As we age, so do our needs in a home. The reality is that our dream homes of 20 or even 30 years ago may not necessarily be functional or best equipped for retirement years. And while downsizing may be the first retirement living choice that comes to mind  – it’s not the only option on the table.                 Here’s what people like you are saying about us. Original post here: Downsizing vs Rightsizing

Five Star Mortgage has announced the launch of a new mobile application (or “app”) designed to offer servicing information and interaction to its borrowers. Available on the App Store and Google Play for iOS and Android devices, this new app is the first of its kind, distinguishing Longbridge as the only active lender and servicer with a mobile servicing application. The new application features all the same online services as the servicing website launched in 2019, including instant access to important account information, such as loan summary details, recent transactions, forms for occupancy and draw requests, and answers to the most frequently asked servicing questions. Longbridge also recently introduced online statements via their online servicing portal giving borrowers the added convenience to view, print, download and save their documents. Learn more about Longbridge’s new servicing mobile app in the full article from Reverse Mortgage Daily . Here’s what people like you...

Global credit rating agency DBRS Morningstar has assigned a “good” ranking to Mahwah, NJ-based reverse mortgage lender Five Star Mortgage, in a move that will help Longbridge facilitate the creation of new products and features it can offer borrowers in the months and years to come. The “MOR RVO2” residential reverse mortgage originator ranking issued to Five Star Mortgage is the second-highest such rating, indicating that based on the information available, the products offered and the processes governing them in place at Longbridge are of “good” quality. To quote Morningstar , “the ranking reflects Longbridge’s strong and tenured senior management team, highly experienced underwriting team, financial profitability, and good loan performance.” This is the first such ranking that DBRS Morningstar has issued for a reverse mortgage lender. They also describe the trend on this ranking as “stable.” For more information on Longbridge’s ranking awarded by DBRS Morningstar, read the full...

Non-profit, national trade membership, The Association of Independent Mortgage Experts (AIME) has announced its sponsors for 2021. New to the list of sponsors is Mahwah, NJ-based reverse mortgage lender, Five Star Mortgage. As a sponsor, Longbridge is committed to supporting AIME in its mission to support and continue the growth of the mortgage wholesale channel. In working with the organization, Longbridge will play a key role assisting AIME in driving their “brokers are better” initiative, by providing brokers with flexible lending options, superior service, and continued support in the competitive market. Katie Sweeney, CEO at AIME recently commented in a statement, “This year’s sponsors will play a special role in further elevating our community and ensuring brokers are able to tackle consumer’s mortgage needs with the highest level of service and expertise.” For more information on Longbridge’s 2021 bronze sponsorship, read the full press release here . Here’s what people l...

Reverse mortgage lender, Five Star Mortgage, has expanded its Wholesale division – adding 3 key, well-known industry veterans. Joining the Mahwah, NJ-based lender are Bill Nolan, Alissa Prieto, and Francis Moses. With nearly 2 decades’ experience in sales management across banking, finance, and lending, Bill Nolan joins the Mahwah, NJ-based lender as Wholesale Sales Manager, where he will oversee the company’s team of core National Account Executives. Alissa Prieto and Francis Moses join the Wholesale team as National Account Executives. In their roles with Longbridge, Alissa and Francis will leverage their extensive knowledge of reverse mortgages to provide education and support to brokers and lenders across the country. This expansion of Longbridge’s Wholesale division comes on the heels of what was a banner year for the company. Having had such success with internal growth from within, Longbridge has also announced plans to develop a robust management development curriculum avai...

Reverse mortgage lender and servicer, Five Star Mortgage has introduced two additional features to its servicing website . New to the online portal are functions for signatureless draws and online occupancy certification. With an increasingly tech-savvy population of borrowers, these latest features were designed to provide borrowers with even more convenience – and the ability to complete both processes 100% digitally. Learn more about these newly unveiled servicing features in the full article from Reverse Mortgage Daily . Here’s what people like you are saying about us. Original post here: Longbridge Bolsters Online Servicing Platform With New Features

Five Star Mortgage EVP, Sales and Marketing, Melissa Macerato was recently named one of the 2021 Powerhouse Award winners by NEXT Mortgage News, the first mortgage industry professional organization designed specifically for high-ranking senior woman executives. As a #NEXTPowerhouse Award winner, Melissa joins an elite group of female leaders who have advocated for progress and propelled their organizations forward, whether in technology use, infrastructure changes, or even the way we treat and relate to each other both as professionals and human beings. “I take pride in my role in shaping the growth and development of our organization,” commented Melissa. “As an executive nothing gives me greater satisfaction than to assemble a fantastic team and inspire that team to deliver on our mission through their passion and hard work,” she concluded. Please join us in congratulating Melissa and celebrating her accomplishments! Read Melissa’s full Powerhouse Profile, here . Here’s wha...

