Galen Elise Call, CRMP. Certified Reverse Mortgage Professional Monterey California

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galencall May 8, 2024

Helpful Tips for When the Last Reverse Mortgage Borrower Dies

When the last borrower on a reverse mortgage passes away, the loan comes due and must be paid back. Heirs can handle reverse mortgage loan repayment in multiple ways, but first, they need to decide what to do with the home.

Options Heirs Have for Repaying a Reverse Mortgage

Heirs will not take on any personal debt to satisfy the loan balance. There are four options available to heirs when deciding how to repay the reverse mortgage.

  • Sell the home. If the heirs want to repay the loan, they can use the proceeds from the sale of the house and apply this to the outstanding balance.
  • Keep the home. The heirs can keep the house if they pay the mortgage balance or 95% of the property’s appraised value, whichever is less. Heirs will receive any funds that exceed the loan balance.
  • Sign over the title and complete a deed in lieu of foreclosure. The heirs can give the property to the lender by signing over the home’s title to the lender accompanied by a deed in lieu of foreclosure. By doing so, the debt is satisfied, and it will prevent foreclosure of the home.
  • Do nothing. If heirs choose to do nothing with the loan, the lender will foreclose on the home.

Heirs should contact the loan servicer as soon as possible to determine the outstanding balance on the mortgage. Interest continues to accrue after the borrower’s passing, so delaying a decision can be expensive. read more

Filed Under: reverse mortgage, Reverse Mortgage HECM, Reverse Mortgages

galencall November 28, 2023

HECM maximum claim to increase to $1,149,825.00

The Federal Housing Administration has just announced that it will increase the maximum claim amount for Home Equity Conversion Mortgages in calendar year 2024 from $1,089,300 to $1,149,825 effective for case numbers assigned on or after January 1, 2024.This new maximum claim amount is also applicable to Freddie Mac’s special exception areas of Alaska, Hawaii, Guam and the Virgin Islands.Details were published in Mortgagee Letter 2023-22 and will be included in a future Single Family Housing Policy Handbook 4000.1 (Handbook 4000.1) release. read more

Filed Under: reverse mortgage, Reverse Mortgage HECM, Reverse Mortgages

galencall October 26, 2023

6 Ways to Avoid Probate Court

Probate court is often slow and costly, and will always cause unnecessary hardship to grieving loved ones. However, with proactive estate planning you can avoid it. Here are six tips to help your loved ones avoid the cost and hassle of probate court when the time comes.

What Is Probate?

Probate is a legal process by which a deceased person’s assets are distributed, final wishes are carried out, and debts are settled. It is a court-supervised process in which the court validates the will, appoints an executor and distributes assets. This process can take time and can be expensive. There are many reasons why avoiding probate court is advisable; here are the three most common. read more

Filed Under: Uncategorized

galencall March 20, 2023

What can you tell me About the LIBOR Transition?

After June 30, 2023, the 1-month and 1-year LIBOR indices will no longer be published. Therefore, existing borrowers with LIBOR-based loans must be notified, prior to their next rate adjustment, that the variable portion of their interest rate will be tied to an alternate index.

What can you tell me about the LIBOR Transition?
The most popular reverse mortgage product is the federally insured Home Equity Conversion Mortgage or HECM. Most HECMs in service are variable-rate loans where the rate is adjusted periodically using an established lender margin plus a published index. Loan originators currently sell HECM ARMs tied to the Constant Maturity Treasury (CMT), but that was not always the case. Many HECMs originated prior to 2021 utilized an international index known as the London Interbank Offered Rate or LIBOR index. read more

Filed Under: Uncategorized Tagged With: reverse mortgage, Reverse Mortgages

galencall May 5, 2022

Rates Rise and the HECM line of credit can too!

Although the Federal Reserve again raised the short-term interest rate yesterday May 4, 2022, the impact on a reverse mortgage loan is both positive and negative.

As interest rates increase, the amount that you qualify to receive at application from the reverse mortgage decreases. However, your current loan balance which needs to be paid off to create additional cash flow, can still be considered as before. The same rules apply including prequalification of the youngest borrowers age, having enough home equity and satisfying a financial assessment. Prequalification standards have not changed; how much you can borrow has been impacted. read more

Filed Under: reverse mortgage, Reverse Mortgages, Uncategorized Tagged With: reverse mortgage, Reverse Mortgages

galencall January 28, 2022

Healthcare and a Reverse Mortgage ~ start 2022 financialy healthy!

