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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 
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NZ Reverse Mortgage Calculator Shows It Can Be Done
2008-06-06 02:19:00 We usually think of reverse mortgages in terms of the U.S. marketplace, but they also have reverse mortgages overseas. For those who say that reverse mortgages are too complex to explain, you need to take a look at Sorted.org.nz. The site has exceptional information regarding various financial issues, including costs for New Zealand reverse mortgages. One of ... read more More About: Calculator , Mortgage , Reverse Mortgage
Foreclosure Relief With Reverse Mortgages
2008-06-05 06:28:00 Fidelity Reverse Mortgage , a reverse mortgage company headquartered in Denver, Colorado, has announced a foreclosure relief program under which it will waive certain costs for qualified borrowers facing foreclosure. “Under our relief program,” said David Miner, Chief Executive Officer of Fidelity Reverse, “Fidelity will identify a senior homeowner to be reimbursed for some of the costs ... read more More About: Foreclosure , Mortgages , Relief
The Old Man & His Money
2008-06-04 06:31:00 I overheard a conversation the other day. It went like this: “The biggest issue with reverse mortgages is that in one shot seniors can get a pile of money, spend it and then be left with nothing. Maybe it would be a smart idea if we limited access to senior equity.” When I hear such comments I ... read more More About: Money , Reverse Mortgage
Seniors Seek Early Exists From Retirement Plans
2008-06-03 06:38:00 The Wall Street Journal reports that “as consumers max out their credit lines and banks clamp down on lending, many older and middle-class Americans are resorting to pricey, often-risky alternatives to stay afloat. Some are depleting their retirement accounts, tapping 401(k)s for both loans and hardship withdrawals. Some new fast-cash options allow homeowners to squeeze ... read more More About: Retirement , Plans , Early , Seniors , Seek
More Regulation Sought For Reverse Mortgages
2008-06-02 06:28:00 You can’t help noticing that reverse mortgages are growing like financial weeds while much of the mortgage marketplace is withering. Speaking in Chicago last month, Kieran P. Quinn, chairman of the Mortgage Bankers Association, said the following: “We want laws and regulation that give no quarter to fraud and irresponsible practices, and that will also set the ... read more More About: Regulation , Mortgages , Reverse Mortgage
Reverse Mortgages & The $1 Million Home
2008-05-30 07:03:00 Patrick writes and says, “our California home is valued at approximately $1,000,000 but we owe $450,000 on it. What will a reverse mortgage do for us? I am turning 61 and my wife will be 60 in 5 months. I need input for planning purposes.” I would make the following suggestion: Don’t plan yet. The reason for ... read more More About: Home , Mortgages , Million , Reverse Mortgage
Debating The $730,000 Reverse Mortgage
2008-05-29 06:55:00 The CongressDaily is reporting that Rep. Barney Frank (D-MA), chairman of the House Financial Services Committee, wants to raise reverse mortgage loan limits to “almost $730,000.” According to the publication, the reason Frank wants to raise the HECM loan limit is to collect more fees. Those fees would then be used to underwrite expected losses from ... read more More About: Mortgage , Reverse Mortgage
Sometimes Clients Make The Best Salespeople
2008-05-28 06:28:00 Over a period do years I have found that clients who have done their home work, need little or no assistance understanding why a reverse mortgage would work for them — or, in some cases, why it wouldn’t. A number of clients have done their homework, but they still like to check with friends, family and ... read more More About: Clients , Make , Reverse Mortgage
Should Reverse Mortgage Insurance Premiums Be A Cash Cow For Uncle Sam?
