ARAMCO Report - The Mother of ALL Mortgage Blogs!

San Diego is a retirement hot spot

Posted by Mehran Aram on Sun, Apr 14, 2019 @ 08:04 AM

If you’re looking for moderate weather year-round, pristine beaches and the flexibility of a suburban life with a little urban thrill nearby, San Diego is an ideal place to retire in. This is why millions of retirees are making San Diego their new home. In fact, according to a new report, the city ranks number 14 nationwide of best places to retire.

One of the drawbacks may be San Diego’s cost for housing but experts are quick to point out that for seniors, this may not necessarily be a deal breaker. Powerful financial tools like a HECM for Purchase (H4P) eliminate the cost barrier to buying a home. H4P is a home loan insured by the Federal Housing Administration that allows those 62 or older to combine their down payment with loan proceeds from a reverse mortgage.

Launched in 2008 by the FHA, H4P is easier to qualify than a conventional loan and can be used for the purchase of a single-family home, townhome and FHA-approved condominiums. Most appealing is that they loan requires no monthly mortgage payment and can help free up much needed cash in retirement.

Today, conforming no-point 30-year fixed mortgage rates are averaging 4.125 percent, 15-year rates are near 3.625 percent and the 5-year ARM is averaging 4.00 percent.

Do you have a question for Real Estate & Mortgage Analyst Mehran Aram? Submit your queries about a home purchase, refinance, or reverse mortgage via Aramco.Biz, social media (#AramcoReport), or over the phone at (866) 381-8888 and your questions may be featured in an upcoming article.

Topics: Reverse Mortgage, HECM, San Diego, Retirement, Reverse Mortgage for Purchase, HECM for Purchase, San Diego Housing Market

Debt levels burdening retirees

Posted by Mehran Aram on Thu, Apr 4, 2019 @ 16:04 PM

Unlike the generations that retired before them, the tens of thousands of Baby Boomers who are reaching retirement every day, are doing so with more debt. In fact, seniors aged 75 and older are four times more likely to carry debt into their retirement than someone the same age who retired in 1989. The value of that debt has also climbed a whopping 270 percent since that time.

Entering retirement with high levels of debt can place a heavy burden on seniors who find that social security and personal savings are not enough.

A certified reverse mortgage professional can assist those planning for retirement by evaluating the benefits of home equity programs like a reverse mortgage. Reverse mortgages allow those 62 or older to eliminate monthly mortgage payments while providing a source of income through a monthly check, a line of credit or a lump sum payout.

Meanwhile, conventional conforming no-point 30-year fixed mortgage rates are averaging 4.125 percent, 15-year rates are near 3.625 percent and the 5-year ARM is averaging 4.00 percent.

Do you have a question for Real Estate & Mortgage Analyst Mehran Aram? Submit your queries about a home purchase, refinance, or reverse mortgage via Aramco.Biz, social media (#AramcoReport), or over the phone at (866) 381-8888 and your questions may be featured in an upcoming article.

Topics: Reverse Mortgage, HECM, Certified Reverse Mortgage Professional, Retirement, debt, Seniors, Mortgage rates, Baby Boomers, Social Security, Personal Savings, CRMP

FHA makes changes to further protect HECM borrowers

Posted by The Aramco Group on Thu, Oct 4, 2018 @ 06:10 AM

As a part of the Federal Housing Administration’s continued efforts to reduce risks for those who utilized reverse mortgages as well as lenders, the federal agency announced this week that it will take a closer look at appraisals and the valuations of properties when assessing reverse mortgage endorsements.

The FHA will perform a risk assessment for all appraisals beginning this month and, in some cases, may require a second appraisal be obtained. The purpose of the new protocol is to avoid over-inflation of property values..

Reverse mortgages, commonly referred to as HECMs, are designed for those 62 years or older. In addition to eliminating the burden of monthly mortgage payments, seniors can fund use a reverse mortgage to fund their longevity. Proceeds can be received in the form of a lump sum, monthly payout or a line of credit which can continue to grow over time.

Meanwhile, conventional conforming no-point 30-year fixed mortgage rates are averaging 4.625 percent, 15-year rates are near 4.15 percent and the 5-year ARM is averaging 4.15 percent.

Do you have a question for Real Estate & Mortgage Analyst Mehran Aram? Submit your queries about a home purchase, refinance, or reverse mortgage via Aramco.Biz, social media (#AramcoReport), or over the phone at (866) 381-8888 and your questions may be featured in an upcoming article.

