by Chrystal | Aug 19, 2020 | All Law, Elder
Typical Costs and Fees of a Reverse Mortgage in MN Join Our Newsletter 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...
by Chrystal | Aug 17, 2020 | All Law, Elder
HUD Reverse Mortgage in MN Join Our Newsletter 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,...
by Chrystal | Aug 14, 2020 | All Law, Elder
Reverse Mortgage Cons (and Risks) Join Our Newsletter 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...
by Chrystal | Aug 12, 2020 | All Law, Elder
Reverse Mortgages: The Pros Join Our Newsletter 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...
by Chrystal | Aug 10, 2020 | All Law, Elder
More on Reverse Mortgages in MN (Part 3) Join Our Newsletter 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...
by Chrystal | Aug 7, 2020 | All Law, Elder
More on Reverse Mortgages in MN (Part 2) Join Our Newsletter 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...
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