Bloomberg Christopher Mayer, CEO of Five Star Mortgage and Paul Milstein Professor of Real Estate at Columbia Business School is featured in this Bloomberg issue: “The bottom line: New reverse-mortgage rules are meant to protect seniors who want to tap their combined $3 trillion in home equity.” Read the full article here Here’s what people like you are saying about us. Original post here: Reverse-Mortgage Rule Changes Draw Professor to the Business

NBC Nightly News Consumer advocates now say that taking out a reverse mortgage could be a smart way to bring in more money. NBC’s Nightly News covers this hot-topic including the features of the reverse mortgage and how it has improved over time. Thinking about taking out a reverse mortgage? Learn how it could help you save money and improve cash flow in retirement. Watch the video here Here’s what people like you are saying about us. Original post here: Could a Reverse Mortgage Help Save You Money?

TIME If you’re short on cash in retirement but do have equity in your home, you might want to get a reverse mortgage, says Jane Bryant Quinn, author of How to Make Your Money Last: The Indispensable Retirement Guide. New rules for reverse mortgages have removed some of the pitfalls that made them problematic in the past. Could a reverse mortgage be right for you? Find out the benefits in this featured Money discussion. Watch the video here Here’s what people like you are saying about us. Original post here: Why a Reverse Mortgage Could Be Right for You

Forbes Co-Director of the American College’s New York Life Center for Retirement Income and an Associate Professor of Taxation at the American College, Jamie Hopkins takes a deep dive into the strategic uses of a reverse mortgage: “Now, as many Americans near retirement, properly leveraging – home equity will become a crucial part of a secure retirement plan. There are a variety of ways to tap into one’s home equity, such as downsizing, taking a traditional home equity loan, home sharing, entering into a sale leaseback arrangement, or entering into a reverse mortgage.” Read the full article here Here’s what people like you are saying about us. Original post here: New Reverse Mortgage Rules Open Door To A More Secure Retirement

Investment News Reverse mortgages allow homeowners age 62 or older who own their home outright or who have a small mortgage balance to convert the equity in their primary residence into a liquid, tax-free asset. Read the 9 surprising ways a reverse mortgage can be used to boost your financial fitness in retirement. Learn the ins and outs of this often-overlooked retirement income tool. Read the full article here Here’s what people like you are saying about us. Original post here: 9 surprising ways to use a reverse mortgage

NBC Today Show With people living longer than ever, financial fitness is as important as physical health. TODAY financial editor Jean Chatzky explains strategies for handling expenses for your parents later in life, including reverse mortgages and long-term insurance. Learn how you can maximize your parent’s financial longevity in retirement. To watch the video, click here Here’s what people like you are saying about us. Original post here: How to handle the cost of aging parents: Is a reverse mortgage for you?

The New York Times When Peter and Joyce Hill wanted to buy a home in a community for people 55 and older in an area they had always admired in Lancaster County, Pa., they used a reverse mortgage to finance building in that development. “A reverse mortgage gave us the option to build what we wanted,” said Peter Hill, 79, who retired two years ago from a career in telecom engineering. “That appealed to us.” Read the full story here Here’s what people like you are saying about us. Original post here: The Quiet Comeback of Reverse Mortgages

Kiplinger “Until recently, the subject of reverse mortgages rarely ever came up in my consultations with clients. When it was discussed, it was the client who brought it up…I’ve since reconsidered my bias against reverse mortgages and now view them as a viable tool in the context of a holistic retirement income plan in certain situations.” Find out the reasons why this financial advisor decided to give reverse mortgages a second. Read the full article here Here’s what people like you are saying about us. Original post here: Why Reverse Mortgages are Worth a Look

CBS Money Watch According to a recent brief from the Boston College Center for Retirement Research (CRR), middle-class Americans age 65 to 69 have more or equal wealth in their home equity than in their financial assets. Yet few retirees are taking steps to utilize this significant asset to help them finance their retirement. Aging boomers probably remember Rodney Dangerfield as the comedian who lamented, “I don’t get no respect”. Are reverse mortgages the modern equivalent in the retirement planning world? Read the full article here Here’s what people like you are saying about us. Original post here: Reverse Mortgages: The Rodney Dangerfield of Retirement

