Directory —
Real Estate —
Blog Details for "Reverse Mortgage Guide"
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
Appraisals & Reverse Mortgages
2008-03-17 00:30:00 One of the most common questions from senior borrowers and their children alike is how the property value is determined for 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: Mortgages , Reverse Mortgage
FINRA Issues Reverse Mortgage Warning
2008-03-14 08:01:00 FINRA — the Financial Industry Regulatory Authority — has issued an Investor Alert warning folks that “if they are approached by a financial professional to do a reverse mortgage in order to fund a particular investment, they should keep in mind that all investments carry risk and costs - and the higher the promised return, ... read more More About: Issues , Mortgage , Warning , Reverse Mortgage
And Now A Word From Financial Planners
2008-03-13 22:17:00 Fallout from the recent New York Times article (”Golden Opportunities,? March 2nd) concerning reverse mortgages continues. In a letter to the editor, published by the Times on Sunday, Kevin R. Keller — Chief Executive with the Certified Financial Planner Board of Standards — wrote the following: “When an unscrupulous salesman combines a reverse mortgage with a ... read more More About: Word , Reverse Mortgage
Advice For Loan Officers: Practice Your Take
2008-03-12 08:57:00 One of the quickest ways to increase your closing ratio is to place yourself in front of the media. When I was first interviewed on the subject of reverse mortgages, I went through a rigorous testing procedure. I was taped. When we finished many hours later, the difference was remarkable. I sounded like the consummate ... read more More About: Advice , Loan , Practice , Officers , Reverse Mortgage
Apples & Oranges
2008-03-11 22:43:00 I’m tired of seeing articles in print and segments on TV that assail reverse mortgages by distorting the facts. The program is not perfect. It is not a panacea. I do not know of any mortgage or financial program that is. And yes, there are miscreants selling this program that should not be. Recently, NBC ... read more More About: Apples , Reverse Mortgage , Oranges
Reverse Mortgages and Credit Scores
2008-03-10 08:36:00 If you’re considering a reverse mortgages should you worry about your credit score. Fuggedaboutit! Let?s take a look at a topic that is often confusing: The dreaded credit score. I remember when my parents sold their home in Baltimore a few years ago, my father was astounded at the process the new owners had to go ... read more More About: Credit , Mortgages , Scores , Reverse Mortgage
A Different Set Of Answers
2008-03-06 20:54:00 Tapping Into Homes Can Be A Pitfall for the Elderly was an article in The New York Times which had such potential to educate. Sadly it receives a failing grade for the reasons noted below. Too often reverse mortgage stories that appear in the media give the reader misguided information. This major piece, also paints an ... read more More About: Answers , Reverse Mortgage
Higher Loan Limits Announced
2008-03-06 20:35:00 It is generally estimated that 90 percent of all reverse mortgages are insured by HUD, meaning that the size of suchreverse mortgages is determined by federal guidelines. TEMPORARY CONFORMING LOAN LIMITS RELEASED FOR HIGH COST AREAS Washington, DC? The Office of Federal Housing Enterprise Oversight (OFHEO) today released the maximum conforming loan limits that will be ... read more More About: Loan , Limits , Higher , Reverse Mortgage
Help for Mrs. Ruby
2008-03-05 20:50:00 I was greatly interesting in an article I saw in the South Florida Times. The author, Robert Henderson, was discussing the case of “Mrs. Ruby ,” age 78, a woman with five children, 15 grandchildren and 30 great grandchildren –”all of whom,” says Henderson, a Certified Financial Planner and author of The New Underground Railroad, “visit her ... read more More About: Reverse Mortgage
The ?Misconception? Barrier
2008-03-05 08:44:00 Many reverse mortgage ?experts? will tell you that the number of people obtaining reverse mortgages will continue to grow at an extraordinary pace. Conflating the industry’s claim of 100 per cent growth in prior years, with the fact that the oldest baby boomers will reach their 62nd birthday at a rate of 10,000 per ... read more More About: Misconception , Barrier , Reverse Mortgage
The Rest of the Story
2008-03-04 08:48:00 (Editor’s Note: On Sunday, the New York Times ran a front-page story regarding reverse mortgages. Entitled Tapping Into Homes Can Be Pitfall for the Elderly, the story described a homeowner who took out a $200,000 reverse mortgage. She also purchased $100,000 in deferred annuities at the same time, annuities which the paper says “are likely ... read more More About: Story , Rest , The Story , Reverse Mortgage
Does Income Limit Reverse Mortgage Choices?
