baby boomers reverse mortgage lender: Correspondent Lender Licenses no longer exist… - 02/03/11 11:48 PM
Do you know what a Third Party Originator is?  The new name for Correspondent Lenders…
The “Mortgage Broker Business” and “Correspondent Lender” Licenses are now EXTINCT!  Some will get upset at what I just said, but it’s the truth.  In FHA’s eyes if you are not a LENDER then you are a Third Party Originator or TPO. 
 
TPOs have no control of the process because the lender now has full liability for the actions of the TPO.  I am not saying that the Mortgage Broker Business is completely gone, but this is only for FHA.  But what else is … (1 comments)

baby boomers reverse mortgage lender: Reverse Mortgage Info from a Lender in the Miami & South Florida area - 01/18/11 02:54 AM
Reverse Mortgage Info from a Lender in the Miami & South Florida area. 
Most Mortgage Brokers and some Lenders offer the Reverse Mortgage, but they simply do it out of necessity or because a Reverse Mortgage client has come their way.  There are some companies that focus the majority of their attention on certain niche products, and my company and I focus over 90% of our efforts on offering the Reverse Mortgage program to our clients 62 and over.
I am a Reverse Mortgage Expert.  I specialize in this program, and focus on my attention on helping the borrowers who … (2 comments)

baby boomers reverse mortgage lender: FHA’s Mortgage Insurance Premium for the Reverse Mortgage…Why do I need it? - 01/18/11 02:51 AM
FHA’s Mortgage Insurance Premium for the Reverse Mortgage…Why do I need it?
The Mortgage insurance premium (MIP not PMI) is mandatory on Reverse Mortgages and it’s the main reason the closing costs are as high as they are.  Below is why it is a “necessary evil” so to speak, and is a huge benefit to the Reverse Mortgage borrower and their heirs.
 
MIP:
This guarantees that no one can kick you out of your home, no one can ask you to make payments (until you turn 150 years old, ha ha ha, seriously), and your mortgage amount owed can never … (2 comments)

baby boomers reverse mortgage lender: What is the Reverse Mortgage? How does it work? And what are its benefits? - 01/18/11 02:41 AM
What is the Reverse Mortgage?  How does it work?  And what are its benefits?
First of all I will tell you what the Reverse Mortgage does NOT do:
-The Lender will NOT own the property
-The Government will NOT own the property
-You are NOT selling the property
-You are NOT coming off title
-You heirs do NOT lose rights to the property
-It is NOT income so the money is tax free
 
Here is what the Reverse Mortgage DOES:
-YOU stay on title and have full rights to sell or pay off the Mortgage with no penalty
-It … (0 comments)

baby boomers reverse mortgage lender: Reverse Mortgage Appraised Value Limits Extended Again - 12/23/10 05:45 AM
Reverse Mortgage Value Limits Extended…In February 2009, President Obama signed the stimulus package, which included an increase in the Reverse Mortgage loan limits.  Well not really the loan limit, but the value we use to then figure the loan amount was increased by 150%.  The value limit had previously been set at $417,000, and the new limit is $625,500.  This was supposed to expire at the end of 2009, and then was extended until the end of 2010.  Now congress has signed another extension lasting 9 more months, which should finally come to an end at the close of Fiscal Year … (0 comments)

baby boomers reverse mortgage lender: Stimulus Bill Increases HECM Loan & Value Limits - 12/23/10 05:42 AM
Stimulus Bill Increases HECM Loan & Value Limits.  What a seesaw ride the last few months have been in the Reverse Mortgage Industry.  Much of the news has been doom and gloom.  First, we waited for congress to sign the $250 Million appropriation that FHA was asking for, but it never came.  FHA needed this money to supplement and diminishing Mortgage Insurance Fund, but congress only allowed for $150M and then reduced it to $140M.  This in turn caused FHA to announce that they would lower the Principal Limit for Reverse Mortgages a second year in row. 
What exactly does … (0 comments)

baby boomers reverse mortgage lender: Reverse Mortgage in Miami & South Florida - 11/26/10 08:26 AM
Reverse Mortgage Info from a Lender in the Miami & South Florida area. 
Most Mortgage Brokers and some Lenders offer the Reverse Mortgage, but they simply do it out of necessity or because a Reverse Mortgage client has come their way.  There are some companies that focus the majority of their attention on certain niche products, and my company and I focus over 90% of our efforts on offering the Reverse Mortgage program to our clients 62 and over.
I am a Reverse Mortgage Expert.  I specialize in this program, and focus on my attention on helping the borrowers who … (1 comments)

baby boomers reverse mortgage lender: What is the Reverse Mortgage? - 11/26/10 08:20 AM
What is the Reverse Mortgage?  How does it work?  And what are its benefits?
First of all I will tell you what the Reverse Mortgage does NOT do:
-The Lender will NOT own the property
-The Government will NOT own the property
-You are NOT selling the property
-You are NOT coming off title
-You heirs do NOT lose rights to the property
-It is NOT income so the money is tax free
 
