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
When Is An ?Origination Fee? Not An ?Origination Fee??
2008-01-07 21:34:00 Joe Miramonti offers an interesting discussion of reverse mortgage fees and such, to wit: “The fees most people find objectionable are the upfront costs to get the loan done,” says Joe. “On a convention HECM product, this is consumed primarily by 2 components; 1) Mortgage Insurance which is 2% of the loan amount and 2) Orginiation ... read more More About: Reverse Mortgage
Should You Take Retirement Money To Pay Off Current Debts?
2008-01-07 02:49:00 Does it make sense to borrow from retirement savings to pay off current debts? Chicago Tribune financial columnist Gail Marks-Jarvis points out that “under federal law, people are allowed to borrow from their 401(k), but the intent is to let you borrow only for the short term. You are expected to pay the money back, and ... read more More About: Retirement , Money , Current , Reverse Mortgage , Tire
Healthcare Ruling To Spur Reverse Mortgages
2008-01-04 19:17:00 Reverse mortgages and healthcare go together like peas in a pod for a very simple reason: To pay off medical bills homeowners often take out reverse mortgages. Now the New York Times reports the following: “WASHINGTON ? The Equal Employment Opportunity Commission said Wednesday that employers could reduce or eliminate health benefits for retirees when they turn ... read more More About: Healthcare , Mortgages , Ruling , Reverse Mortgage , Heal
Are Reverse Mortgages A Sign Of Bad Times?
2008-01-03 20:15:00 “There are still trillions of dollars of home equity that haven’t been spent yet and much of it will be spent in 2007. Unfortunately, much of this will be in the form of reverse mortgages for senior citizens in order to make ends meet,” says Tim Iacono on his blog, The Mess That Greenspan Made. Tim ... read more More About: Mortgages , Sign , Times , Reverse Mortgage , Mort
HUD On Target for 100,000+ HECM Reverse Mortgages
2008-01-01 19:12:00 Business is booming at HUD. In the first two weeks of December the federal department received 19,342 FHA mortgages applications and of this number 6,027 — nearly one-third — were from reverse mortgage borrowers. During the period 28,810 loans were endorsed (insured) by HUD and of this number 4,073 were HECMs. (It’s possible for there to ... read more More About: Mortgages , Target , Reverse Mortgage , Mort , Ages
Reverse and HECM Mortgages ? Can They Stop Foreclosures?
2007-12-30 19:58:00 Since August we have been writing about reverse mortgages as a foreclosure prevention tool for a limited number of distressed borrowers — those aged 62 and above with significant equity who want to dump toxic loans. The idea is basically to refinance an exploding ARM with a nice, friendly reverse mortgage that requires no monthly ... read more More About: Foreclosures , Stop , Mortgages , Reverse Mortgage , Mort
Reverse & HECM Mortgages ? New Tax Relief From Congress
2007-12-28 15:56:00 A new law created by Congress will provide significant tax relief in situations where there has been the death of a spouse. Under the old tax rule, a home had to be sold by December 31st in the year a spouse died to qualify for the $500,0000 residential capital gains write-off. If the property was sold ... read more More About: Mortgages , Relief , Reverse Mortgage , Mort
Reverse Mortgages ? MBA says HECM Numbers Down!
2007-12-21 11:42:00 The Mort gage Bankers Association has come out with its first half origination figures for 2007. Here’s what they say regarding HECMs: “From the Second Half of 2006 to the First Half of 2007, reverse mortgage dollar volume decreased 92.4 percent. FHA’s Home Equity Conversion Mortgages (HECMs) decreased by 92.4 percent and other reverse mortgages increased 13 ... read more More About: Numbers , Reverse Mortgage , Number
Reverse Mortgages ? This Is Perverse
2007-12-20 19:36:00 You have to wonder why the Federal Reserve wants to propose new consumer ptoections for borrowers — but not for senior citizens. The new plan from the the Federal Reserve — as first reported here — specifically excludes reverse mortgages from the proposed consumer protections. Now you might think, aha, those smart folks at the Federal Reserve, ... read more More About: Mortgages , Reverse Mortgage , Mort , Ages
Reverse Mortgages ? HUD Testimony Shows Significant Program Growth
2007-12-19 20:55:00 Meg Burns, Director of the FHA’s Single Family Program Development program, had some interesting facts and statistics regarding reverse mortgages, data which gives us some perspective. Here are the significant items from her statement before the Senate’s Special Committee on Aging. *HECMs continue to be at the forefront of the reverse mortgage industry, representing approximately 90 ... read more More About: Growth , Mortgages , Testimony , Reverse Mortgage
Reverse Mortgages ? Barney Frank to Fed: There?s No Santa!