2008-05-27 06:12:00 Back in January we reported that of roughly 375,000 FHA reverse mortgages which had been issued since HUD began the program, only 1,609 claims had been made against the reverse mortgage insurance plan. That sure doesn’t sound like a lot of claims, but part of the reason for the low number is that most home equity ... read more More About: Insurance , Mortgage , Cash , Mortgage Insurance , Reverse Mortgage
Memorial Day
2008-05-26 06:20:00 A few weeks ago my wife and I went to Florida to attend the 60th wedding anniversary of an aunt and uncle. The honored couple are decent and honorable people who lead a good life. It was great to see that more than 100 friends and family members turned up to celebrate their big day. Part of ... read more More About: Memorial Day , Memorial , Reverse Mortgage
Money Magazine Columnist Looks at Reverse Mortgages
2008-05-23 06:05:00 Walter Updegrave, Money Magazine senior editor, has now written about reverse mortgages. In his article, Reverse mortgages: Beware the come-ons, Updegrave says “reverse mortgages can help cash-strapped retirees generate extra money for living expenses, pay for home improvements, lower other debts or fund the occasional splurge. “There’s also a downside to reverse mortgages’ growing popularity, however. Loan-origination ... read more More About: Mortgages , Money Magazine , Reverse Mortgage
FDIC Talks About Reverse Mortgages
2008-05-22 06:03:00 The Federal Deposit Insurance Corporation — the federal entity which insures bank accounts — has just issued a new publication entitled Money Tips for All Ages: Your Finances at Different Stages of Life. The subjects covered include: ___Before You Retire: Getting Your Finances Ready for Your Golden Years ___After You Retire: Managing Your Expenses on a Fixed or ... read more More About: Mortgages , Reverse Mortgage
Who Can Be Paid For Originating A Reverse Mortgage?
2008-05-21 06:41:00 HUD has come out with a renewed set of guidelines regarding who can be paid for originating an FHA reverse mortgage — and who can’t. According to the new mortgagee letter to lenders, HUD says the only people who can be paid for originating FHA-backed reverse mortgages are FHA-approved parties. However, the rules also allow payments ... read more More About: Mortgage , Paid , Reverse Mortgage
Reverse Mortgages & The Matter of Prudent Risk
2008-05-20 06:33:00 It was nearly two years ago that the Alliance for Retired Americans, a group with some 3 million members, wrote about reverse mortgages. What’s interesting about what they wrote is that in the past two years real estate markets in many areas have gone from boom to bust and yet their analysis remains largely on track. As ... read more More About: Matter , Risk , Mortgages , Reverse Mortgage
Fannie Mae Backs Away From ?Declining? Markets
2008-05-19 06:37:00 Last year both Fannie Mae and Freddie Mac, the big buyers of local mortgages, decided that falling real estate values required a change in the way they underwrite mortgages: In areas they identified as “declining” markets buyers would need an additional 5 percent down. For reverse mortgage borrowers the new policy has been troubling. Why? Because ... read more More About: Markets , Reverse Mortgage
40% of Wealthy Seniors Cutting Back
2008-05-16 14:38:00 Our slowing economy is having an impact on seniors. “One in four affluent 60-year-olds are changing their retirement plans and 40 percent ?downsizing? their lifestyles,” according to an April national survey from Bell Investment Advisors. The survey used a random sample of opinions from 500 adults comprised of 250 men and 250 women who were born ... read more More About: Back , Seniors , Wealthy , Reverse Mortgage , Cutting
Will Reverse Mortgage Costs Fall?
2008-05-15 06:16:00 For some time there has been considerable concern regarding the origination costs associated with HUD-insured reverse mortgages, fees which are “limited” to 2 percent of the property’s maximum claim amount. “Generally,” says HUD, “the property value and the maximum claim amount will be the same because the maximum claim amount is the lesser of the appraised ... read more More About: Mortgage , Fall , Costs , Reverse Mortgage
On The Trail of DPLs
2008-05-14 07:52:00 For seniors in need there are alternatives to reverse mortgages, reports syndicated columnist Lew Sichelman, writing in the Chicago Tribune. Sichelman says that seniors might want to look into “deferred-payment loans” from state and local governments to make home repairs, accessibility modifications and improvements to reduce energy usage. Generally, says Sichelman, with DPLs “there are no origination ... read more More About: Reverse Mortgage , Trail
HUD ? Lender-Funded Reverse Mortgage Counselors Just Fine
2008-05-13 07:53:00 HUD has come out with new reverse mortgage regulations. The Department now says that “based on feedback from reverse mortgage counseling providers and cost data collected by HUD, HUD has determined that a HECM counseling fee of $125 per counseling session constitutes a reasonable and customary fee, and does not exceed a level so as ... read more More About: Mortgage , Fine , Reverse Mortgage
What Should Borrowers Expect From Lenders?
