It's hard to miss the ads on TV for reverse mortgages. Over the last few years, almost every "senior" actor has made ads promoting these loans. Currently, Tom Selleck seems to be the most prominent. The industry has been accused of having confusing and inaccurate advertising about reverse mortgages and omitting or oversimplifying the potential pitfalls. For 2023 the maximum nationwide claim amount will be $1,089,300 for the FHA-insured Home Equity Conversion Mortgage (HECM). Competition has forced lenders to become creative in new private label reverse mortgages with innovations such as primary borrowers as young as age 60, condominium eligibility, lower closing costs, and higher loan limits. 

 

What do you think of the current loan limit and current reverse mortgage rates? What do you think about the major characteristics of reverse mortgages and what is your opinion of this financing option for our aging population?

https://www.hud.gov/program_offices/housing/sfh/hecm/hecmabou Links to an external site.

https://www.consumerfinance.gov/consumer-tools/reverse-mortgages/Links to an external site.

https://www.hsh.com/reverse-mortgage/reverse-mortgage-rates.htmlLinks to an external site.