Here is what the Reverse Mortgage DOES:
-YOU stay on title and have full rights to sell or pay off the Mortgage with no penalty
-It … (1 comments)

baby boomers reverse mortgage lender: Congress Extends Higher Reverse Mortgage Limits - 11/25/10 04:19 AM
Congress Extends Higher Reverse Mortgage Limits, which is great news for the Mortgage & Real Estate Industry.  What a seesaw ride the last few months have been in the Reverse Mortgage Industry.  Much of the news has been doom and gloom.  First, we waited for congress to sign the $250 Million appropriation that FHA was asking for, but it never came.  FHA needed this money to supplement and diminishing Mortgage Insurance Fund, but congress only allowed for $150M and then reduced it to $140M.  This in turn caused FHA to announce that they would lower the Principal Limit for Reverse Mortgages … (0 comments)

baby boomers reverse mortgage lender: You don’t want me to discount my service, so why do you want me to discount my fees? - 11/25/10 04:07 AM
You don’t want me to discount my service, so why do you want me to discount my fees?
This is something I have to consistently tell my clients.  The people who get the best deals or best bang for their buck, with anything in life, are the ones who shop and shop well.  Yet, there are times when you think you are getting the best deal because it costs less, but you are actually hurting yourself. 
 
Just as the saying goes, “YOU GET WHAT YOU PAY FOR!”
 

When clients shop around for the right mortgage they assume … (0 comments)

baby boomers reverse mortgage lender: FHA Changes the Reverse Mortgage Counseling - 11/25/10 03:36 AM
The Reverse Mortgage Counseling has become more in depth and complex, but this is better for the borrower.  In the past, the Reverse Mortgage’s mandatory FHA Counseling was nothing more than the person spending 30 to 45 minutes explaining how the program works.  This never told the counselor if the borrower actually knew what they were getting into.
 
I am glad this change came about, because unlike me, there were (and are) many unscrupulous Mortgage Lenders out there who will say as little as possible and take advantage of people.  I always explain every document in the application.  The funny … (0 comments)

baby boomers reverse mortgage lender: Reverse Mortgage Counseling, is it really necessary? - 11/25/10 03:33 AM
Reverse Mortgage Counseling, is it really necessary?  Some clients of mine complain that they have to sit through the counseling even though they fully understand the program.  I believe this counseling is highly beneficial.  It takes away the possibility that a Fraudulent Mortgage Broker will take advantage of a senior borrower.  Below are some details about the current changes to the counseling process.
 
The Reverse Mortgage Counseling has become more in depth and complex, but this is better for the borrower.  In the past, the Reverse Mortgage’s mandatory FHA Counseling was nothing more than the person spending 30 to 45 … (0 comments)

baby boomers reverse mortgage lender: Reverse Mortgage Counseling Changes - 11/18/10 11:56 PM
The Reverse Mortgage Counseling has become more in depth and complex, but this is better for the borrower.  In the past, the Reverse Mortgage’s mandatory FHA Counseling was nothing more than the person spending 30 to 45 minutes explaining how the program works.  This never told the counselor if the borrower actually knew what they were getting into.
 
I am glad this change came about, because unlike me, there were (and are) many unscrupulous Mortgage Lenders out there who will say as little as possible and take advantage of people.  I always explain every document in the application.  The funny … (0 comments)

baby boomers reverse mortgage lender: I’m not sure if I should do the Reverse Mortgage? - 11/18/10 11:44 PM
I’m not sure if I should do the Reverse Mortgage?  Is it the right program for me?  I get these questions very frequently and my answer is rarely, “NO.”  You might be thinking, “Well, that’s because saying YES because its your business to say yes,” but I actually have told some clients that the Reverse Mortgage is not the right fit for them. 
 
Here’s the truth about being of retirement age in today’s economy:
1)      Social Security Income is remaining flat, or going down if you have Medicare
2)      Besides, soc sec income barely pays enough to live as … (0 comments)

baby boomers reverse mortgage lender: Should I really do the Reverse Mortgage? - 11/18/10 11:42 PM
Should I really do the Reverse Mortgage?  Is it the right program for me?  I get these questions very frequently and my answer is rarely, “NO.”  You might be thinking, “Well, that’s because saying YES because its your business to say yes,” but I actually have told some clients that the Reverse Mortgage is not the right fit for them. 
 
Here’s the truth about being of retirement age in today’s economy:
1)      Social Security Income is remaining flat, or going down if you have Medicare
2)      Besides, soc sec income barely pays enough to live as it is
3)      … (0 comments)

baby boomers reverse mortgage lender: Stimulus Package Increase Reverse Mortgage Limits - 11/18/10 11:39 PM
Stimulus Package Increase Reverse Mortgage Limits…What a seesaw ride the last few months have been in the Reverse Mortgage Industry.  Much of the news has been doom and gloom.  First, we waited for congress to sign the $250 Million appropriation that FHA was asking for, but it never came.  FHA needed this money to supplement and diminishing Mortgage Insurance Fund, but congress only allowed for $150M and then reduced it to $140M.  This in turn caused FHA to announce that they would lower the Principal Limit for Reverse Mortgages a second year in row. 
What exactly does this mean?
In … (0 comments)

baby boomers reverse mortgage lender: What is the HECM Loan Limit (Reverse Mortgages)? - 11/10/10 05:53 AM
What is the HECM Loan Limit (Reverse Mortgages)?  What a seesaw ride the last few months have been in the Reverse Mortgage Industry.  Much of the news has been doom and gloom.  First, we waited for congress to sign the $250 Million appropriation that FHA was asking for, but it never came.  FHA needed this money to supplement and diminishing Mortgage Insurance Fund, but congress only allowed for $150M and then reduced it to $140M.  This in turn caused FHA to announce that they would lower the Principal Limit for Reverse Mortgages a second year in row. 
What exactly does … (0 comments)