Topics: Reverse Mortgage, HECM, FHA, Appraisal, Property Values

What Are the Upfront Costs for a HECM Reverse Mortgage?

Posted by The Aramco Group on Wed, Apr 4, 2018 @ 09:04 AM

If you’re considering a reverse mortgage to fund your retirement, you probably have more than a few questions. For starters, is a Home Equity Conversion Mortgage (HECM) a responsible financial decision?


When managed properly, a HECM reverse mortgage is a reliable way for retired homeowners to supplement their income, fund home improvements, or cover unexpected costs. As with any loan, there are upfront costs to consider before you decide whether to apply for a HECM reverse mortgage.

Here’s a breakdown of the upfront costs and ways you can manage them, so you can get the most out of this potentially life-changing financial solution.

1. Appraisal

Before you even start your HECM reverse mortgage process, you’ll need to have your house appraised to see how much it’s worth.

Your lender will choose a third-party appraiser to inspect the property and determine its value. If repairs are required, a follow-up visit will be necessary. The first appraisal cost varies across the country, but the national average is $450, with any follow-up visits ranging between $100 and $150. ARAMCO can cover the cost of the appraisal in certain instances.

2. Origination Fee

The origination fee is charged by the lender, and covers their operating costs associated with originating the reverse mortgage for you.

This fee is calculated based on the value of your home, as determined during the appraisal. Under the HECM program, there is an origination fee cap of $6,000, which is the average fee throughout the country. That means you won’t be charged more than that, no matter how much your house has been valued at.

3. Closing Costs

Just like a traditional mortgage, reverse mortgages require certain fees that are rolled together into your closing costs. These include everything from a credit card report fee and title insurance, to pest inspection costs. These costs are vary depending on which individual reports and services apply to your loan.

4. Mortgage Insurance Premium

As of October 2017, all reverse mortgage borrowers are charged a mortgage insurance premium (MIP) at 2% of your home’s appraised value or 2% of the maximum lending limit; whichever is less. It’s an upfront, one-time cost that’s nonrefundable and paid directly to FHA’s insurance fund.

You will also pay an annual MIP, generally at a rate of 0.5% of your outstanding loan balance. The MIP is used to help fund the federally insured reverse mortgage program and in turn, pass along the benefits you receive to help fund your retirement. Without it, there is no reverse mortgage program.

5. Counseling

Anyone who wants a reverse mortgage is required to undergo counseling. You will pay a fee, usually $125, to the counseling agency directly — although if you have a low income, you may be eligible for a lower or waived fee.

Don’t be put off if the upfront costs sound overwhelming; all of these costs, with exception of appraisal and counseling, are rolled into the loan. If you’re working with ARAMCO, your only out of pocket expense is for counseling. Our team of certified reverse mortgage professionals (CRMPs) specialize in ensuring you get the biggest bang for your buck. By managing your reverse mortgage responsibly, as part of your retirement strategy, you can bolster your finances and improve your quality of life. The possibilities are endless!

Contact ARAMCO today to speak to our team of certified reverse mortgage professionals (CRMPs), and learn more about your reverse mortgage options.

Topics: Reverse Mortgage, HECM

ARAMCO Report - Wednesday April 29, 2015

Posted by The Aramco Group on Wed, Apr 29, 2015 @ 15:04 PM

New rules in effect for reverse mortgage

The FHA implemented new rules for the reverse mortgage on April 27, 2015. To strengthen the reverse mortgage program and give it more longevity, the FHA regulations have been changed to address the roughly 10% default rate nationwide on property taxes and insurance payments that threatened the program and put tax payers at risk.

The reverse mortgage is open to potential borrowers and their spouses 62 and over, and grants access to the equity in their homes as cash without monthly mortgage payments.

The good news is that, despite the new requirements, it is still a lot easier to qualify for a reverse mortgage than it is to qualify for a traditional mortgage. Unlike traditional mortgages there is no maximum debt to income ratio requirement and no minimum credit score requirement. There is still an analysis of your residual income and of your credit, but these standards are easier to achieve.

Home buyers and homeowners refinancing with traditional mortgages will find that conforming no point 30-year first rates average 3.875 percent while 15-year rates average 3.125 percent.

For more information on a home purchase, refinance, or a reverse mortgage, visit our website at Aramco.Biz or call me at (877) 700-0942. This is Mehran Aram with today's ARAMCO Report.