2008-03-03 08:15:00 Let’s answer this question once and for all because it is a common one. I know that it seems contrary to what you have always known about obtaining a mortgage but here goes: There are no income requirements for a reverse mortgage. This happens because there are no payment requirements for the reverse borrowers, income is not an ... read more More About: Mortgage , Income , Choices , Reverse Mortgage
HUD Numbers Show Strong Reverse Mortgage Demand
2008-03-02 23:11:00 HUD is reporting that for the month of February it endorsed 10,913 reverse mortgages, bringing the total for the fiscal year to 45,556. (The “fiscal year” is the government accounting period that starts each October 1st.) These are strong numbers, certainly numbers which suggest that HUD is likely to top the record 108,287 reverse mortgages – or HECMs as HUD ... read more More About: Show , Mortgage , Numbers , Strong , Reverse Mortgage
Should Higher Rates Change Reverse Mortgage Strategies?
2008-02-29 08:17:00 While must attention has been paid to the efforts of the Federal Reserve to lower short-term rates, mortgage rates have soared in the past two weeks. Freddie Mac reported yesterday for the week ending Feb. 28th that 30-year fixed-rate mortgage averaged 6.24% with an average 0.5 point That’s up 20 basis points from the week before, an ... read more More About: Change , Strategies , Mortgage , Higher , Rates
Fair & Balanced
2008-02-28 08:13:00 The Los Angeles Times has published an interesting article entitled Reverse mortgages provide more seniors with a safety net. “With traditional home equity credit lines increasingly difficult to get in a time of declining home values and tight underwriting standards, eligible seniors older than 62 are finding that one benefit of reverse mortgages — other than ... read more More About: Fair , Reverse Mortgage
What?s Your Reverse Mortgage ?Smart? Quotient
2008-02-27 08:10:00 You probably know some of the reverse mortgage basics: All borrowers must be 62, own the home and have counseling before they can get a loan. Got it? Good. Now let?s test your reverse mortgage smart quotient by examining four fact patterns. Case #1: Husband and wife are each 62. Both own the home. ... read more More About: Smart , Mortgage , Reverse Mortgage
Only The Good?
2008-02-26 08:53:00 The Palm Beach Post published an interesting letter from a reverse mortgage lender. Jeffrey Melcer writes that “as a reverse mortgage broker, I feel compelled to comment on some of the points made in ‘Congress looks into reverse mortgages as abuses begin to occur,’ (Feb. 18, Business ). Demographics suggest that the reverse mortgage will have ... read more More About: Good , The Good , Reverse Mortgage
Do All Properties Qualify For A Reverse Mortgage?
