Click Here to receive a detailed analysis You will receive a detailed, no obligation comparison including an estimated amount of money you would receive. Rather Talk to a Consultant?.. Toll Free (888) 415-1955In an effort to keep all lenders apprised of everything that is going on within the reverse mortgage industry, the National Reverse Mortgage [...]
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NRMLA Conference in November
Wednesday, September 30th, 2009Reverse Mortgage Appraiser Changes
Tuesday, September 29th, 2009The Federal Housing Administration (FHA) has announced recently that it is adopting the rules of the recent document called the Home Valuation Code of Conduct (HVCC) for appraisers and it does apply to reverse mortgages. This document was created through the efforts of Freddie Mac, the Federal Housing Finance Agency (FHFA), and the Attorney General [...]
Read moreFixed Rate vs. Monthly Adjustable Reverse Mortgage
Friday, September 25th, 2009While the possibly lower interest rate of a variable rate mortgage can look good in the beginning, you have to look at it for the long term. A fixed rate allows you to keep better track of the balance on your FHA reverse mortgage. It’s very difficult to attempt to track a balance when the [...]
Read moreReverse Mortgage Lending Limits May Drop
Thursday, September 24th, 2009The current state of the economy may have major effects on the reverse mortgage loan industry as talk looms about a decrease in lending limits. These mortgages help many older homeowners retain their homes by providing additional monthly cash flow. For some it is only enough to cover their mortgage payments such as those who [...]
Read moreUse a Reverse Mortgage as a Financial Tool
Thursday, September 17th, 2009Reverse mortgages can be great tools for adding some additional monthly cash flow into your budget. While it is not something available to the younger homeowner, it is a way for those over the age of 62 to cash in on the equity in their homes without having to pay the money back until they [...]
Read moreCertified Reverse Mortgage Professional
Thursday, September 10th, 2009NRMLA (National Reverse Mortgage Lenders Association) is quickly approaching finalization of its Certified Reverse Mortgage Professional (CRMP). The association’s website provides a link to the CRMP Candidate Handbook so that anyone who has an interest in becoming certified can prepare for the exam. The handbook provides information about the content of the exam, eligibility requirements, [...]
Read moreReverse Mortgage Defined
Wednesday, August 26th, 2009Reverse Mortgages allow homeowners 62 years of age to stay in their home without a monthly mortgage payment. It is a loan that does not need to be repaid until you no longer occupy the property as your primary residence. There are several terms used throughout the application and closing process. The frequently used terminology [...]
Read moreReverse Mortgage Calculator
Friday, August 14th, 2009Before taking out a reverse mortgage loan you should consult an expert who can tell you how much money you can receive based on your age, the equity of your home, current interest rates and at what fees. In the meantime, you can use an online reverse mortgage calculator to estimate what your particular reverse [...]
Read moreGAO warns on Reverse Mortgages
Thursday, August 13th, 2009Reverse mortgages can be a great way for senior homeowners to convert their home equity into cash while continuing to live in their homes. Recently, though, the Government Accountability Office (GAO) has reported that a lack of oversight by the Department of Housing and Urban Development (HUD) makes seniors vulnerable to abusive lending practices in [...]
Read moreReverse Mortgage Disadvantages and Advantages
Wednesday, August 12th, 2009You have heard about the good and the bad of the reverse mortgage, or the Home Equity Conversion Mortgage (HECM) program. But what is the real truth behind the reverse mortgage program which was designed to assist mature borrowers, 62 and older, with staying in their home while using the current equity to sustain their [...]
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