Ask Mehran Aram

Topics: Reverse Mortgage, HECM, financial assessment, Reverse Mortgage Program, 30 year fixed rates, retirement planning, FHA

Buying a New Home with a Reverse Mortgage

Posted by The Aramco Group on Thu, Apr 23, 2015 @ 13:04 PM

Did you know there is a way to buy a home and never make a mortgage payment?

Imagine this scenario:

You have $200,000 and you are looking for the perfect home that suits your retirement.

You are looking forward to buying your next home outright because you have spent a lifetime making monthly mortgage payments and to continue to would be a drag.

You are scared that $200,000 is not enough to find a home in San Diego.

You and your spouse engage a realtor, and look around the San Diego area for a perfect home or condominium, and you are disappointed that you cannot find any homes that…

1) Suit your family’s needs,

2) Are in your price range, and

3) Are in the neighborhood you want them to be.

Is this home the right size?

What are you to do?

Consider a using a reverse mortgage as a tool to get the right home.

If you or your loved one are over the age of 62, then you might qualify for a Reverse Mortgage for Purchase. It could expand your buying power and you still won’t have to make mortgage payments — if you do not want to!

The loan amount one can qualify for with a Reverse Mortgage for Purchase is based on the age of the youngest borrower. If the youngest borrower is 62 or over, then the loan can be the lesser of 52% the home’s appraisal value, the purchase price or the maximum lending limit.

Let’s go back to our situation where you and your spouse have $200,000 and are looking for the perfect San Diego home to right-size into retirement. If you and your loved one are 62 and qualify for a reverse mortgage, then 52% of the appraised value of the home you find can be covered by the reverse mortgage! 

You find the perfect home for $390,000. You could never afford it without a loan (or a winning lotto ticket), but with your reverse mortgage covering 52% ($202,800) now you can use $187,200 of your money to buy a home worth nearly twice as much as you could have purchased in cash.

Even better: the Reverse Mortgage for Purchase works just like a normal Reverse Mortgage. You retain the title to the home, and the loan does not come due until the last borrower leaves the home. The loan is non-recourse, so the bank can never come after you, your heirs or your estate regardless of what happens in the housing market.

You got everything that you set out to accomplish: you found a home that…

  • Suits your family’s needs,
  • Is in the right neighborhood,
  • Requires NO monthly mortgage payments,
  • And was within reach of your original budget!

You got everything you were looking for with the help of a reverse mortgage!

Look around you for a moment, and try to see the nooks and crannies of your home in a new light. Would you like to spend your future in a home that is better suited to your needs? If so, call ARAMCO Financial at (760) 438 – 2552 to see if a Reverse Mortgage for Purchase is right for you. Or sign up for our free educational workshop at

Don’t just downsize, right-size with a reverse mortgage!

Topics: Reverse Mortgage, HECM, home prices, home purchase, San Diego, purchase, Price, Reverse Mortgage for Purchase, Home Purchasing, HECM for Purchase

Life-Expectancy Set Asides — Buzz Words to Borrowers

Posted by The Aramco Group on Tue, Apr 7, 2015 @ 15:04 PM

The Other Half of the Financial Assessment

Life-Expectancy Set Asides

This is post 3 of 3 introducing the New Reverse Mortgage and how the new Financial Assessment may Impact you and your loved ones.

If you would like to avoid any of the hassles described below, then
 Call The ARAMCO Group and
Apply for a reverse mortgage
Before April 27th, 2015


The Financial Assessment

Any reverse mortgage loan that is originated on or after April 27th, 2015 will subject the borrower to the Financial Assessment. As we have discussed, that assessment requires that potential borrowers submit a good deal more paperwork than they previously needed to. That paperwork is intended to help the originators, the underwriters, the processors and the lenders understand a borrowers’ “willingness and ability” to meet the basic financial obligations of this loan.

The FHA has provided the mortgage market with the basic guidelines of how this is going to work: your income, assets, and credit payment history will be considered, and the lender will determine if you have demonstrated “willingness” and “ability” to be an ongoing partner in maintaining your home.

What are my obligations again?

You will be required to continue to pay your property taxes, homeowner’s insurance, and flood insurance for the lifetime of the loan.

What happens if you do not have a demonstrated “willingness” and “ability” to meet these obligations? 

