Reverse-mortgage Articles

Posted on February 15  
On July 1, 2009 Money Management International a subsidiary company of Consumer Credit Counseling Service agencies, the largest nonprofit full service credit counseling agency announced that it would offer mature borrowers, over the age of 62 free reverse mortgage counseling. What does that mean to you? Well as an interest borrower who is over the age of 62 you are now able to receive the mandatory counseling session for reverse mortgage also known as Home Equity Conversion Mortgage (HECM) free.... Read More...
Posted on February 14  
With so many lending institutions facing bankruptcy during the current economic downturn there is reason to believe there may be decreases in the amount of funds a homeowner can borrow against the equity of his home. The recent bankruptcy of Lehman Brothers and the purchase of Merrill Lynch by Bank of America place some concerns in the foreground concerning the future of the current reverse mortgage industry and the levels that are currently available. There also seems to be controversy concern.... Read More...
Posted on February 13   By MLP Blog
There's been a lot of talk and media coverage as of late about reverse mortgages and the opportunities they present senior citizens. In all, American borrowers will assume about 120,000 of the most popular reverse mortgages this year, according to the National Reverse Mortgage Lenders Association. With reverse mortgages, homeowners receive a lump sum, a monthly amount or a line of credit and don't have to repay the debt for as long as they live in their homes. Dozens of the national organization.... Read More...
Posted on February 13   By MLP Blog
During the refinancing boom in 2003 and 2004 millions of Baby Boomer homeowners refinanced their mortgages and took out new 15 or 30 year loans. This is problematic because many homeowners in their late 50’s or early 60’s still have big mortgages running for another two or three decades. How will Boomers with these massive loans be able to pay them off? Will they be forced to sell their homes when their monthly mortgage payments get too high? The Federal Housing Administration say.... Read More...
Posted on June 18   By Justin McHood
The FHA reverse mortgage program is popular with seniors who want to convert the equity they have in their home for cash. As underwriting guidelines have changed over the last few years with regards to people doing cash-out refinances, the FHA reverse mortgage guidelines have remained somewhat unchanged. As long as a senior meets the age requirements and has equity in their property, they are eligible. One of the rules of the FHA reverse mortgage program is that the senior agrees to pay th.... Read More...
Posted on December 01   By Justin McHood
In a bit of good news for seniors who may be considering a FHA reverse mortgage, HUD has announced that they will extend the loan limits for 2010 at 150% of the regular conforming loan limit. This means that the nationwide reverse mortgage loan limit is $625,500 through 2010. HUD made the official announcement in Mortgagee Letter 2009-50 - and if you read it, chances are that you may be confused. But the simple answer is that no matter where you live in the US, the loan limit for a reverse mor.... Read More...
Posted on May 05   By Justin McHood
Reverse mortgages continue to be popular with seniors - the most recent data shows a record 11,261 reverse mortgages were made in March, up from 9,086 in February. The National Reverse Mortgage Lenders Association expects there to be about 150,000 reverse mortgage originations this year, up 30 percent over last year. The only reverse mortgage program that is available for Seniors is the FHA HECM reverse mortgage program and these loans are being bought by Fannie Mae. Fannie Mae is doing some th.... Read More...
Posted on April 29   By Justin McHood
Many seniors are looking into getting a reverse mortgage and are finding out that the only type of reverse mortgage that is available today is the FHA HECM (which stands for the Home Equity Conversion Mortgage) or as more commonly called - the FHA Reverse Mortgage. If you are a senior who is considering a reverse mortgage, be sure that you ask about the potential risk of becoming ineligible for Medicaid as a result of selecting the wrong payout option for your reverse mortgage. This risk of bec.... Read More...
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