2007-12-19 19:59:00 Rep. Barney Frank (R-MA) is generally recognized as one of the smartest — and most insightful — people in Washington. Yesterday we reported that the new consumer protections suggested by the Federal Reserve were worthless for senior citizens because they specifically exclude reverse mortgages. Now we have Rep. Frank, chairman of the House Financial Services ... read more More About: Santa , Mortgages , Reverse Mortgage
Reverse Mortgages ? Fed To Seniors: Forgettabout it
2007-12-18 18:52:00 The proposed changes in to the Home Ownership and Equity Protection Act (HOEPA) are getting a lot of media attention because it is said that the proposed rules, if approved, will greatly level the field for borrowers. ?Our goal is to promote responsible mortgage lending, for the benefit of individual consumers and the economy,? said Federal ... read more More About: Mortgages , Seniors , Reverse Mortgage , Mort , Ages
Reverse Mortgages: AARP Details Lifetime Transaction Costs
2007-12-17 18:36:00 Below is the news release associated with the new 228-page AARP reverse mortgage study. The report was presented to the Senate’s Special Committee on Aging. While the release presents a lot of information, the testimony from AARP’s representative, Donald Redfoot, is more interesting. For example, he says that a 74-year-old borrower with a $300,000 property is ... read more More About: Lifetime , Mortgages , Details , Costs , Reverse Mortgage
Reverse Mortgages ? Don?t Neglect Your Credit
2007-12-16 20:31:00 It doesn’t take much to ruin one’s credit standing — and that’s one area where reverse mortgages can be very helpful. I get a lot of email from people who have missed a payment by a few days. Such misses are a problem and are not a problem. To many credit card issuers, missing a payment ... read more More About: Credit , Neglect , Mortgages , Reverse Mortgage , Mort
Reverse Mortgages: Senate Committee Hears New AARP Report
2007-12-14 11:46:00 Speaking before the Senate ’s Special Committee on Aging, Donald Redfoot with AARP’s Public Policy Institute, presented a 228-page reverse mortgage study to the Committee. In his testimony, Redfoot said the survey found that “older homeowners were able to address a wide range of needs and desires with reverse mortgages. When borrowers were asked about the main ... read more More About: Report , Mortgages , Reverse Mortgage
Reverse Mortgages ? Q&A: Will I pay $7 million for a $200,000 Reverse Loan?
2007-12-13 20:43:00 Question: Where can I obtain a reverse mortgage that won’t take everything I have worked for with my children having to pay the $17,000 and more in closing costs when I die. I have a home worth $3,000,000 and only want a $200,000 loan to pay legal fees on trying to recover funds taken from my ... read more More About: Loan , Mortgages , Million , Reverse Mortgage , Mort
Reverse Mortgages ? Q&A: Does Ginnie Mae Mean Lower Rates?
2007-12-12 19:54:00 Question: I am thinking of making a reverse mortgage on our house. How much less expensive has the new Ginnie Mae backed mortgages made this type of loan as opposed to six months ago? Also-has the age been lowered to 60 from 62? Answer: Ginnie Mae is a federal agency which buys loans from local lenders, ... read more More About: Mortgages , Lower , Rates , Reverse Mortgage , Mort
Reverse Mortgages ? Retirement Planning?s Missing Numbers
2007-12-11 22:07:00 The Credit Union National Association (CUNA) has some interesting numbers regarding retirement: * Less than half of Americans have planned for retirement. * Americans reaching age 65 can expect to live into their early 80s. * After you retire, experts say you will need at least 70% of your preretirement income each year to sustain your current lifestyle. (Other ... read more More About: Retirement , Planning , Numbers , Mortgages , Missing
Reverse Mortgages ? No Bailout Needed
2007-12-10 22:07:00 Notice something interesting about the latest foreclosure bailout plan from Washington? There’s no help for reverse mortgage borrowers. The logic here is fairly simple: Reverse mortgage borrowers don’t have exploding ARMs, toxic loan terms, soaring monthly payments or prepayment penalties. That’s a sweet arrangement compared with some of the “nontraditional” loan products now driving people into foreclosure ... read more More About: Mortgages , Reverse Mortgage , Bailout , Mort , Ages
Reverse Mortgages & Senior Protection
2007-12-09 22:05:00 California has an interesting law on the books which would be useful in all states. Just as doctors and hospitals are required to report suspected cases of child abuse, under California’s Financial Elder Abuse Reporting Act of 2005, bank, savings and loan, and credit union employees who suspect elder financial abuse are required to immediately notify ... read more More About: Senior , Mortgages , Reverse Mortgage , Mort , Ages
Reverse Mortgages ? Bush Plan Impact
2007-12-07 01:14:00 Let’s be clear, the new Bush plan to lower foreclosure levels is a sop to lenders, a voluntary effort that demands nothing and ignores the real needs of many borrowers. Like a balloon, the plan is thin, flighty and full of gas. But, in an odd sort of way, reverse mortgage lending will get an unintended ... read more More About: Mortgages , Plan , Reverse Mortgage , Mort
Reverse Mortgages ? How Much From Your Pension?