2008-02-24 21:30:00 While typically a reverse mortgage is done on a single-family detached residence, several other property types may be eligible. This little known fact can allow many more senior homeowners to reap the benefits of a reverse mortgage. The important thing to remember is that no matter what type of property, in nearly every case it must ... read more More About: Mortgage , Reverse Mortgage , Properties
Court Rules For Pension Savers
2008-02-22 08:38:00 It’s a win for seniors — and other humans. The Supreme Court has ruled unanimously that pension managers have a fiduciary obligation to follow lawful instructions from individual savers. The pension industry had argued that individuals could not sue pension managers. The matter is important in terms of reverse mortgages because a successful pension plan can be ... read more More About: Savers , Rules , Pension , Reverse Mortgage
Putting Clients First
2008-02-21 08:39:00 The National Reverse Mortgage Lenders Association has an updated code of ethics, a 10-page document that is worth reading. There is also a one-page digest version for distribution to consumers. If I were king I would like to see these documents re-written. The issue is not limited to reverse mortgage lenders, rather the concern is ... read more More About: Clients , Putting
Sen. Kohl: Beware of Scammers
2008-02-20 08:42:00 Speaking in Washington, Senator Herb Kohl (D-WI), Chairman of the Senate’s Special Committee on Aging said that “because foreclosure filings are public information, scammers target the already troubled homeowners, contacting them by phone or mail repeatedly with claims that they can help the homeowner stay in their home. These financial predators say that they ... read more More About: Beware , Reverse Mortgage
From Roosevelt?s New Deal To The Deal Of A Lifetime
2008-02-19 21:47:00 Once again seniors are blazing new financial trails — this time with reverse mortgages. Before I tackle the subject of reverse mortgages, join me on a brief journey back in time. You will discover that many of today?s seniors and/or their parents also pioneered the concept of the thirty-year loan. In the early 1900?s it was ... read more More About: Deal , Lifetime , Reverse Mortgage , Roosevelt
Not Just A Question Of Age
2008-02-19 21:24:00 There are strict age requirements for reverse mortgages. The FHA/HECM (Home Equity Conversion Mortgage) program requires that each homeowner/borrower be at least 62 years of age. The question becomes, what happens if one party is 62 or older and the other is not of reverse mortgage age? The RIGHT answer to this question depends upon the ... read more More About: Question , Reverse Mortgage
Top 100 Metro Areas
2008-02-19 14:45:00 A lot of attention is paid to national foreclosure rates, and properly so. That said, there are significant differences among major metro areas. At first this does not seem like a reverse mortgage issue, but some an unknown number of senior homeowners the foreclosure numbers have great relevance: The reason? One way to stave off a ... read more More About: Metro , Reverse Mortgage
How Can I Spend My Reverse Mortgage Proceeds?
2008-02-17 21:23:00 This is one question I get very often and it’s one that requires a bit of explanation. The most direct answer is that you can spend the money any way you want! It’s your money. However, let’s explore the ways that the funds can be taken, since that impacts the cash available and thus spending ... read more More About: Mortgage , Reverse Mortgage
Shareholder Letter Says Reverse Results Strong
2008-02-15 15:36:00 IndyMac Bancorp, Inc., through its Financial Freedom subsidiary, is said to be one of the largest reverse mortgage originators in the country. In a brutally-frank letter to shareholders, Michael W. Perry, the company’s Chairman and Chief Executive Officer, had several things to say which are of interest: ___”2007 was a terrible year for our industry, for Indymac ... read more More About: Results , Letter , Shareholder , Strong , Reverse Mortgage
About Alternative Costs
2008-02-14 20:44:00 One of the big hurdles to reverse mortgage acceptance are the up-front fees, including with HUD-backed loans a bloated insurance premium and a generous origination fee. These are real costs and there are strong arguments for their reduction. That said, there is another cost issue which does not emerge with much frequency that ought to be ... read more More About: Alternative , Costs , Reverse Mortgage
Are Reverse Mortgages Out Of The Stimulus Package?
2008-02-13 20:24:00 Dennis has posted the precise wording from H.R. 5140, the stimulus bill. (See below) “As you can see,” he says, “they kept out 255(g), the HECM?s. It sounds like they are waiting for the FHA Modernization Bill to increase the lending limit.” The President is scheduled to sign the stimulus package today. It will raise conventional ... read more More About: Mortgages , Package , Reverse Mortgage , Ages
HUD to Congress: Keep Reverse Loan Costs High
2008-02-13 20:06:00 HUD has asked Congress to remove proposed legislative language that would limit the cost of originating reverse mortgages. In letters to Rep. Barney Frank (D-MA), chairman of the House Committee on Financial Services and Sen. Chris Dodd (D-CT), chairman of the Senate Committee on Banking, HUD says that Congress should not limit reverse mortgage origination fees ... read more More About: Loan , High , Costs , Reverse Mortgage
Senior Equity Stands at $4.3 Trillion
More articles from this author:2008-02-12 19:09:00 Newly-released figures from the National Reverse Mortgage Lenders Association (NRMLA) showed a decline in senior home values and home equity in the 3rd quarter of 2007. However, says the association, “when compared year-over-year, Americans age 62 and over still have a significant amount of wealth tied to their homes.” “In the third quarter,” says NRMLA, “seniors ... read more More About: Senior , Equity 1, 2, 3, 4, 5, 6, 7 |
|