If you do not meet these two requirements—which are defined below—then the FHA and HUD require lenders to set aside a portion of the reverse mortgage’s proceeds to cover these costs either partially or in-full.

Not meeting these obligations is the number one reason for default on a reverse mortgage, so it is important that these payments be made. The FHA and HUD’s intention is to make sure that the New Reverse Mortgage is as secure as it ever has been for borrowers. One of the results of this change is that, depending on your financial history over the last 24 months, you may not receive as much of the loan’s proceeds as you would if you had filed before April 27th, 2015.

Willingness to meet your obligations

Fortunately or unfortunately, depending on how you look at it, proving that one is willing to maintain one’s property taxes, homeowner’s insurance and flood insurance obligations is the simplest and possibly most subjective part of considering your application for a reverse mortgage. Does your credit history reflect multiple delinquent payments that cannot be explained by extenuating circumstances (see the previous post) and proven by documentation?  That might look like willing disregard about not paying people you owe on time. Also, however unlikely it is, if you or your borrowing spouse are too rude, glib, or playful about the need to meet these obligations, the underwriter may determine that you are “unwilling” to do what needs doing. If you and your spouse have explanations for any problems with your credit report, and engage your loan application with dignity, then this should not be a problem.

If the underwriter determines that you are “unwilling” to meet your obligations, for any reason, then they will be automatically required to impose a fully-funded set-aside.

The lender uses that portion of your loan’s proceeds to pay your property’s obligations on your behalf. They are required to pay them promptly and inform you well in advance if there is a looming concern that needs addressing.

Ability to Meet your Obligations

The Financial Assessment will require you to submit a range of information about your credit, assets and income — as was mentioned above and shared in the last blog post.

Your “ability” to meet your monthly tax and insurance payments has more of a sliding scale than did your “willingness.” That’s easy to explain: were you willing to provide for your obligations? Yes or no? But you can easily see that one’s ability to pay is determined by a lot more factors than that: income sources, credit, asset bases, and home value/potential reverse mortgage proceeds are just a few of those factors.

Your loan originator is the only one can explain the specifics of how the Financial Assessment will gauge your ability to meet your obligations, but there are a few things that you can anticipate.

What will be deemed “Satisfactory Credit”?

The previous post explained how important credit history will be to assessing your application. The loan officer may consider the borrower to have “satisfactory credit if”:

 (From the HUD Manual on the Financial Assessment)       

    • The [borrower] has made all housing and installment debt payments on time for the pervious 12 months and no more than two-30 day late mortgage or installment payments in the previous 24 months; and
    • The [borrower] has no major derogatory credit on revolving accounts (credit cards, etc.) in the previous 12 months.

Major derogatory credit on revolving accounts shall include any payments made more than 90 days after the due date, or three or more payments more than 60 days after the due date.

If a [borrower’s] credit history does not reflect satisfactory credit as stated above, the [borrower’s] payment history requires additional analysis.

Now you know what HUD deems to be a minimum threshold on your credit history. A 24 month period without credit problems to this level will not automatically require a set-aside.

Note: The lender will still have to evaluate your income and assets, and they may still determine that one must have either a fully-funded or partially-funded set aside.

Continue reading to find out what the difference is.

Fully-Funded vs. Partially-Funded Set Asides

If one needs a set-aside to get a reverse mortgage, then the amount of funding needed is based on a formula that accounts for the following:

  • The projected sum of:
    • Current property taxes;
    • Homeowners insurance premiums; and
    • Flood insurance premiums.
  • A factor to reflect increases in tax and insurance rates:
  • The HECM expected average mortgage interest rate; and
  • The life expectancy of the youngest borrower.


A Fully Funded Set-Aside is required when it seems you will not be able to meet your monthly payments. The full amount of the set-aside formula is taken out of the proceeds of your reverse mortgage, and the bank pays the fees directly.  The borrower remains responsible for all other property charges.

Note: A borrower can elect to have a fully-funded set-aside if they think it sounds like a good plan for their personal situation. If a borrower elects to institute a voluntary set-aside, then it must be fully funded.

A Partially Funded Set-Aside is for if you seem to be capable of managing a portion of what a fully-funded set-aside would have required. Your lender may set up a partially-funded set-aside with a smaller part of the proceeds from the reverse mortgage than would have been used for full-funding. The funds will be disbursed to you every 6 months. The borrower is the one that remains responsible for timely payment of all property charges.

