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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
Reverse Mortgages ? FHA On Counseling Fees ? Again
2007-11-23 08:56:00 In case the original message below was not sufficiently clear, the FHA has issued a clarification, to wit: FHA Home Equity Conversion Mort gage (HECM) Counseling Services: To clarify the previous message sent on 11/20/07 regarding HECM counseling, prospective HECM borrowers may not pay for HECM counseling services until FHA issues guidance. Lenders may continue ... read more More About: Fees , Mortgages , Reverse Mortgage , Ages
Reverse Mortgages ? Thanksgiving
2007-11-22 12:40:00 For those who have lived long enough to consider a reverse mortgage you know that there is much for which to be thankful. On this day as we gather with friends and family, let’s take a moment to reflect on our good fortune to hope that others do as well. In particular, let us hope for the safe a nd fast return of our military personal i n Iraq and Afghanistan. To all, we wish a blessed Thanksgiving this year and for many other years. read more More About: Mortgages , Reverse Mortgage , Hank , Mort
Reverse Mortgages ? Counseling Fees on Hold
2007-11-21 12:38:00 The FHA has just come out with still-another notice regarding payments to mortgage counselors. The notice states that: “On September 28, 2007, a Final Rule was published in the Federal Register at 72 FR 55638 and codified at 24 CFR Part 214 establishing new regulations for the Department of Housing and Urban Development?s (HUD) Housing Counseling Program. ... read more More About: Fees , Mortgages , Hold , Reverse Mortgage , Mort
Reverse Mortgage Calculators: Why Not The Whole Story?
2007-11-20 13:05:00 I was looking at a typical online mortgage calculator the other day. Just for fun I tried it to see what results would be produced. Figuring a $600,000 present value and a 1943 birth date, the calculator showed that I could borrow $207,756 with a monthly adjusting FHA HECM, $138,727 with an annual adjusting FHA HECM, ... read more More About: Story , Mortgage , Calculators , Reverse Mortgage , Mort
Should My Parents Get A $500,000 Reverse Mortgage?
2007-11-19 09:56:00 What to do? We received the note below from a daughter regarding a prospective reverse mortgage borrower. “Help. My parents are getting ready to do this. My father out of greed. Says he’ll have $500,000 at his disposal. Please advise.” Peter says: Family relationships are often complex and difficult. Stepping away from inter-personal issues, there are some questions ... read more More About: Mortgage , Parents , Reverse Mortgage , Pare , Mort
Reverse Mortgages ? GE Ups Pension Benefits. Again.
2007-11-16 18:20:00 Every so often, in an era when too many CEOs are paid too well and retirees are not, a company does something which is both right and useful. GE, the huge international conglomerate, has announced that it will INCREASE retiree pension benefits. We say bravo to GE. Could more companies do this? You bet. Just reduce unjustified ... read more More About: Pension , Mortgages , Benefits , Reverse Mortgage , Mort
Reverse Mortgages: Is Your House A Piggy Bank?
2007-11-15 11:51:00 You have to like a blog entitled “The Mess That Greenspan Made.” Even if you don’t agree with the premise, it’s easy to understand that writer Tim Iacono is raising a point of view that is destined to gain more interest and support as the economy continues to deteriorate. Iacono has an interesting take on the ... read more More About: House , Piggy , Mortgages , Bank , Reverse Mortgage
The Reverse Mortgage: Is This A Foreclosure Fighter?