Healthcare becomes an increasingly important issue as you age. As retirement approaches, planning to deal with declining health—and more specifically—the costs involved, can make or break the financial stability that most of us aim for at the end of our careers.

One tool that older homeowners have at their disposal to meet the financial demands of retirement, is a Home Equity Conversion Mortgage (HECM). Commonly called a reverse mortgage, these loans allow homeowners over the age of 62 to access the equity in their homes while still living there. Payments on these loans don’t come due until the last borrower passes away or the home is no longer their primary residence. read more

Filed Under: Uncategorized Tagged With: reverse mortgage

galencall January 7, 2022

Great option for retirement planning…

Happy New Year 2022!

One significant change effective January 1, 2022 is the maximum claim amount or lending limit in the United States for the FHA insured HECM, Home Equity Conversion Mortgage. That new number is $970,800 This is a significant increase over the prior year and benefits those home values which appreciated above the earlier limit of $822,375

The formula remains the same to determine how much you can borrow. The youngest borrowers age, the interest rate, the amount of equity available and the home value or lending limit, which ever is less, together determine how much you can borrow. If your home value is much higher then the HECM limit, let’s explore options with proprietary reverse mortgage loans. read more

Filed Under: Reverse Mortgage HECM Tagged With: HECM, reverse mortgage

galencall August 25, 2021

A HECM isn’t for Everyone YET it can be a Fabulous Tool for Unlocking Home Equity

Robert Klein, CPA is the founder and President of Retirement Income Center in Newport Beach, CA. As a writer and publisher, he brings a holistic approach to retirement planning and presents a five-point matrix to consider with respect to evaluating a reverse mortgage. This comprehensive review illustrates the following factors:

Projected Mortgage Balance

Projected Savings

Projected Net Worth

Projected Line of Credit

Projected Liquidity

Most discussions I have with my client’s financial advisor are regarding the line of credit feature particularly unique to the HECM reverse mortgage. Unused funds grow larger over time for future use, and the growth is optimized by younger homeowners closer to 62 years old. Recent communication with a client revealed that their line of credit grew significantly over the last 13 months. Its beginning balance was over $400,000 and there was no existing mortgage balance on the house when the reverse mortgage loan was created. That line grew an additional $16,000.00 in funds in the same period. No funds had been withdrawn since their closing. This is the perfect strategy for a couple wanting to increase their retirement spending, especially if they also have funds under management. read more

Filed Under: Reverse Mortgage HECM Tagged With: HECM, Home Equity, reverse mortgage

galencall July 30, 2021

Safety Tips: 5 Ways to Prepare for a House Fire – and What to Do if One Breaks Out

House fires can break out for a wide range of reasons, and these include everything from grease fires while cooking in the kitchen to lightning striking the home.

Filed Under: Around The Home Tagged With: Around The Home, Home Safety, Homeowner Tips

galencall July 23, 2021

How To Maximize Those Awkward Spaces In Your Home

In almost every home, there are awkward spaces that are difficult to utilize.

Especially in older houses, there are rooms, closets and nooks that once had a purpose that is now outdated.

So before you try to cover it up or fill it with junk, take a look at the smart solutions below to see how you can revitalize those problematic spaces and turn them into something useful.

Filed Under: Around The Home Tagged With: More Storage, Small Bedrooms, Small Closets

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GALEN ELISE CALL, CRMP


Certified Reverse Mortgage Professional

Call Today: 831-645-1164
gcall@apmortgage.com

NMLS #226129 | DRE #00908338
APMC DRE #01215943 | APMC NMLS #1850

APM Reverse Mortgage Group

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Licensed by the Department of Corporations under the California Residential Mortgage Lending Act

Licensed by the Department of Financial Protection and Innovation under the CRMLA

California zip codes served: 93940, 93901, 93905, 93908, 93921, 93933, 93943, 93950, 93953, 93955, and 93962

Not available in New York.

Copyright © 2025 American Pacific Mortgage Corporation. For informational purposes only. No guarantee of accuracy is expressed or implied. Programs shown may not include all options or pricing structures. Rates, terms, programs and underwriting policies are subject to change without notice. This is not an offer to extend credit or a commitment to lend. All loans are subject to underwriting approval. Some products may not be available in all states and restrictions may apply. Equal Housing Opportunity.

3000 Lava Ridge Ct. Suite 103
Roseville, GA 95661

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