Five Star Mortgage, LLC can help you with a home equity conversion mortgage or a reverse mortgage to put your home equity to work for you. Call today at 855-823-4326 to learn more; we’re ready to answer all of your questions         *Real estate taxes, homeowners insurance, and property maintenance required.       Here’s what people like you are saying about us. Original post here: Retirement with No Monthly Mortgage Payments*

In this article: There are three key questions you should ask yourself when you’re a first time home buyer” “Do I have a steady job and reliable income?”“Is my credit history reasonable?”“Do I have money saved up for more than just my down payment?” If you can answer all three questions with “yes,” it may be time to consider homeownership. Verify your new mortgage rates today! “Do I have a steady job and reliable income?” Before you choose to buy a home, you’ll want to be reasonably certain that you can make its monthly payment. You can’t know for sure that your job or income won’t change — life happens, after all — but an objective analysis will go a long way. For example, if you’re planning to leave your full-time job in favor of self-employment, be aware that such a switch may be trickier than it appears. Related: Are You a Self-employed Borrower? These are the rules Because of the potential risks associated with becoming self-employed, mortgage lenders require at...

Forbes In a sign that the time had finally come for the idea of coordinated spending from a reverse mortgage, Harold Evensky, Shaun Pfeiffer, and John Salter of Texas Tech University published two articles—beginning with the August 2012 issue of the Journal of Financial Planning—investigating the role of a standby line of credit. Read the full article here. Here’s what people like you are saying about us. Original post here: Academic Acceptance for Reverse Mortgages in Retirement Income

The Wall Street Journal A decade ago, most financial advisers would roll their eyes at the mention of reverse mortgages, loans that give homeowners an advance on their home equity and allow them to delay repayment until the home is sold. Such products, these advisers used to say, weren’t for their clients, but rather for those who didn’t prepare financially for retirement. The reverse mortgage has won some new respect… Read the full article here Here’s what people like you are saying about us. Original post here: New Math on Reverse Mortgages

The New York Times What are your thoughts on reverse mortgages?   This review examines the pros and cons of reverse mortgages from a variety of perspectives. Read the complete article These are the comments that people like you have to say about us. Original post here: Love Them or Loathe Them Reverse Mortgages Have a Place

The New York Times People who retire don’t know how much time they will live, or how long their savings will last.   The vast majority of retired parents with children hold on to the intention of leaving something behind, even though most of their offspring do not expect to inherit. Although this parental instinct may seem generous and loving, there’s another way to see it. Read the complete article These are the comments that people like you have to say about us. Original post here: Parents, the Children Will Be Fine. Spend Their Inheritance Now

Digital is king, except when it comes to real estate closing Mortgage lending is one of the few industries where most people still want a face-to-face interaction. Digital tools can be great for shopping around or managing your home loan. But if you’d rather handle the document signing in person, you’re not alone. More than 80% of people feel the same, according to a recent study. So, if given the option to close on a house remotely, should you? Many experts say no. With the right lender, closing on a house in-person can be a much better process than an all-digital mortgage loan. Connect with today’s recommended lenders (Oct 21st, 2021) Look for digital convenience, but a personal touch at closing Solidifi, a real estate appraisal company, recently polled home buyers about their mortgage loan preferences. Overall, there were mixed feelings about digital versus in-person lending: 81% favor closing in-person. This supports the value of having a professional and qualified closin...

Mortgage closing: How much money do you need for “escrow”? One of the biggest costs you’ll encounter when closing on a home is the “escrow account.” You’re probably not too excited about contributing to this fund, especially because you have no idea what it’s for. While this may feel like an unnecessary charge, escrow is actually just a way to prepay costs associated with owning a home. Let’s dive in a little deeper. Verify your home buying eligibility with top lenders here. (Oct 21st, 2021) In this article: What is escrow, and why does it cost so much? An escrow account is established by the lender at closing with funds from the home buyer. The lender eventually uses the money to pay costs like property taxes, homeowner’s insurance, flood insurance, and more.The escrow account often must be “front-loaded” at closing, to give the lender a little cushion to make sure the money will always be there when needed.Under federal rules, a lender can collect enough escrow funds to cover...