2008-05-12 07:49:00 For too long, too many lenders have been enlisting advertising campaigns that have overstepped the boundaries of reasonableness and fairness. NRMLA — the National Reverse Mortgage Lenders Association — has now set the bar with its first ethics ruling regarding advertising standards for reverse mortgage lenders. At its eastern regional meeting in Philadelphia, NRMLA issued guidelines ... read more More About: Expect
Reverse Mortgage Growth At Record Level, Yet Constrained
2008-05-09 06:04:00 Reverse mortgage activity continues at a record pace. HUD reports that as of mid-April it had received 73,840 home equity conversion mortgage (HECMs) applications so far in fiscal 2008, the accounting period that began October 1st. This compares with 59,913 reverse mortgages in the same period during FY 2007. HUD to date has insured 59,413 HECMs, compared ... read more More About: Mortgage , Growth , Record , Reverse Mortgage
Rich Retirees Impacted By Economic Downturn
2008-05-08 07:44:00 Even the rich are getting stung by declining economic conditions, according to a new study by Bell Investment Advisors in Oakland. Bell?s third annual Affluent Boomer Survey of 500, high-net-worth individuals who turn 60 this year found that: ___Almost 30 percent of affluent boomers say they feel more financial stress now than just six months ago. ___More than ... read more More About: Rich , Economic , Reverse Mortgage
How Reverse Mortgages Evolved
2008-05-07 06:02:00 When I got into this business six years ago, there was one proprietary (private brand) reverse mortgage program and three standard programs. These included the government-insured HECM, which came in two varieties: The monthly adjustable (with a margin of 150 basis points — 1.5 percent) and the annual adjustable (with a margin of 210 basis ... read more More About: Mortgages , Reverse Mortgage
Two Homes Saved From Foreclosure With One Reverse Mortgage
2008-05-06 07:49:00 The Santa Rose (CA) Press Democrat has a great story regarding how a reverse mortgage was used to save a home from foreclosure. “Facing foreclosure on her Sebastopol home and Petaluma rentals,” Anna n-ha(cq) Millee used a reverse mortgage to pull cash out of the properties and pay off her lenders,” according to One borrower’s return ... read more More About: Foreclosure , Mortgage , Homes , Reverse Mortgage
Fed Proposes New Credit Card Protections
2008-05-05 07:40:00 The Federal Reserve has now proposed new standards for credit cards, steps that should have been taken years ago. As you check out the astonishingly-abusive practices which the Fed wants to end take a look at your credit cards. If there is any debt that ought to be paid off in full, it’s credit card debt. ... read more More About: Card , Credit , Credit Card , Reverse Mortgage
Retirement Funds Often Unreturned After Withdrawal
2008-05-02 01:27:00 A new study has found that roughly a quarter of those who are actively planning for retirement actually pull funds from retirement accounts. The study by the Wall Street Journal and the Harris Interactive Personal Finance Poll found that the “most common reasons for premature withdrawals from retirement investment products include a family member losing a ... read more More About: Retirement , Funds , Reverse Mortgage , Withdrawal
Reverse Mortgages: Diamonds in the Rough
2008-04-30 07:47:00 Reverse mortgages are truly like diamonds in the rough. At first glance, they may not look like much. However, their special features give rise to surprising benefits. These benefits make it a thing of beauty. An unprocessed diamond, after all, does not look like the finished product we know it to be. Charcoal, graphite ... read more More About: Diamonds , Mortgages , Reverse Mortgage
Reverse Mortgages: Mid-Year Report
2008-04-29 06:19:00 The figures for the first half of HUD’s fiscal year are now available and they show substantial reverse mortgage activity. According to HUD’s report, during the first six months of the fiscal year (in the world of government accounting, the fiscal year starts October 1st), the Department had received 762,266 single family program applications (up almost ... read more More About: Report , Mortgages , Year , Reverse Mortgage
Minnesota AG To Reverse Borrowers: Be Careful Out There
2008-04-28 06:37:00 Writing in the St. Paul Pioneer Press, Lori Swanson, Minnesota ’s attorney general, said on Sunday that “in 2006 President Bush signed the Deficit Reduction Act. One major change in the law was to limit the equity a Medicaid recipient can have in his or her homestead. At the urging of the financial industry, Section 6014 ... read more More About: Careful , Reverse Mortgage
Senator Wants Look At Reverse Mortgage Claims
More articles from this author:2008-04-25 06:50:00 Sen Claire McCaskill(D-MO), the author of S. 2490 ? the Reverse Mortgage Proceeds Protection Act — a bill that would end the “marketing or sale of an annuity as a condition of obtaining any home equity conversion mortgage” — has asked Missouri Attorney General Jay Nixon to look into the way reverse mortgages are marketed ... read more More About: Claims , Senator , Reverse Mortgage 1, 2, 3, 4, 5, 6, 7 |
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