2007-11-14 19:38:00 Several months ago USA Today reported that seniors are using reverse mortgage financing to bail out of untenable toxic loans. “A ‘use we had not anticipated is that many homeowners also use all of the reverse mortgage proceeds that they are eligible to borrow at closing to pay off any existing conventional or “forward” mortgage,’ says ... read more More About: Foreclosure , Mortgage , Fighter , Reverse Mortgage , Mort
Reverse Mortgages ? Mortgage-Backed Securities Packed by Ginnie Mae. Why yo
2007-11-13 18:25:00 Ginnie Mae had guaranteed reverse mortgage notes worth $116 million. So why should anyone care? The way this works is that reverse mortgages are packaged together to create a mortgage-backed security. Investors buy such securities and then get the interest they produce and perhaps appreciation. The importance of the Ginnie Mae announcement is that a lot of ... read more More About: Mortgage , Mortgages , Securities , Mortgage Backed Securities , Reverse Mortgage
Reverse Mortgages: Why Lenders Want Better Laws
2007-11-12 18:14:00 Janet E. Denny, director of the Springfield, MA Department of Elder Affairs, has a warning for seniors. According to the Springfield Republican, Denny says an increasing number of seniors have complained about reverse mortgage scams and attorneys who target seniors delinquent in tax payments. “Our seniors are a vulnerable population,” she said, according to the paper. ... read more More About: Laws , Mortgages , Reverse Mortgage , Lenders , Enders
Reverse Mortgages ? The Remainder Trust Alternative
2007-11-11 18:58:00 Maybe instead of a reverse mortgage an alternative idea is to give away your property to charity — and get income for the rest of your life. While not a choice for everyone, charitable remainder trusts have some interesting benefits, explains Vivian Marino in The New York Times. “Donors,” she says, “can receive what amounts to ... read more More About: Alternative , Mortgages , Trust , Reverse Mortgage , Native
Reverse Mortgages & Foreclosure Prevention
2007-11-09 12:45:00 We have previously written about the use of reverse mortgages to stave off foreclosure and bankruptcy at a time when toxic loans have imperiled enormous numbers of households nationwide. Now an Atlanta non-profit organization has looked at the same issue and offers the advice below: People May Be Able to Avoid Bankruptcy by Applying for a ... read more More About: Foreclosure , Prevention , Mortgages , Reverse Mortgage , Mort
Can Reverse Mortgages Help Owners Avoid Foreclosure?
2007-11-07 13:48:00 No doubt about it, reverse mortgages have become far more popular in the past year than ever before. You have to wonder if such an increase in public attention is due just to better marketing and greater product acceptance or, otherwise, is something else at work? If something else is at work than what might that ... read more More About: Foreclosure , Mortgages , Avoid , Owners , Reverse Mortgage
Texas Attorney General Issues Reverse Mortgage Warnings
2007-11-06 13:17:00 Texas attorney general Greg Abbott has issued a warning for those considering a reverse mortgage. “Some unscrupulous operators,” says Abbott, “will insist that a home needs costly renovations in order for the homeowner to qualify for a loan. Seniors should be particularly wary of consultants who insist on using a specific contractor. If the consultant is ... read more More About: General , Issues , Attorney , Mortgage , Texas
Reverse Mortgages: Protections Missing From House Bill
2007-11-05 12:06:00 If you have not heard of H.R. 3915 — The Mortgage Reform and Anti-Predatory Lending Act of 2007 you need to watch this bill with care. It represents a huge advance in borrower protection, yet when it is debated tomorrow in a closed session of the House Financial Services committee it will exclude reverse mortgage borrowers at ... read more More About: Mortgages , Missing , Bill , Reverse Mortgage
Reverse Mortgages For Those Under Age 62
2007-11-04 19:13:00 Usually when we think of reverse mortgages we think of financing for those aged 62 and above. This age qualification is obviously artificial. There is no reason it could not be higher or lower, and now we have a lender who has lowered the age requirement. Lender Lead Solutions says it’s “the first lender in the reverse ... read more More About: Mortgages , Reverse Mortgage , Mort , Ages
Reverse Mortgages ? Would The Fed Help A Homeowner?
2007-11-02 21:11:00 If you’ve been watching Wall Street for the past few weeks it has been difficult to ignore the elevator-like movements of the market. Yesterday, Thursday, was a real study. Just read what the Washington Post had to say: “The declines were sharp enough to trigger automatic trading curbs at the New York Stock Exchange, designed to limit ... read more More About: Mortgages , Reverse Mortgage , Homeowner , Mort , Ages
Reverse Mortgages: What If Your Pension Ends?
2007-11-01 20:31:00 What happens if your pension ends? At a time when companies are going bankrupt or just going out of business, pensions are not ironclad. If you feel your pension may end, take a look at what the Pension Benefits Guarantee Corporation, a government agency, has to say about your rights. This is important stuff because if you ... read more More About: Mortgages , Ends , Reverse Mortgage , Mort
Reverse Mortgages ? Keeping Up With The Joneses
2007-10-31 19:14:00 Writing in the Washington Post, Martha Hamilton has some really good numbers regarding retirement. In her article, Low-Paid Means At Risk in Retirement, Hamilton says: “Not everyone in the golden age of retirement is raking in the gold: In 2006, half of all Americans age 65 and older had annual incomes of less than $16,890, according to ... read more More About: Mortgages , Reverse Mortgage , Mort , Ages
Reverse Mortgages & Job Creation
2007-10-30 20:32:00 Here’s a reverse mortgage story with a good result. Crain’s Detroit Business reports that “Vertical Lend, licensed to operate in 33 states and in the process of changing its name to World Alliance Financial, obtained $3.5 million in tax incentives in April from the Michigan Economic Growth Authority to locate a national office in Troy and ... read more More About: Mortgages , Creation , Reverse Mortgage , Mort , Ages
Reverse Mortgages ? What Happens To Your Paperwork?