2007-12-05 12:46:00 How much can you get from your retirement plan? How much can you contribute? The Pension Rights Center has a great chart that you need to see. For example: *The maximum annual benefit payable by a defined benefit pension plan in 2008 will be $185,000 — up from $170,000 in 2005. *The maximum contribution to an IRA in 2008 ... read more More About: Mortgages , Reverse Mortgage , Mort , Ages
Reverse Mortgages ? Look Out Below?
2007-12-04 21:17:00 The news release below came from Standard & Poors, the big ratings organization. What’s interesting is the difference between the sale value a big builder, Lennar, was able to receive for 11,000 homesites and the book value of these properties. S&P says it’s a 60 percent mark-down. How does this impact reverse mortgages? Reverse loans are generally ... read more More About: Mortgages , Reverse Mortgage , Belo , Mort , Ages
Reverse Mortgages & Mobile McMansions
2007-12-03 21:20:00 The New York Times had a huge article in the Sunday business section regarding mobile McMansions, huge mobile homes — some costing as much $1.7 million — that seem to interest many retirees. The article raised two issues: First, can you get a reverse mortgage for a mobile McMansion? Oddly enough, the answer could be yes – if it becomes decidely less m obile. Under ... read more More About: Mobile , Mortgages , Reverse Mortgage , Mort , Ages
Reverse Mortgages & Foreclosure Prevention
2007-12-02 20:07:00 A lot of experts — if there is such a thing — have now figured out that the foreclosure crisis is not merely a subprime issue, that it won’t end in 2007 and that it impacts financial markets worldwide. In August I wrote about the use of reverse mortgages as a foreclosure prevention device. As the ... read more More About: Foreclosure , Prevention , Mortgages , Reverse Mortgage , Mort
Reverse Mortgages ? Loans With Scholarships
2007-11-29 20:29:00 This is different. A reverse mortgage lender is offering scholarships to client grandchildren. Next Generation Financial Services says it will provide up to $50 million in funding to support the program. The scholarships can be used at any of 200 colleges, according to the lender. As always with any reverse mortgage program, always consider alternatives, look at costs ... read more More About: Loans , Mortgages , Scholarships , Reverse Mortgage , Mort
Reverse Mortgages & The Cost of Living
2007-11-29 00:12:00 The Pension Rights Center raises an interesting point: Does your pension have a cost-of-living adjustment? Don’t be too quick to say year. While state and federal pensions have COLAs, that’s unlikely to be true with private programs. If you get $5,000 a month today then even with small amounts of inflation it will buy far less than ... read more More About: Living , Cost , Cost of living , Mortgages , Reverse Mortgage
Reverse Mortgages: No Limits Here
2007-11-27 21:59:00 According to Real Estate Undressed, there’s been a shortage of factual information regarding reverse mortgages. Blogger Larry Cragun says that “almost everything I have posted about reverse mortgages has led me to believe that for many situations it is a great product. However, I have recently realized the one negative that I have never seen written. ... read more More About: Limits , Mortgages , Reverse Mortgage , Mort , Ages
Reverse Mortgages & Savings
2007-11-27 07:51:00 If you’re thinking of a reverse mortgage you’re old enough to know the value of savings. BlownMort gage.com has a posting which is exactly on the money. A loan officer, Chris Johnson, describes a top-rated borrower, aged 24, who earns $37,000, has a 731 credit score, lives at home and has one expense, a $176 monthly car ... read more More About: Mortgages , Savings , Reverse Mortgage , Ages
Reverse Mortgages ? Emergency Preparedness
More articles from this author:2007-11-26 06:46:00 Let’s face it, there are times when the nearby supermarket is just not there. Think of hurricanes, fires, earthquakes, etc. In such times you need to be prepared. Eton, a company which sells emergency radios and other gear, has a useful guide to emergency preparedness. For instance, it says you have some cash on hand because ATMs ... read more More About: Mortgages , Emergency , Reverse Mortgage , Pare , Mort 1, 2, 3, 4, 5, 6, 7 |
