reverse mortgage: FHA/HECM Reverse Mortgage Loan Limit Increased To $625,500 - 03/15/09 01:13 PM
It wasn't too long ago that the lending limit on the reverse mortgage (HECM) was increased to one national limit of $417,000 instead of lower limits that varied by county. The increase was part of HR3221, the FHA Modernization Act, passed in July, 2008. It wasn't until November, 2008, that HUD … (0 comments)
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reverse mortgage: Here we go again! HECM (reverse mortgage) limits will probably increase to $625,500! - 02/15/09 01:47 PM
It wasn't too long ago that the lending limit on the reverse mortgage (HECM) was increased to one national limit of $417,000 instead of lower limits that varied by county. The increase was part of HR3221, the FHA Modernization Act, passed in July, 2008. It wasn't until November, 2008, that HUD … (0 comments)
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reverse mortgage: New Reverse Mortgage Program -- HECM for Purchase - 01/05/09 05:28 PM
A HECM for Purchase is the FHA insured reverse mortgage that allows seniors, age 62 or older, to purchase a new principal residence using loan proceeds from the reverse mortgage. This is a new program that became effective January 1, 2009.
Previously, if a senior wanted to use a reverse mortgage … (9 comments)
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reverse mortgage: Announcing Reverse Mortgage Training Solutions! - 08/20/08 02:55 PM
Announcing Reverse Mortgage Training Solutions
I am thrilled to announce that my new company, Reverse Mortgage Training Solutions (RMTS) is now available to train anyone who wants to become a reverse mortgage originator. Good quality training is sorely lacking and RMTS will fill that void.
Reverse mortgages are a high-demand niche … (0 comments)
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reverse mortgage: More Questions about the new HECM Limits - 08/07/08 12:17 PM
I got an email asking me about the HECM limits and I thought my response might be helpful to some of you:
Sylvia - Do you have any idea when the national loan max is going to be applied to Reverses? Also, do you have any info on the applicable percentage … (2 comments)
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reverse mortgage: More feedback about my comments in my post on One National Lending Limit - HR3221 - 07/29/08 06:24 PM
My, My. I guess I stirred things up a bit. I made a comment in my Blog Post Breaking News! One National HECM (Reverse Mortgage) Lending Limit passed by the Senate! about the cross selling of financial products to seniors.
Here is what I said in regards to a provision in the legislation … (2 comments)
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reverse mortgage: Correction on my last Blog about the One National HECM Lending Limit - 07/29/08 06:12 PM
I really goofed on my calculations in my last Blog, Breaking News! One National HECM (Reverse Mortgage) Lending Limit passed by the Senate!, and a couple of brokers pointed out my mistake (thanks, guys!).
I commented on how my client would benefit from the increase in the lending limit to $417,000. … (2 comments)
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reverse mortgage: Breaking News! One National HECM (Reverse Mortgage) Lending Limit passed by the Senate! - 07/26/08 04:39 PM
Today, July 26th, the Senate passed HR 3221, Foreclosure Prevention Act of 2008, also known as the "FHA Modernization Act" and the President is expected to sign it immediately.
This bill provides for needed housing reform in general but has direct impact on the HECM (Home Equity Conversion Mortgage) specifically.
The … (13 comments)
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reverse mortgage: So You Want to be a Reverse Mortgage Loan Consultant? - 05/14/08 05:50 PM
The reverse mortgage industry is sizzling. Each year there is an increase in the number of reverse mortgages originated. A bulge of some 80 million baby boomers is currently moving through the population heading toward the retirement years. The vast majority of baby boomers are homeowners, many of them with … (10 comments)
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reverse mortgage: Reverse Mortgages and FHA County Lending Limits - 03/27/08 11:39 AM
There is some confusion regarding the status of the county lending limit increases for HECMs (Home Equity Conversion Mortgages), also know as reverse mortgages.
The recent FHA temporary loan limit increases are NOT applicable to HECM's. The Economic Stimulus bill only created temporary higher limits through the end of this year for … (8 comments)
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reverse mortgage: Reverse Mortgage Q & A - 03/26/08 03:51 PM
I pride myself on staying in touch with my reverse mortgage clients. Even years after the loan has closed, clients have ongoing questions and I am always available for them. They often comment that it is so refreshing to call the same phone number knowing I will be there!
My clients … (13 comments)
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reverse mortgage: Lenders more willing to accept reverse mortgage in lieu of foreclosure - 12/26/07 05:06 PM
Here's an interesting article in today's Wall Street Journal about how a reverse mortgage can help seniors who are facing foreclosure to keep their homes. This is not news to me -- I have pulled many seniors from foreclosure with a reverse mortgage. But what is new is that with the glut of … (22 comments)
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reverse mortgage: A Response to a misleading headline in the Modesto Bee about reverse mortgages... - 12/24/07 11:53 AM
I just read an article in the Modesto Bee titled "Reverse mortgages a new threat to seniors"
By TONY PUGHMcCLATCHY NEWSPAPERS - last updated: December 22, 2007 http://www.modbee.com/business/story/160490.html
The headline is a bit misleading. The author is basically talking about how unscrupulous loan originators are advising their borrowers to use the proceeds … (6 comments)
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reverse mortgage: Reverse Mortgage: Why Wait? - 12/02/07 03:45 PM
When I talk with seniors about the reverse mortgage, many of them say they are going to "wait" awhile.
When I ask them WHY?, they say "What if I need the equity in later years and I have used it all up with a reverse mortgage?"
First of all, what are "later … (2 comments)
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reverse mortgage: Reverse Mortgage: Issues to consider before signing on the dotted line....... - 12/01/07 11:45 AM
I am often asked if a reverse mortgage is safe and is it a good program? I always answer that, yes, it is very safe and it is a wonderful program. However, I don't think that is necessarily the right question to be asking. The question anyone who is considering a reverse mortgage should … (14 comments)
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reverse mortgage: Did you know that a reverse mortgage can be used in a home purchase? - 11/29/07 04:35 PM
It seems counter-intuitive that real estate professionals would need to know about reverse mortgages. After all, the purpose of a reverse mortgage is to help KEEP someone in his or her home, right? Actually, a reverse mortgage can INCREASE a Realtor's® business.
How?
You can double your business by listing the senior's … (8 comments)
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reverse mortgage: People who are ignorant about reverse mortgages and don't know what they are talking about, should not be so quick to judge..... - 11/24/07 02:40 PM
I just responded to a post where the blogger said that those of us who do reverse mortgages are "taking advantage" of senior citizens and that they are scams! My blood is still boilling! Having made reverse mortgages my MISSION in life and knowing in my heart that I have changed so … (4 comments)
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