Tom MacDonald - Reverse Mortgage Consultant






       Reverse Mortgage Consultant

      Tom MacDonald


       707-265-6385      800-801-5727   Is This The Best Reverse Mortgage Website in the U.S.*

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Reverse Mortgage Consultant- Tom MacDonald BBB Business Review

Reverse Mortgage Details Index

As noted on the Basics index, Reverse Mortgages are very simple.  But, like many things, it is all in the details.  Here are the Details.

Acceptable Properties

A number of different residential properties types are acceptable.  Commercial property is not allowed.

Non-borrowing Spouses or Domestic Partners

There are different implications of a spouse or domestic partner not being on the reverse mortgage.  There are also specific steps that are required for the HECM counseling of the borrower.

Holding Title

Title can be held in a variety of ways including trusts and life estates when you have a reverse mortgage.

Homeowners Insurance

Like all homes with a mortgage, homeowner's insurance is required.  If you are in a flood zone, flood insurance will be required.

Property Taxes

You will need to stay current with your property taxes.  If your state/county/township has a program for deferred property taxes, that may be allowed.

A Reverse Mortgage May Be Used By Those On Medicaid, Medi-Cal and SSI

With caution, those on Medicaid may do a Reverse Mortgage.

Subordinating Other Loans

It is possible to have loans other than the Reverse Mortgage on a property but unusual.

Use of a Power of Attorney or Conservatorship

Using a Power of Attorney or Conservatorship with a reverse mortgage can be tricky.

What is the Likelihood of a Reverse Mortgage Foreclosure

Since reverse mortgage borrowers don't have to make payments, foreclosure rarely comes into play.  Here is some anecdotal information about that.


There are occasions when a foreclosure is used with a reverse mortgage

Preventing Foreclosures

There are times when a reverse mortgage could prevent foreclosure of a regular mortgage.