current mortgage paid off thus eliminating the monthly payment and increasing your cash flow.  With this new monthly cash flow you can purchase presents and maintain your holiday traditions without loading up your credit cards.  With a traditional mortgage or a reverse mortgage you accrue interest that needs to be paid; but by following this plan you now stop accruing credit card interest as well...saving you money!

If you have been considering a reverse mortgage, or know anyone who has, please share this post and also our website reverseutah.com.  We will be happy to go over all the reverse mortgage options with you and make sure your questions are answered. Want to talk to someone live?  You can also call us toll free at 1-800-431-9250.

Tuesday, August 20, 2013

Reverse Mortgage Changes - They are-a-coming!

government changes reverse mortgage programWhen was the last time the government made changes that resulted in something better for the consumer long term?  Can't think of any?  Either can I. Over the past year there have been some big changes to the reverse mortgage program in effort to "shore it up" but thanks to the Reverse Mortgage Stabilization Act of 2013 you ain't seen nothin' yet!  If you're on the fence about getting a reverse mortgage or not check out this post from the great blog reverse mortgage daily.


The reverse mortgage industry and the Department of Housing and Urban Development are beginning to shed light on the changes that are in store for the Home Equity Conversion Mortgage program following approval for program change granted by Congress this month.
HUD Deputy Assistant Secretary Charles Coulter explained the proposed changes, without providing full details which are still being worked on at HUD, in a recent conference call with the National Reverse Mortgage Lenders Association’s executive and policy committees.

HUD is planning to create a new reverse mortgage loan program, while discontinuing the two programs—the Standard and Saver—as they are currently offered, according those familiar with the details. The new loan will come with new principal limit factors that range somewhere between the current Saver and Standard programs, though details have not yet been released on exactly where on the scale the new PLFs will fall.
Officials have stated to Congress and the public that the desired changes will shore up the FHA’s insurance fund for its HECM program and will also make the products safer and more sustainable for borrowers.
While additional program changes have been discussed, including a financial assessment of borrowers and a set aside for property tax and insurance payments, those changes are not expected to come in the first set of product changes, rather they are expected to be released in the coming months.
The new product will come with new mortgage insurance premiums that are dependent upon the amount that is drawn upfront and whether that amount  falls under or exceeds a 60% threshold. Only borrowers with mandatory obligations will be able to exceed that threshold.
Details are expected from HUD some time before September 1. The agency has stated it would like to implement the changes before October 1, 2013.
Written by Elizabeth Ecker, Reverse Mortgage Daily


Want to look again at the reverse mortgage program?  Call 1-800-431-9250 to talk to a specialist or visit www.reverseutah.com.

Wednesday, July 24, 2013

Reverse Mortgage | Timing Is Everything

There is a popular saying that "Good things come to those who wait".  While this is true for somethings it's not for reverse mortgages.  There has been a lot of news lately about changes in the reverse mortgage program that are coming down the line.  For most reverse mortgage customers these changes will not be a good thing so literally, if you've ever considered the reverse mortgage or know someone who has...NOW IS THE TIME!  If you wait much longer it may be too late.

Currently the reverse mortgage allows a borrower over 62 years to access a portion of the equity in his home without any payment due for as long as he lives in the house.  In order to get the loan, you have to be old enough, have enough equity, and the home has to pass an FHA inspection and be your primary residence.  If all these things check out then you can take the money you qualify for in either a lump sum, line of credit, or a monthly payment to you.  With the increasing numbers of baby boomers retiring the reverse mortgage option has been gaining popularity over the past few years.

So why is now the time to get a revere mortgage as opposed to next year, or even 5 years from now?  The answer has to do with property taxes and homeowners insurance.  The reverse mortgage is an FHA insured loan; meaning if the borrower defaults or if the loan goes bad then the FHA will step in and help cover the losses.  Because the reverse does not require a monthly payment, the only way to default on the loan is to not pay your property taxes or insurance; which is exactly what is happening at a fairly large rate!

Most mortgage companies collect money for property taxes and insurance every month when you make a payment.  When a senior gets a reverse mortgage if they've been used to having the mortgage company collect and pay for these bills can easily forget about them. Unfortunately this is happening and about 10% of reverse mortgages are now in default for the borrower not keeping taxes and insurance current.  Also many borrowers when they take out a reverse are having all the money they qualify for be issued in a lump sum.  This is their choice, but if they run out of money too quickly then paying taxes and insurance my be a bigger burden.

So like with anything that government is involved in that's not working right, the government feels it necessary to come in and fix it; which is exactly what is about to happen with reverse mortgages!  The proposed changes have passed the House and are currently on the way to the Senate and if they stay as they are I will repeat myself again...Now is the time to consider the reverse mortgage!  Some of the changes will be credit based, meaning if you don't have good credit you can be turned down!  There is also talk of a "needs assessment" which would take a look at your income and assets and if you don't really need the loan based on government guidelines then you will be turned down. If you do still qualify after you have jumped through all the hoops then their is a chance the lender will be forced to hold back a certain amount to help cover taxes and insurance should you fail to keep them current.  Bottom line; the equity in your house which is your money is going to be harder and harder to get access to.  So if you've ever thought about a reverse mortgage but decided to wait a few years until you need it more, or are just on the fence its time to take another look.  To get more details on the proposed changes call 801-372-9636 or visit www.reverseutah.com.

Wednesday, July 3, 2013

Rising Interest Rates and Reverse Mortgages

If you have been watching the news you have seen that mortgage interest rates have been rising lately making it harder for people to qualify for as much money.  Many people have been asking recently how the rising conventional mortgage rates have effected the rates on the reverse mortgage. The short answer is they haven't...yet!

The interest rates on reverse mortgages usually lag behind conventional rates by a few months, but there are rumblings on the secondary market that investors buying reverse mortgage loans have not been quite as excited as of late.  What will make them more excited?  MONEY!  How do they make money?  With higher interest rates.

If you are reading this and have considered the reverse mortgage, now is the time to look again.  Values in Utah are finally going up so this is the perfect time to revere your mortgage before interest rates follow suit.  You can see if you qualify by using our free reverse calculator, or calling 1-800-431-9250 today.