It’s important for seniors who are taking on a reverse mortgage to know their funds are protected not only from the downfall of the company they chose to service their loan but also from the pitfalls of a sagging real estate market as we have been experiencing for the past several years. When a senior [...]
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Why Reverse Mortgages Need Mortgage Insurance
Thursday, October 29th, 2009Understanding a Reverse Mortgage Line of Credit
Wednesday, October 21st, 2009A reverse mortgage credit line is an excellent option for those seniors who do not need all of the cash from their loan at one time. One thing to keep in mind is that the credit line option is only available with an adjustable interest rate—the fixed rate option is for those who want or [...]
Read moreReasons to Refinance Your Reverse Mortgage
Tuesday, October 20th, 2009The idea of refinancing a reverse mortgage is not one that occurs to all seniors. It may be because they don’t know they can do it or because they just don’t have enough information to know if it’s the right choice for them. It’s important to make sure you have all the information you need [...]
Read moreIs a Reverse Mortgage Right for You?
Monday, October 19th, 2009As you approach retirement age you may want to think about a reverse mortgage loan to supplement your retirement income. Before you make a decision you need to weigh your options in order to determine if a reverse mortgage is right for you. It’s important for you to first be aware of the qualification [...]
Read moreHUD Considering New Reverse Mortgage Product
Wednesday, October 14th, 2009Talk has gone on for some time about the possibility of a new reverse mortgage product from HUD. It seems that recent developments indicate that it is on the horizon, but just how soon it will be available is not yet clear.
New Reverse Mortgage Product Announced
At a conference of the Mortgage Bankers [...]
Principal Limit Reduction on Reverse Mortgages
Tuesday, October 13th, 2009The change has begun within the reverse mortgage industry with the recent implementation of new principal limits imposed by HUD. One of the problems is the lack of sufficient notice to lenders and borrowers of the ten percent reduction. Even though there had been rumors of a principal reduction, the final notification of this [...]
Read moreWells Fargo Reverse Mortgage
Monday, October 12th, 2009Jeff Taylor is a leader in the mortgage industry boasting of almost 40 years mortgage industry experience before recently retiring as head of Wells Fargo’s reverse mortgage division. During his tenure with Wells Fargo he was program manager of the Senior Products Group during which time he helped the company become the leader in [...]
Read moreWhy You Should Consider a Reverse Mortgage
Wednesday, October 7th, 2009If you’re 62 years old or older, own the home in which you live and need additional cash to maintain a comfortable lifestyle, a reverse mortgage may be just what you need. Why do they call it a reverse mortgage? It is called a reverse mortgage because you cash in on the equity of your [...]
Read moreReverse Mortgage Condo Changes
Tuesday, October 6th, 2009Although condos have qualified for reverse mortgages for some time, the Department of Housing and Urban Development issued Mortgagee letter 2009-19 on June 12th that changed guidelines in the approval process. This new letter makes changes to the approval process for not only condominium mortgages but other home equity conversion mortgages (reverse mortgages) that are [...]
Read moreAppropriations Act 2010 changes Reverse Mortgages
Thursday, October 1st, 2009Seniors are often the target of legislation and it seems that they will once again be hurt by new legislation before Congress concerning reverse mortgages. The Appropriations Act 2010 requires that new policies will be set concerning HUD’s Home Equity Conversion Mortgage (HECM), or reverse mortgages.
The Reverse Mortgage Problem
As the money was being [...]
