reverse mortgage: I am nauseous over the NCLC "report" on Reverse Mortgages - 10/28/09 10:45 AM
The National Consumer Law Center, (NCLC) an organization that I had never heard of before came out with a horrendous, ridiculous "report" about Reverse Mortgages entitled "Subprime Revisited."
The title alone lets you know what they think. I read the entire report and I had to struggle to keep my lunch down. … (0 comments)
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reverse mortgage: A Few Interesting Demographic Statistics About Reverse Mortgages - 10/19/09 02:23 PM
Currently, there are 34 million Americans 65 or older. By 2030, this number should more than double to over 70 million, more than 20% of the U.S. populaton.
There are presently more than Twelve million people 65 or older who own their homes outright (no current mortgage.) This represents over $4 … (0 comments)
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reverse mortgage: OCC has a pretty decent Advisory about Reverse Motgages - 10/16/09 08:18 AM
The Office of the Comptroller of the Currency (OCC, a division of the US Treasury Dept.) recently came out with a consumer advisory report about Reverse Mortgages. If you remember, a few months ago, the head of the OCC, John Dugan, made one of the worst speeches ever and compared some … (0 comments)
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reverse mortgage: Reverse Mortgages just got screwed - 10/02/09 12:34 PM
HUD's absurd decision to cut every Home Equity Conversion Mortgage (HECM, the FHA Insured Reverse Mortgage Program) by 10% accross the board is one of the most insane decisions I have ever seen.
The background here is that the Congressional Budget Office decided a few months ago that, for the first time, … (2 comments)
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reverse mortgage: sorry I haven't posted in a while, A lot has been going on in the Reverse Mortgage World - 10/01/09 03:58 PM
I will start posting regularly again next week For now, there is just too much for me to do to. Limits (loan amounts) got reduced by ten percent. Reverse Mortgages for Co-ops look like a reality starting January, and many other interesting things are going on, both good and bad. I'll … (2 comments)
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reverse mortgage: The Most Incorrect Reverse Mortgage Television piece I have ever seen - 09/08/09 03:21 PM
Here is the link to the video
http://www.cnn.com/video/#/video/business/2009/08/29/nr.reverse.mortgages.cnn?iref=videosearch
The "Housing Expert" knows less about Reverse Mortgages than my five year old son. I cringed as almsot everything he said was incorrect. I'm used to negative pieces where the "expert" is wrong, but the tone of this one is pretty positive, just … (2 comments)
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reverse mortgage: NRMLA Responds to the Horrible Reverse Mortgage Article by Consumer Reports - 09/04/09 07:50 AM
John Yedinak's Reverse Mortgage Daily Blog posted the National Reverse Mortgage Lender Association's (NRMLA) response to the deplorable article that Consumer Reports had in it this month about Reverse Mortgages. (I had posted the link to the article last week)
The response is long and detailed and deals with every inaccuracy and … (2 comments)
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reverse mortgage: Another Story About Financial Troubles for Older Americans - 09/03/09 07:48 AM
AP ran a story today that says that many more older Americans will be working for many more years than they planned to and will make up almost all of the growth in th U.S. job market as younger people elect to stay in school.