Note: If the formula spits out that you require a partially-funded set-aside that is 75% (or above) of what the fully-funded set-aside would require, then you must have a fully-funded set-aside.

Don't Worry - The ARAMCO Group is here to help.


The New Reverse Mortgage is going to be here on April 27th, 2015. The Financial Assessment is the newest set of regulations passed down from the FHA and HUD, and it will change the way that reverse mortgages are originated in the United States. 

The New Reverse Mortgage will still be a powerful tool for any aging American who desires greater financial flexibility in their retirements, but applying will be more involved.

The Financial Assessment is designed to ensure—as much as is possible—that the New Reverse Mortgage is as secure for borrowers as it has ever been. Keeping up with your property taxes, homeowner’s insurance and flood insurance over the lifetime of the reverse mortgage is the most important part ensuring security with a reverse mortgage. Now you know more about how the Financial Assessment will influence you before and after it is imposed, and you and your loved ones can make informed decisions about your future with the New Reverse Mortgage.


Call ARAMCO toll-free at (760) 438-2552 or email us at if you have any more questions or if you would like any assistance at all about a reverse mortgage.


This series of blog posts serves as an introduction to the New Reverse Mortgage and is not meant to be an exhaustive source of information about the qualification for, terms of, or requirements of the New Reverse Mortgage. Please consult a Loan Officer at the ARAMCO Group or your licensed financial advisor for more information on this product.

Topics: Reverse Mortgage, HECM, financial assessment, Reverse Mortgage Program, mortgage, Life Expectancy Set-Asides, Set-Asides

Would You Make The Cut?: New Assessment for Reverse Mortgage Borrowers

Posted by Jay Zayer on Thu, May 15, 2014 @ 15:05 PM

Later this year, the FHA will begin a financial assessment on borrowers looking to obtain a Reverse Mortgage. The purpose of the assessment is to evaluate the mortgageor's willingness and ability to meet their financial obligations.The assessment will also be used to calculate whether a portion of the Reverse Mortgage proceeds will need to be held back in order to cover property taxes and insurance in future years. According to HUD, the new financial assessment guidelines will focusWould You Make The Cut?: New Financial Assessment For Reverse Mortgages on:

•performing credit history analysis and cash flow/residual income

• evaluating extenuating circumstances and compensating factors;

• evaluating results of the financial assessment to determine eligibility
for the HECM;

• determining if funding sources for property charges from HECM proceeds
will be required;

• completing a financial assessment worksheet; 

• verification requirements and documentation standards for credit, income,
and expenses.

Additionally, underwriters will look at the borrowers current monthly obligations (found on their credit report) and property charges that include property taxes, home owners insurance, and HOA payments. HUD will require a calculation based on the square footage of the home and is similar to the VA calculation of $.14/sq. ft. If a home is 1800 square feet, an assessment of $252/month would be included in the calculation when determining if a borrower qualifies.

Another component of the calculation will be based on the geographic region the borrower resides in. In the Southwest region, $589/month for a single person and $998/month for a couple would be added to the equation when calculating the financial assessment. For example: a couple living in Southern California who have a 2000 square foot home, $350/month in credit card debt, property taxes of $3000/year and paying $1200 for homeowners insurance would need to make $1978/month to qualify according to the new financial assessment. For many couples living in Southern California $1978/month may not seem like a lot of money however, many senior borrowers looking at a reverse mortgage are doing so because they are on a very tight budget and possibly living month to month.

Unfortunately, the few that do not pass this financial assessment may not qualify for a reverse mortgage and may be forced to sell their home. On a positive note, most borrowers will pass this new policy imposed by FHA.

For more information on purchasing a home, reverse mortgages or home financing contact us at or call 877-700-0942.

Learn More

Topics: Reverse Mortgage, HECM, financial assessment, Aramco Financial, Housing and Urban Development, HUD, credit, Aramco Mortgage, Southern California, borrowers, FHA, Mortgage applications, Homeowners Insurance, property taxes, HOA Payments, mortgagor

Purchasing Your Home in Retirement: Using HECM Reverse Mortgage

Posted by Craig Sutliff on Thu, May 8, 2014 @ 09:05 AM

Downsizing? Refinancing? Wanting a change of scenery? It is a common misconception that you can’t use a reverse mortgage to purchase a home. That is entirely false!

