reverse mortgages: Sell and downsize or get a reverse mortgage? - 12/01/09 03:02 PM
I have received a couple of questions recently from people wanting to know which was better, selling a home and downsizing to something like a condominium, or simply getting a reverse mortgage and staying in the home where they have been for a couple of decades.
This is one of those questions where my only answer, not being a mortgage broker, a financial planner, a CPA, or a tax attorney, is, "I don't know."
However, I can offer some guidance, and I'm hoping that some comments from more knowledgeable ActiveRainers can add some good information.
To the best of my knowledge, … (12 comments)

reverse mortgages: FHA puts new limits on reverse mortgages - 10/08/09 09:55 AM
The Federal Housing Administration recently announced that an estimated $798 million budget deficit would limit the maximum amount of reverse mortgage loans that it would approve for its 2010 fiscal year. It notified all of its approved reverse mortgage lenders that the new limits would go into effect October 1.
The FHA projected 130,000 new reverse mortgage loans for 2010, but as with all projections where money is involved, that number probably doesn't take into account the people who now will not qualify for a reverse mortgage.
An easy solution here in San Diego is simply to sell your home outright, rather than … (5 comments)