Reverse Mortgage - Ask The Expert

Reverse Mortgage Expert

Mark Schmidt Mark Schmidt Reverse Mortgage Specialist (773) 504-9633 Mark Schmidt, MBA, CSA is a Reverse Mortgage Specialist (one of the largest producers in the Midwest). Recognizing the need for this unique loan, Mark started providing reverse mortgages in 2004 - making him a veteran in an industry where others are "jumping on the bandwagon". Previous experience includes 12 years as a financial analyst with Merrill Lynch and Bank of America.

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Recent Questions Answered

Sounds too good to be true – what’s the catch?

There is no “catch” to a reverse mortgage. Like any loan you may be considering, it is a trade-off of costs versus benefits. The fees on a reverse mortgage can be fairly high and many people point to ...Continue

Can I end up owing more than my home is worth?

Because the amount owed on a reverse mortgage increases over time, it is possible for the amount owed on a reverse mortgage to be more than the home is worth. It is not the most likely case, but it is...Continue

Why don’t I just get a home equity line of credit?

If you plan on moving within the next three to five years and can manage the monthly payments required of a home equity line of credit (HELOC), the HELOC may be a better choice. A HELOC usually offe...Continue

Do I still own my home?

Yes. Title to the home always remains with the homeowner. Just like a conventional mortgage or home equity loan, the lender simply places a lien on the home to ensure that it is repaid upon the sale o...Continue

Why are the fees so high?

Like any product that is unique, the reverse mortgage is a little more expensive to get. That being said, it is difficult to compare its fees to other loans on an apples-to-apples basis because there ...Continue

What if I have an existing mortgage?

Having an existing mortgage does not prevent you from qualifying for a reverse mortgage.  However, you must qualify for enough on the reverse mortgage to pay off the existing mortgage balance....Continue

Does my current income determine my ability to secure a Reverse Mortgage?

No - income is not a consideration for qualifying for a reverse mortgage.  This is one of the ways a reverse mortgage is different from other loans.  Since no payments are required, it do...Continue

Does a reverse mortgage make sense if I plan on moving in three years?

Because a reverse mortgage is an expensive loan to get, it should be used as a long term solution.  As such, the best candidate for a reverse mortgage should plan on staying in their home...Continue

Do I qualify for a reverse mortgage considering new higher limits President Bush signed into law this summer?

The higher lending limits signed into law help make the reverse mortgage even more attractive by increasing the amount that those with higher-valued homes can get from a reverse mortgage.  This h...Continue

In this current economic climate, is it more difficult to get a reverse mortgage?

No, it is not more difficult to get a reverse mortgage in this economic climate.  Reverse mortgages have been insulated from the recent turmoil because they are government insured.  With thi...Continue

Will I lose my Medi-Cal eligibility if I receive funds from a reverse mortgage?

Since Medi-Cal is an asset-tested government program (i.e. California’s version of Medicaid), you should be very careful about how you take the reverse mortgage proceeds. Getting a reverse mortga...Continue

Since I took out a reverse mortgage, the worth of my house has gone down. Will the loan be adjusted accordingly?

No. Your reverse mortgage proceeds are based on the value of your home at the beginning of the loan. If the property goes down in value afterward, there is no downward adjustment to your loan procee...Continue

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