Purchasing Your Home in Retirement:Using an HECM Reverse Mortgage

Many of our elderly clients live in homes in which they’ve raised their families and some are looking to downsize or move into a retirement community. This move allows them to take advantage of less upkeep of a home and to enjoy their time doing other activities. With a Home Equity Conversion Mortgage (HECM) they are able to accomplish this, and can avoid moving into costly retirement homes. 

Downsizing is not the only way to reap the benefits of a HECM Reverse Mortgage. With many of our clients, we are able to list and sell their home so they can go on to purchase a new home. This is accomplished by using some or all of the proceeds they received from selling their home as a down payment on a new home. We simply finance the purchase of this new home with a HECM Reverse Mortgage for purchase, and the homeowner enjoys their new home with out the usual burden of monthly payments. If the property purchased is a home of equal or lesser value than your existing home, you in most cases can transfer the current taxable value to your new property (of course it's a great idea to consult your tax professional, we're just the real estate and. Mortgage pros). This means that property taxes WON’T go up AND, with the Reverse Mortgage, you will have NO mortgage Payment (just be sure to follow the terms of the loan)! Even with these benefits, you are not restricted from purchasing a higher-value home if you so choose.

Owning a home is also not a prerequisite to get a Reverse Mortgage. Many seniors that are currently renting and may have saved money over the years or came into an inheritance, can use some of their savings to purchase a home using a Reverse Mortgage.  This provides a tremendous amount of freedom and security for the senior. With ownership, the housing payment is essentially fixed and you, the owner, are no longer subject to ever-increasing rent payments.

While being a homeowner means being responsible for property taxes, insurance, and maintenance, this option provides a freedom that renting does not. With owning a home, YOU are in charge, allowing you to make changes to the space, etc. without having to worry! With no mortgage payment, the costs of owning a home can be very manageable and the benefits of owning far out-weigh the uncertainties of renting.

Call The ARAMCO Group at 877-700-0942 for more information on how a HECM for Purchase Reverse Mortgage can help you!

Learn More

Topics: Reverse Mortgage, HECM, home buying, senior citizen, Retirement, Aramco Mortgage, Aramco Properties, Retirement Concerns, downsizing, retireing without a mortgage, 10-31 excahnge, Selling, HECM for Purchase

Non-Borrowing Spouses and Reverse Mortgages: What you need to know

Posted by Jay Zayer on Wed, Apr 30, 2014 @ 15:04 PM

On April 25th, 2014, HUD released their new reverse mortgage guidelines for non-borrowing spouses.  For HECM loans with FHA case numbers on or after August 4, 2014, non-borrowing spouses will be able to remain in their home and defer payment in cases where the named borrower passes away.

HUD will be updating factor tables that will be based on the youngest borrower or non-borrowing spouse and will be used to calculate the principal limit for borrowers younger than 62 years of age.

Non-Borrowing Spouses and Reverse Mortage: What you need to knowThe reverse mortgage will continue to accrue interest in accordance with the original terms and the borrower will also need to make mortgage insurance payments to the FHA.  The non-borrowing spouse will be able to sell the property regardless of equity however, a non-borrowing spouse certification will also be required prior to closing escrow (this certifies that the borrower is married to the non-borrowing spouse.)

According the Mortgagee Letter 2014-07, in the event the borrower predeceases the non-borrowing spouse, the loan repayment will be deferred for as long as the non-borrowing spouse meets all the necessary requirements. Such requirements include the continuation of the following:

1. Within ninety days from the death of the last surviving HECM mortgagor, establish legal ownership or other ongoing legal right to remain (e.g., executed lease, court order, etc.) in the property securing the HECM;

2. After the death of the last surviving borrower, ensure all other obligations of the HECM mortgagor(s) contained in the loan documents continue to be satisfied; and

3. After the death of the last surviving borrower, ensure that the HECM does not become eligible to be called due and payable for any other reason.

If the non-borrowing spouse is unable to meet these requirements, the deferral period will cease and the reverse mortgage will become due and payable. 

Although these changes will affect the loan amount that borrowers will qualify for, it will also allow non-borrowing spouses to stay in their home without the fear of being evicted down the road.

For more information regarding reverse mortgages or any of the information provided, please contact us at 877-700-0942 or click the link below.

Learn More

Topics: Reverse Mortgage, HECM, Aramco Financial, The Aramco Group, San Diego, Mehran Aram, Loans, senior citizen, Certified Reverse Mortgage Professional, Non-Borrowing, Spouses, HUD, Retirement, FHA