2007-10-29 19:25:00 The Wall Street Journal has an interesting story regarding mortgage applications — and what happens to them in too many cases. At first it may not seem like a big deal, but it turns out that mortgage applications are sometimes dumped like so much cat litter. Not shreded, just dumped. Is there a problem with this? According ... read more More About: Mortgages , Reverse Mortgage , Mort , Ages
Reverse Mortgages & Kids Suing Parents
2007-10-28 23:01:00 Here’s a basic contradiction. If you get a reverse mortgage it means you’re draining the equity from your property. This may or may not be an issue to you, but what about your heirs? This gets into a philosophical question: Are you really responsible for leaving your kids a big inheritance? Some of us get a ... read more More About: Kids , Parents , Mortgages , Reverse Mortgage , Parent
Reverse Mortgages: Will Someone Buy Your Pension?
2007-10-26 22:45:00 How safe is your pension? How safe is your pension if it’s bought out by a Wall Street firm or hedge fund? The Washington Post has a great story on just this issue. The paper says “some financial services firms are trying to clear a regulatory path that would let them buy out pension plans, freeing employers ... read more More About: Pension , Mortgages , Reverse Mortgage , Some , Mort
Reverse Loans & Fires
2007-10-25 19:46:00 The news from southern California is not good. Nearly 900,000 people have been asked to leave their homes because of raging fires, a disaster that will displace large numbers of households and cost billions of dollars. I don’t remember natural disasters of the scale seen in recent years. It seems difficult to imagine so many people ... read more More About: Loans , Fires , Reverse Mortgage
Reverse Mortgages & The Mortgage Meltdown
2007-10-24 23:46:00 Business Week asks if the mortgage meltdown has finally peaked and comes up with a strong maybe. For reverse mortgage borrowers, the current problems in the financial markets are difficult to ignore. Those above age 62 tend to have more assets than younger folks so anything which causes stock prices to drop is typically unwelcome. As ... read more More About: Mortgage , Mortgages , Reverse Mortgage , Mort , Ages
Circle Lending Becomes Virgin Money ? Reverse Mortgage Calculator Stays Onl
2007-10-23 21:57:00 When last we wrote about Circle Lending in June, we were greatly pleased by the fact that they offered reverse mortgages, had an online reverse mortgage calculator that produced an amortization statement and had the lowest fee structure we’ve seen. The catch was that Circle Lending made arrangements between family and friends, helping those with money ... read more More About: Money , Calculator , Mortgage , Virgin
How Are Lower Home Prices Impacting FHA Reverse Mortgage Insurance?
2007-10-23 02:32:00 Is there a lot of risk to the FHA reverse mortgage program? A lot of risk as home values in many areas of the country go down? The FHA, after all, is nothing but an insurance program — an insurance programs by their nature should have a limited amount of risk. The way the FHA reverse ... read more More About: Insurance , Home , Mortgage , Mortgage Insurance , Lower
AARP Outlines The ?Four Pillars of Retirement?
2007-10-21 19:44:00 I received a mailer from the American Association of Retired People yesterday, one that asks the association’s 39 million members “to push the federal government to make these pillars of retirement security more available and affordable for all Americans now and in the future.” It would surely be good to know the details of precisely what ... read more More About: Retirement , Reverse Mortgage , Lars , Pillars , Outline
Do You Need An Electronic Will?
2007-10-19 20:52:00 When it comes to legal matters I must confess to being old-fashioned. I think folks are best served by sitting down with an attorney to discuss their legal needs. That said, the legal profession does a miserable job serving the general needs of consumers who have not been named in the wills of the rich and ... read more More About: Electronic
FHA Reverse Mortgage Production Tops 100,000 in ?07
More articles from this author:2007-10-18 15:42:00 The demand for FHA reverse mortgages — what the government calls home equity conversion mortgages (HECMs) — rose enormously during fiscal 2007, the period which ended September 30th. Figures from HUD show that 107,558 reverse mortgages were originated in fiscal 2007 — that’s up 40.9 percent over fiscal 2006. Reverse mortgage growth was a huge benefit to ... read more More About: Tops , Mortgage , Production , Reverse Mortgage , Mort 1, 2, 3, 4, 5, 6, 7 |
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