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Reverse Mortgage GuideReverse Mortgage GuideThe unofficial guide to reverse mortgages. A record number of senior homeowners are today using reverse mortgages as part of their retirement planning. This site is for consumers and industry professionals interested in learning more about reverse m Articles
New Form To Explain Pension Cutbacks & Reductions
2008-04-24 06:01:00 Do you know your pension benefits? Not what you’re “supposed” to get, but what you will actually get — especially if your employer has not fully funded the plan? The Pension Rights Center says that the Labor Department is considering a better form to explain pension benefits — or the declining availability thereof. You can see the form ... read more More About: Form , Reverse Mortgage
Home Prices Up ? But Not Evenly
2008-04-23 20:10:00 The Office of Federal Housing Enterprise Oversight reports that “U.S. home prices rose approximately 0.6 percent on a seasonally-adjusted basis between January and February, according to OFHEO?s new monthly House Price Index. For the 12 months ending in February, U.S. prices fell 2.4 percent. Since its peak in April 2007, the index is down 3.1 ... read more More About: Home , Reverse Mortgage , Prices
Private Sector Moving On Reverse Mortgages ? Why Not Government?
2008-04-23 06:07:00 Clearly reverse mortgages are changing the lives of seniors all across this country. The numbers tell a rather compelling story. Of all the reverse mortgages that have closed since 1990 (the year these loans started to close), Ninety -two percent have closed since 2000. Sixty percent of all these loans have closed in the last ... read more More About: Government , Moving , Mortgages , Private , Reverse Mortgage
Why Do Homeowners Get Reverse Mortgages?
2008-04-22 06:23:00 Why do people get a reverse mortgage? According to the Consumer Credit Counseling Service of Greater Atlanta, the #1 reason is because the homeowner’s budget is too tight. It may be that the results of a survey of 213 reverse mortgage borrowers taken by the group apply to Atlanta area but not elsewhere. That said, the ... read more More About: Mortgages , Reverse Mortgage , Homeowners
Better Reverse Mortgage Calculator Now Online
2008-04-21 06:53:00 Kiplinger Magazine, an excellent financial resource, has a brief reverse mortgage item in the May issue entitled “How to Size Up a Reverse Mortgage .” Essentially the article advocates running all the numbers before selecting a reverse mortgage product. Toward that end it points to the reverse mortgage calculator at Golden Gateway Financial. Fill in a few blanks ... read more More About: Calculator , Online , Reverse Mortgage
To Lillie, Age 90 ? About Quickie Legislation
2008-04-18 09:39:00 Lillie writes and asks: “Why does it take five months or more to get this ?Bill? finished. Why does our goverment always help the ?Seniors?. Who can we contact to get this moving before I die? 90 years young and want this. born April 14,1918″ Happy birthday Lillie! How great to be 90, to follow legislation and ... read more More About: Legislation , Reverse Mortgage
Reverse Application Originations Steady, Applications Soar
2008-04-17 09:06:00 The latest figures from HUD continue to show strong reverse mortgage demand. For March, the Department reports that 12,204 applications for home equity conversion mortgages (HECMs) — HUD’s term for reverse mortgages. During the same period, 9,663 reverse mortgages were actually insured by HUD. So far in fiscal 2008 — the period that began October 1st — HUD ... read more More About: Applications , Application , Reverse Mortgage , Soar
The Equity Gap
2008-04-16 09:50:00 Dennis writes and offers this comment: “I can tell you from my own experience that the slow down is coming from the fall in the value of homes. The phone is ringing with many homeowners interested but many homeowners do not have enough equity left in their homes to do a reverse mortgage.” This observation raises an ... read more More About: Reverse Mortgage , Equity
April 15th ? Tax Day, and More
2008-04-15 09:17:00 Okay, so today is April 15th, tax day. Yuck. Sorry. I didn’t do it. Turning to the world of real estate news, the foreclosure numbers for March are up — again. According to RealtyTrac.com, “foreclosure filings ? default notices, auction sale notices and bank repossessions ? were reported on 234,685 properties nationwide during the month, a ... read more More About: Reverse Mortgage
Credit Crunch Skips Reverse Mortgages
