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Elder Law

Typical Costs and Fees of a Reverse Mortgage in MN

What are the typical costs and fees I will be looking at? According to the Consumer Financial Protection Bureau, reverse mortgages are more expensive than other types of loans. Unlike traditional mortgages, the amount you owe on your reverse mortgage will grow the...

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HUD Reverse Mortgage in MN

In recent years, HUD reverse mortgage standards have changed. HUD HECM standards have changed during the past decade as a result of massive program losses following the 2008-2009 real estate crash. To cut losses in 2013, HUD limited the amount that HECM borrowers can...

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Reverse Mortgage Cons (and Risks)

Reverse financing is not “free”. Reverse mortgages have significant costs that include lender fees, FHA insurance charges, closing costs, etc. These costs can be added to the loan balance. However, that means the borrower has more debt and less equity. Interest rates....

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Reverse Mortgages: The Pros

Reverse mortgages can help many seniors but are quite expensive. Reverse mortgages can also present significant risks in some cases. All forms of financing have their pros and cons, and reverse mortgages are no exception. Here are some of the key issues to consider...

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More on Reverse Mortgages in MN (Part 3)

In many cases—particularly following the real estate crash of 2008-- the loans that were supposed to help seniors stay in their homes in fact pushed them out. Some lenders aggressively pitched reverse mortgage loans to seniors who were not able to afford the...

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More on Reverse Mortgages in MN (Part 2)

A reverse mortgage is a nonrecourse loan. That means, if the home sells for less than what is owed, you or your heirs will not be responsible for paying the difference. Depending on the type of reverse mortgage you get, the FHA or the lender will cover the difference...

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