Reverse Mortgages/Expert Profile


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Expertise

Reverse Mortgages are a financial tool available to homeowners of the age of 62 or older. They are not for everyone. Mr. Ross provides responses to questions regarding eligibility, terms, consumer protections, financial requirements, and all other aspects of HUD-sponsored and other private program Reverse Mortgages.

Experience in the area

In addition to my legal and general business experience, I have trained with John Bennett, of Home Lending Specialists, the leading and most experienced originator of reverse mortgages in the country. I have mastered both academic and practical aspects of the reverse mortgage business, with special emphasis on consumer protections.

Education/Credentials

Author, Certified Home Equity Conversion Mortgage Specialist (CHECMS) course, Institute of Consumer Financial Education (ICFE) Bachelor of Arts, Princeton University -- Juris Doctor, Yale Law School -- Accredited Educator in numerous professional disciplines

What do you like about this subject?

Reverse Mortgages are a specialized program that can help seniors continue living in their own homes. They can also be used to help seniors and their families protect their assets and even prevent foreclosure in some cases.

What do you still hope to achieve/learn in this field?

I still hope to learn more ways in which Reverse Mortgages can be used to the advantage of seniors and their families, and to share this information with others.

Something interesting about this subject that others may not know:

Homeowners cannot take out a reverse mortgage until they have received counseling from a HUD-approved counselor. Low income or a poor credit score does not prevent the homeowner from using a reverse mortgage.

Something controversial or provocative about this subject

With a reverse mortgage, regardless of how much the homeowner takes out of the property, the loan balance, including interest, can never exceed the value of the home.

Average Ratings

Recent Reviews from Users

Read More Comments

    K = Knowledgeability    C = Clarity of Response    T = Timeliness    P = Politeness
UserDateKCTPComments
Ross10/19/0910101010Amazingly fast response, thanks.
ang05/13/0910101010Wonderful & greatly appreciated !
richmond05/10/09101010First knowlegable answer I've received after trying .....
ang04/06/0910101010A perfect 10 . Great explaining & encouraging .....
Rebecca01/23/0910101010thank you so much

Recent Answers from Yan Ross

2009-10-19 Credit line:

Yes, I understand that you would not be liable for any shortfall on the sale, assuming it's a HECM (FHA-insured) reverse mortgage. From a purely financial perspective, if the house is not worth more

2009-10-19 Credit line:

Hello, Ross. You pose an interesting question, but one that requires additional information for me to respond in a meaningful way. Here are some of the facts and issues you will need to address:

2009-10-10 REVERSE MORGAGE ON CONDO.:

Crystal, First, I can't give you a legal opinion, especially not knowing in which State you reside. However, I can suggest a couple of means to determine the feasibility of securing a reverse mortgage

2009-05-13 Reverse mortgage with line of credit &:

Do I need to get this RM here in Connecticut where I reside ? Since your home is in CT, the lender would have to be licensed to do business there. Can I get the estimates prior to making any kind

2009-05-12 Reverse mortgage with line of credit & " Growth rate ":

Hello, ang! The "growth rate" feature is available on many Reverse Mortgage loans, such as the HUD-sponsored HECM. This calculated rate is applied to the unused portion of a borrower's line of credit

 

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