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Reverse Mortgages/Expert Profile
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
K = Knowledgeability C = Clarity of Response P = Politeness| User | Date | K | C | P | Comments |
|---|---|---|---|---|---|
| patricia | 09/17/11 | 10 | 10 | 10 | thanks so much, just want to help ..... |
| John | 07/14/11 | 10 | 10 | 10 | Thank you for the very timely and ..... |
| CLIFF | 09/08/10 | 10 | 10 | 10 | I could not score this expert below ..... |
| sallie | 08/05/10 | 10 | 10 | 10 | |
| Ross | 10/19/09 | 10 | 10 | 10 | Amazingly fast response, thanks. |
Recent Answers from Yan Ross
2011-09-16 mortgages:
Patricia, You will have to get a specific calculation from a reverse mortgage lender licensed to do business in your home state. What I can tell you is that there are mainly three numbers that will
2011-07-14 Mother in law and reverse mortgage:
John, Your situation may be common, but let me say at the outset that your kindness and generosity is less common -- your wife and her mom and family are fortunate to have you in the family. I can't
2011-01-22 Condo Reverse Mortgage:
Joan, I am not aware of a specific exclusion for reverse mortgage eligibility based on historic district status. Your own particular eligibility and the amount available to you will vary with several
2011-01-21 rip off:
Harry, The rules on fees and disclosures for federally-related reverse mortgages have tightened considerably in the last year, in order to protect your interests and a homeowner. Assuming that you
2010-09-08 reverse mortgage:
Bret, The requirements include the following: Owner (on the title of the property) must live in the home and must be at least 62 years of age. You would have to qualify in one of the following
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