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Blog entries tagged with "reverse mortgages":
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H.R. 3221: The Housing and Economic Recovery Act of 2008 
Good news for Seniors!
In our ever - evolving real estate market, life continues to stay interesting! Here are a few highlights of things you may not know:
During these challenging economic times people are looking for help as they get up in years and find that things are getting more and more expensive and they might not be as comfortable in retirement as they would like to be. Another situation that comes up is children having a tough time taking care of … (0 comments)
I spend a great deal of my time working with FHA programs for purchases, refinances and reverse mortgages have years of experience with them. In the last few years the FHA has been revamping allotof their program including the Reverse Mortgage (RM) Home Equity Conversion Mortgage (HECM) programs.
I meet with allot … (1 comments)
To all those that are regular forward mortgage brokers/loan officers - do you ever get "that feeling"of helping a person save their home from foreclosure? Very few, if any mortgage brokers/loan officers put an immediate stop to a foreclosure, and halt it in its' tracks - oh yes, sometimes you can get a person … (2 comments)
What is a Grandparent?
Advertisers attempt to make you think they are all that and then some while the media and some financial advisors make them sound like they are a horrible way to go. Let's see if we can help you decide for yourself.
The Shore Community Bank is a Locally Owned and Operated bank from Toms River, New Jersey. Started11 years ago, the Board Of Directors recognized the importance of having a branch in the Manahawkin area. This area is a great place to live and raise your children. The school system and the … (4 comments)
From uninsured medical bills, to prescription drugs, to home maintenance and even at home care, social security income alone often cannot cover all of a seniors' expenses. Many Southern California seniors have found a solution to affording the high cost of living in our region with a Reverse Mortgage. And in … (1 comments)
I asked Eric May and Donald Geragi of Prosperity Mortgage who recently spoke to us at Long & Foster in Devon to share some information about reverse mortgages, how they work and who can use them. This is a great way for seniors to provide income for themselves or to help … (2 comments)
FHA Modernization language included in Bill HR 3221
With the recent and DRAMATIC drop in loan volume for many mortgage companies, there is an increased level of interest in the Reverse Mortgage market. 
… (9 comments)
http://www.hud.gov/offices/hsg/sfh/hecm/rmtopten.cfm
To quote two points from Top Ten Things To Know:
"To be eligible for a HUD reverse mortgage, HUD's Federal Housing Administration (FHA) requires that the borrower is a homeowner, 62 years of age or older; own your home outright, or have a low mortgage balance that can be … (2 comments)
April 7, 2008
Reverse Mortgage to buy a home Time for a new tool to help you sell homes; Reverse mortgages for a purchase. Traditional Reverse mortgages have been thought of as a way for seniors to stay in their homes, but more recently we have seen Seniors using reverse mortgages for a number of … (8 comments)
The final stats are in for the 1st. Qtr of 2008.
Here is some quick facts to some very common misconceptions about reverse mortgages."The borrower could owe more than the value of their home."Reverse mortgages are "non-recourse" loans, which means that the borrower, the borrower's heirs, or the borrower's estate can never owe more than the appraised market value of the home … (3 comments)
Since it seems that any potential remedies offered by the federal government to address the frozen market for home sales and mortgages could take months to have a large impact, both builders and existing homeowners stuck with unwanted inventory have, by necessity, become much more creative. From housing swaps, auctions and … (1 comments)
No matter what you hear, a "reverse" mortgage is a loan against your home. A reverse mortgage allows you to generate cash from your home without having to repay the loan each month . . . but the loan must eventually be repaid. You can live in the home and receive … (0 comments)
Michigan has a lot to offer. Not to sound cliche' but Michigan's foreclosure rate is at an all time high. There are so many programs for people to own a home, get in a home, and build credit. As long as there is a certain degree of poverty there will always … (0 comments)
We all use this object quite frequently during the course of the day. You need them for contracts, documents, reports, etc. People ask to borrow them and tend to forget to return them. We often classified this person as a ___thief, I know I have. Oh, don't let it be your favorite one, you know the one, that … (10 comments)
Back to Top <!-- <a name="1"></a> <p><b>1. What is a reverse mortgage?</b></p> <p><strong>Q.</strong> What is a reverse mortgage?<br> <strong>A.</strong> A reverse mortgage is a loan that enables senior homeowners, age 62 and older, to convert part of their home equity into tax-free* income-without having to sell their home, give up … (0 comments)
Companies and people in the lending business never give up, and it's why strict banking regulations are as important now as the world found out they were when they analytically determined the reasons for the Great Depression. Nevertheless, those regulations have been relaxed, some by interpretation, others by changes. Many, including me, think we are on … (0 comments)
The economic stimulus bill, expected to be signed in to this week, contains some welcome relief for homeowners. The maximum loan limits for "conforming loans" will be increased. In some, high costs areas, it could be as much as $729,750. FHA loan limits are also increasing, but I don't have that … (0 comments)
What if your title company did away with their "Junk Fees"? Gave you automation with your Loan Origination Software, and after closing gave each of your customers a CD with scanned copies of their docs and your business information. You would be saving thousands of dollars per customer.Garden Home Title does … (1 comments)
Reverse Mortgages are becoming popular in America. The U.S. Department of Housing and Urban Development (HUD) created one of the first. HUD's Reverse Mortgage is a federally-insured private loan, and it's a safe plan that can give older Americans greater financial security. Many seniors use it to supplement social security, meet … (0 comments)
While sipping on a cup of coffee today, here in Malibu CA, I met a Westsider (West Side LA, including such LA adjacent cities as Beverly Hills) who had come to "the Bu" (slang we use here for Malibu) to meet with her client. The very nice lady was a Wealth … (8 comments)
I read an article I had to share. It's such a simple idea and could be so important to many seniors.