I am hearing, almost every day, from Seniors … (4 comments)
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reverse mortgage: The Need for Reverse Mortgages is growing - 08/24/09 08:19 AM
Here is an AP story from today that shows that, because there was no inflatiion this year, there will be no Cost Of Living Adjustement (COLA) to Social Security payments this year or next. Here is the lnk:
http://m.apnews.com/ap/db_8559/contentdetail.htm?contentguid=fuesnPZy]
So, once again Seniors will see a lot of their expenses (heat, … (0 comments)
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reverse mortgage: A Good Reverse Mortgage Article and Bad one - 08/20/09 08:09 AM
First the good news: In "The Sokesman," Tom kelly writes avery good (and short) article about how Reverse Mortgages should not be labeled as "bad" or similar to "subprime." He really hits the nail on the head. Here is the link:
http://www.spokesman.com/stories/2009/aug/16/reverse-mortgages-shouldnt-be-lumped-into-bad/
In contrast; Consumer Reports has an article this month … (4 comments)
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reverse mortgage: Fox Business Reverse Mortgage Video - 08/19/09 01:44 PM
Fox Business News had a short piece on Reverse Mortgages last week. The two anchors are pretty ignorant about the product and the guest, Jim Randel was okay, but not great. He defends againast the notion of "just sell the house", but then he said that a HELOC is a better … (2 comments)
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reverse mortgage: Very Informative Reverse Mortgage Presentation from HUD - 08/19/09 08:51 AM
I never thought I would be fascinated by a Presentation from the Governmnet, but the Reverse Mortgage Piece from HUD, published last Demeber really had me enthralled. I found it through Reverse Mortgage Insight and here is the link:
http://rminsight.net/blog/wp-content/uploads/2009/08/hud-szymanoski-cushman-hecm-finance11-30-08.ppt
It's 44 pages long and a little technical at times, but … (0 comments)
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reverse mortgage: A Few Statistics about The Reverse Mortgage mArket - 08/18/09 08:47 AM
The Baby Boomers started turning 62 last year (2008) and over 15 million people will turn 62 every year for the next seventeen years.
Over 84 percent of senior respondents said that they wantto stay in their home for the rest of their lives.
The U.S. Department of Census estimates that … (2 comments)
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reverse mortgage: Great Reverse Mortgage article in The Connecticut Post - 08/17/09 09:47 AM
Another great article (there have been many lately) last week in The Connecticut Post. Here is the link:
http://www.connpost.com/ci_13023237
In it, an good example of someone who could not make ends meet used a Reverse to improve their lives. It also mentions that Reverse Mortgages are only a last resort. Excellent piece.
… (0 comments)
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reverse mortgage: Fantastic Reverse Mortgage Artcle in Newsday - 08/13/09 08:53 AM
Saul Friedman wrote a great article about Reverse Mortgages in Newsday a few days ago. Here is the link:
http://www.newsday.com/columnists/saul-friedman/gray-matters-reverse-mortgages-are-still-safe-1.1347485
In it, he challenge Senator Claire McKaskill about her recent hearings and negative statements about Reverse Mortgages. I think it is great. While everyone in teh business knows that there are … (0 comments)
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reverse mortgage: Very Good Reverse Mortgage article in Yahoo Finance & Kiplingers - 08/12/09 08:16 AM
Yahoo Finance posted a very positive Reverse Mortgage piece that was originally in Kiplingers. There are a few issues, like where it says that Reverse Mortgages are only if you paid off your loan or have a small balance (I just paid off a $400,000 loan with a Reverse) but overall … (4 comments)
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reverse mortgage: Has the Economy "Turned a Corner?" - 08/03/09 12:43 PM
Here's a link to an AP story that ran over the weekend:
http://m.apnews.com/ap/db_8559/contentdetail.htm?contentguid=FDzGH9Rw
In it, a bunch of people from the government say that we are on "the verge" of coming out of the recession. I can't belive the absurdity of these statements.
The fact that we only losing 550,000 jobs a … (0 comments)
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reverse mortgage: The House Voted to Reduce Reverse Mortgage Benefits - 07/29/09 09:51 AM
A little background is needed to explain what happened.
About a month ago, HUD asked Congress for about $800 million dollars extra to fund possible future shortfalls in the FHA Home Equity Conversion Mortgage (HECM) program. This is the FHA Reverse Mortgage program and the request was based completely on conjecture … (4 comments)
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reverse mortgage: First Reverse is Shutting Down - 07/28/09 08:19 AM
First Reverse, the Reverse Mortgage company that was acquired by Wilmington Savings Fund Society (WSFS) a Delaware Bank in 2008 is being "wound down" because they were still losing money (although much less than last year) and the bank had a bad quarter.
This stinks because (as I had posted earlier) … (6 comments)
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reverse mortgage: A lot of Reverse Mortgage Legislation is being discussed in Congress - 07/24/09 02:37 PM
Congress is discussing extending the $625,500 limit out at least another year (Thank God) but in the same breath lowering how much borrowers can get. This is coming primarily because HUD recently asked Congress for an additional $800 Million because of possible future losses from possible increases in claims.
There was … (0 comments)
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