2008-04-14 08:45:00 For several months there have been persistent media reports regarding borrowers who have had home equity lines of credit (HELOCs) cut off by lenders — these are credit lines for which borrowers paid fees up-front, lines that in many cases were obtained for use in the event of an emergency need for cash. As one example, ... read more More About: Credit , Mortgages , Crunch , Reverse Mortgage
HECM Protections Stall On Capitol Hill
2008-04-11 13:41:00 AARP has come out with a statement regarding the “Foreclosure Prevention Act of 2008.” It’s remarkable that AARP — a big power in Washington — has had so little success with reverse mortgage legislation. Provisions to lower reverse mortgage costs and to enhance borrower protections are routinely lost in the legislative process. As an example, S. 2490: ... read more More About: Hill , Capitol Hill , Reverse Mortgage , Capitol
Freak Accidents & Poverty
2008-04-10 10:34:00 A friend of ours, about age 60, just had a terrible accident. He apparently tripped in his own house, broke his leg and hip and the result was five hours of surgery. Our friend was lucky, at least in a financial sense. He has insurance. Without insurance the cost of his treatment would bankrupt most households. We ... read more More About: Accidents , Poverty , Freak , Reverse Mortgage
U.S. Retirement Assets: $15 Trillion
2008-04-09 10:21:00 U.S. seniors have stashed away retirement assets worth $15 billion, according to a new study by Watson Wyatt, a major consulting firm. This is a huge number, larger than the gross domestic product. “In the United States,” said Watson Wyatt, “most retirement plan assets (59 percent) are invested in equities, while less than a quarter (23 percent) ... read more More About: Retirement , Reverse Mortgage
Free Online Tax Forms
2008-04-08 12:18:00 My late father was a CPA to almost age 90, someone who could do complex math problems in his head with remarkable accuracy. I think even he would be pleased with the development of electronic tax forms, pieces of computerized magic that allow you to navigate the tax system with great accuracy. The good news is that ... read more More About: Free , Online , Forms , Reverse Mortgage
New Regs From HUD
2008-04-07 08:58:00 HUD has issued the mortgagee letter before regarding fixed-rate reverse mortgages. Essentially, it clarifies rules already in place, however for borrowers and counselors it provides basic guidelines regarding the home equity conversion mortgage (HECM) program. This is the kind of simple, easy-to-understand stuff, that really should be distributed more widely. —————— ;———— This Mortgagee Letter provides guidance to FHA-approved lenders choosing to ... read more More About: Reverse Mortgage
Group Calls For Social Security Reform
2008-04-04 10:44:00 In wake of the annual report issued last week by the Social Security and Medicare Trustees, a grassroots advocacy organization predicts a shaky financial future for retiring Americans unless someone in our nation’s capital takes action before it is too late. “The only shocking thing about the Social Security Trustees report is the glaring lack of ... read more More About: Reform , Calls
Stimulus Rebate Tool Now Online
2008-04-03 10:32:00 Applying for economic stimulus payments will now be easier for more than 20 million Americans who normally don’t have to file a tax return thanks to the development of a new, user-friendly online tool developed jointly by AARP Tax-Aide and the National Council on Aging. People can access the tool either through NCOA’s BenefitsCheckUp(R) at www.BenefitsCheckUp.org/ ... read more More About: Tool , Online , Reverse Mortgage , Rebate
Rebates For Seniors
2008-04-02 11:17:00 April 15th is almost here, reason enough to mention taxes. This year, perhaps more than most, it’s wise to file a tax return even if no tax is due. The reason? Rebates from the economic stimulus package requires recipients to file a tax return to get anywhere from $300 to $1,200 or more. “Millions of retirees, disabled ... read more More About: Seniors , Reverse Mortgage
A Little History ? And Some Common Sense
2008-04-01 22:36:00 Confusion reigns supreme when one talks about reverse mortgages. So much has been written about this program that myth melds into fact and fact conflates myth. Where does truth start and falsehood end? Why can’t the media get it right? The answer to these two seminal questions has its genesis in humankind’s penchant to fear ... read more More About: Sense , History , Common , Common Sense , Reverse Mortgage
Where Do Seniors Live ? And Why?