… (3 comments)
Long Beach, Ca. Today I read a very interesting article from Kelly Greene about reverse mortgages: http://online.wsj.com/article/SB119862780200649751.html please check out this article in that it really shows the type of progress borrowers have been making with banks as far as discounting the principle loan amounts that have been made on their … (0 comments)
What is a Reverse Mortgage, and who qualifies for one? How do they work? Will you lose your home? What about your Social Security benefit? 
According to an article in The Wall Street Journal, reverse mortgages are gaining in popularity and variety in product. Where in previous years, reverse mortgages were typically a last resort for elderly homeowners facing foreclosure, now people as young as 60 are eligible to take reverse mortgages on their home for … (3 comments)
The three repositories- Transunion, Equifax and Beacon each offer their own statistical models for credit scores. Unless you've worked in the credit reporting industry, or are closely affiliated with the process, the scoring system may seem unusual.I've seen credit scores 100 points apart from each other and I've seen scores where … (4 comments)
The Reverse Mortgage is not a FHA mortgage, but it is backed by the government / HUD. Reverse mortgages are loans that allow homeowners aged 62 and over to convert their home equity into cash while living at home for as long as they want. It's a great way for a … (5 comments)
In this mortgage environment one part of the market is HOT! Reverse mortgages are being snapped up, even encouraged by the mortgage industry. And that's giving older homeowners more options to tap the equity in their homes -- and also opening the door to more confusion and mistakes. Time those of us in … (8 comments)
If you ever have any questions about reverse mortgages, I suggest you check out:
Gil is an incredible resource. He is so helpful and insightful. He is dedicated to his clients and spends the time needed to make sure the job gets done well. We recommend him very highly. gilkerk@yahoo.com (847) 873-7295. Call him for superb support and service. … (0 comments)
I know a lot of lenders have been closing their doors lately, which is extremely frusterating. We're still here and going strong. We have our own funding! We're not going anywhere. Still offering: -100% financing for credit scores as lot as 620! -VA loans, I pay all the non-allowable fees! No FICO score … (5 comments)
A reverse mortgage is a type of loan that allows homeowners, ages 62and older, to tap into the equity in their homes. Popularity of thereverse mortgage is on the rise because it provides seniors with themoney they need to fully enjoy retirement.In February 2007, the Federal Housing Administration insured 9,349reverse mortgages … (2 comments)
A few days ago, Mrs. K was talking on the phone to Grandma, who was lamenting the fact that Grandpa never "believed" in life insurance so he had never taken out a life policy. Later, as we discussed it, I pointed out that while there had been no insurance windfall after … (2 comments)
A colleague and I recently were invited to my Church to give a presentation to twenty five seniors on the benefits of a reverse mortgage. The last statistics I saw indicated this is a $7 billion dollar business and, in my opinion, the numbers will greatly increase as our population continues … (0 comments)
Reverse MortgageA reverse mortgage is a non-recourse loan that allows homeowners age 62 and older to convert home equity into cash. Seniors are drawn to reserse mortgages because they can access the equity in their home without adding to their monthly expenses.Retain full wonership of their homeCan live in their homes … (2 comments)
Here are some interesting myths that I can admit that I've had before understanding the product.Heirs will be against home-owner getting a reverse mortgage. This one I've seen myself with my own family. I know my parents would have found it much easier to care for their elderly parents with this … (4 comments)
HouseFront is attending the Colorado Association of Mortgage Brokers this week in Denver. The conference is being held at the beautiful Curtis Hotel and Colorado Convention Center. I was invited to write on the events of the conference including the valuable classes, workshops, and other goings on around the conference. … (0 comments)
Seek a Qualified Mortgage Consultant to Ensure the Best Results
… (0 comments)
Do you have a senior citizen client in foreclosure? Did you know that if your client is over 62, has sufficient equity, and lives in the home, they can obtain a Reverse Mortgage to cure that foreclosure? 
Many people think that buying Costa Rica real estate is not an option for them, because they think they need all cash to buy the properties. In fact, that is extremely far from being the case, as there are a wide variety of options which I'm going to introduce here.1. Cash. … (5 comments)
High on the public radar these days are the Reverse Mortgages for cash strapped seniors ( including many Baby Bloomers). They are being advertised on TV and the public awareness for Reverse Mortgages is dramatically increasing. Here are some useful guidelines and things to watch out for.To Qualify you must be:Age 62 … (8 comments)
Are you an expert on Reverse Mortgages yet? If not, you really need to start looking into it. As we all know, Boomers have set all major trends since the 1950's and, this is coming too: Many people at or approaching retirement age are still carrying large mortgages on the current … (3 comments)