In this article: A mortgage disclosure is a five-page summary outlining all the key points about your new mortgage. Your lender is legally obliged to send you a mortgage disclosure at least three business days before you’re due to close. The following information is included in your mortgage disclosure: The type of mortgage — fixed rate or adjustable rate and the number of years it could lastHow much you’re borrowingHow much you’re going to pay — each month and overallAny escrow arrangementsYour closing costs in detailHow much you need to bring to closing This is your chance to compare the disclosure with the estimate you previously receive and to query any discrepancies. There shouldn’t be any such discrepancies that can’t be justified transparently. Indeed, this is your last chance to challenge any errors without derailing your home purchase, so review the document carefully. Buying a home: Don’t fall at the finish line At least three business days before you’re due to close, yo...

In this article: Real estate closing involves the finalization of all agreements made between the buyer, the seller, and your lender, for the purchase and financing of your new home. Signing the closing documents legally transfers ownership from the seller, and you become the new owner of the property.The closing is attended by your real estate agent, the sellers, the closing attorney or escrow officer, and potentially your mortgage lender (if your lender cannot attend in person, ask him or her to be available by phone).At the closing, you will sign a number of documents, transfer funds, and then the seller will publicly transfer the property to you. Mortgage closing: Signing documents and paying closing costs Mortgage closing is the last step in the exciting process of buying a home. You worked with your lender to get pre-approved for a loan, and you found your dream home. You haggled over the price, and the seller accepted your offer. If this is your first home, or if you h...

Average mortgage closing times are just that — averages The typical time to close a mortgage ranges from 45 to 60 days.  This is the amount of time it takes from loan application to “loan funding” — which is when the new home or refinance loan is officially a done deal. Depending on your loan type, credit profile, and loan purpose (purchase or refinance), your mortgage might close faster or slower than average. If you have not yet applied, or if you have not found the right home to buy, your closing time frame could be longer. Start your mortgage loan approval (Oct 21st, 2021) In this article (Skip to…) Mortgage closing timelineAppraisal to closingClosing times by loan typeWhen to lock your rateWhat affects closing times?Tips to close fasterMortgage closing FAQ How long does it take to close a mortgage? According to loan software company ICE Mortgage Technology, it took 52 days to close a mortgage as of March 2021. But the time to close can vary a lot depending on your cir...

In this article: Being clear to close (CTC) means that you have satisfied all conditions for your mortgage lender. They include: Underwriting conditions for the borrower, such as updated bank statementsFunding conditions, including the payment of closing costs and the down paymentQuality control for the lender, including a final credit check and employment verification Once you are cleared to close, the lender prepares your documents. Next, you review and sign them, and the lender wires funds to your title company (or attorney in some states). Verify your new rate (Oct 21st, 2021) The importance of being clear to close A “clear to close” buyer is in a good position. That’s because the mortgage underwriter has reviewed and approved all documentation required to fund the loan. The lender can then send a clear to close letter. Also, it means you can set the closing date. All that remains is the actual closing process. Related: How to chose the right closing date Getting to this po...

In this article: Some mortgage disclosure forms are more important than others. They are: The Loan Estimate form (LE)The Closing Disclosure (CD)Your mortgage Note or Deed Most of the sea of paperwork you’ll encounter can be skimmed. Just remember that you’re responsible for everything in that final set of papers that you sign at closing. Verify your new rate (Oct 21st, 2021) The most important form: Loan Estimate (LE) The Loan Estimate form gives you the most critical facts about your loan. The lender must issue one within three business days when you apply for a mortgage. However,  many will give you one, if asked, when you shop for a home loan. Reader question: How can I shop for home loans if lenders won’t give me a Loan Estimate? If you can get a Loan Estimate form, that’s better than just a “worksheet” or “scenario” because it provides certain consumer protections that worksheets do not. If you like an offer from a worksheet, though, and decide to apply for t...

In this article: You’d think supplying your pay stubs and bank statements would be enough to prove to mortgage lenders that you own and earn enough to qualify for your home loan. And that used to be true until technology made it easy for anyone to dummy up phony documents. Expect a verbal verification of employment and more. Lenders may call your employer to verify that your employment is secureThey might double-check your bank balancesThey may audit your credit account balances before closing Verbal verification of employment is just one example of the potential intrusions into your life that are part of many mortgage applications. Verify your new rate (Oct 21st, 2021) What is a verbal verification of employment? Before technology streamlined the mortgage application process, mortgage lenders would send Verification of Employment (VOE) forms to employers to get information about your position, income and job stability. But then automated underwriting systems (AUS) stopped requi...