2008-03-31 23:36:00 A few years ago on a visit to Bulgaria we had saw the 100-year-old home of a wealthy village merchant which had become a museum. The outstanding feature of this home, a residence with many rooms and excellent construction, was the bedroom — there was just one. Virtually the entire room was one mattress (maybe ... read more More About: Live , Seniors , Reverse Mortgage
Reverse Originations Slow
2008-03-31 11:28:00 Reverse mortgage originations slowed during the first two weeks of March, according to the latest figures from HUD. The newest report shows that 4,888 Home Equity Conversion Mortgages (HECMs) were originated from March 1st through the 15th, a number which is down 14.3 percent when compared with the last half of February. In the last part ... read more More About: Slow , Reverse Mortgage
Missing Lines of Credit
2008-03-30 23:27:00 Millions of American homeowners have home equity lines of credit — HELOCs — with their lenders. This is money that can be accessed in times of emergency or to buy something large. Many HELOCs allow borrowers to withdraw as much as $100,000. As the money is paid back, it can be borrowed again and again ... read more More About: Credit , Missing , Lines , Reverse Mortgage
Senior Equity Falls, Trillions Remain
2008-03-27 20:19:00 The National Association of Reverse Mortgage s Lenders is reporting that property values for seniors fell by $27 billion in the last quarter of 2007. Still, says the Association, $4.22 trillion in equity remains, a massive storehouse of wealth. The group’s finding are not surprising. Real estate markets in most areas have stalled if not declined, and seniors ... read more More About: Senior , Falls , Equity
New Counseling Group Emerges
2008-03-26 19:50:00 A new association for reverse mortgage counseling agencies has been formed to “support education initiatives and provide resources to improve the operational efficiency, consistency and financial sustainability of reverse mortgage counseling programs nationwide.” While I am certain that operational efficiency, consistency and financial sustainability are important, I am vastly more concerned with a more prosaic issue: ... read more More About: Group , Reverse Mortgage
A Stimulus Package For Seniors
2008-03-25 21:42:00 When the president signed the stimulus package, the pundits hailed the results as a life saver. Included therein was a tax break for business to invest in capital; an increase in the loan amounts FHA and government sponsored entities like Fannie Mae & Freddie Mac could offer; a provision for a 168 million dollar shot ... read more More About: Seniors , Package , Reverse Mortgage
Appraisals, Not Income, Key To Reverse Underwriting
2008-03-25 00:35:00 One of the most common questions from senior borrowers and their children alike is how the property value is determined on a reverse mortgage. This is a topic that requires a bit of discussion so I?ll try to unravel this great mystery here. For most reverse mortgages (based on volume, over 90% of the reverse mortgages ... read more More About: Income , Reverse Mortgage
Is Modernization A Done Deal?
2008-03-24 03:34:00 J. R. Stevens writes and says that “I have applied and have approval for an HECM, but am most anxious for Congress to raise the loan lending limits for Reverse Mortgage s. A possible national limit of $417,000 would enable me to obtain more from a RM. “Bill S2338, the FHA Modernization Act of 2007 has been ... read more More About: Deal
HUD Scores Big With HECM Program
2008-03-19 20:19:00 While the financial world looks more-shaky than anyone would prefer, HUD says the HECM program continues to boom. For the last half of February, the 16th through the 29th, HUD says it insured 5,703 reverse mortgages. This is a very good number in general and an especially good number considering that the month was short ... read more More About: Program , Scores , Reverse Mortgage
Making That Reverse Mortgage Decision
2008-03-18 08:53:00 You undoubtedly have read the thousands of print articles that have been circulated throughout the Internet along with disparate thoughts and ideas that are reflected in the thousands of blogs. Accordingly, I have come to realize that what people believe about reverse mortgages can be split into just a few categories. Category #1 It is just ... read more More About: Mortgage , Decision , Reverse Mortgage
Wall Street Should Be So Lucky
More articles from this author:2008-03-18 01:31:00 How do the ongoing ups-and-downs on Wall Street impact reverse mortgages? Some 90 percent of all reverse mortgages are insured under the FHA HECM program, there have been few claims against a system which has collected enormous insurance fees, so reverse mortgages ought to be attractive to lenders and investors. As reported in January, the program ... read more More About: Lucky , Reverse Mortgage 1, 2, 3, 4, 5, 6, 7 |
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