reverse mortgages: HR 3221 passed yesterday Will the President Veto? - 06/25/08 03:52 AM
 FHA Modernization language included in Bill HR 3221
A major housing bill HR 3221 passed yesterday. The president has threatenened to veto it.How does this affect seniors?
The reverse mortgage association NRMLA has been working on this legislation to help older homeowners for years! We need higher loan limits to help seniors.FHA Modernization HR 3221 language includes:
 co-ops eligible for HECM reverse mortgages permanently eliminating the volume cap on how many FHA reverse mortgages my be insured by HUD allowing HECM reverse mortgages to be used for home purchases -allowing a reverse mortgage to be used for down sizing. A senior … (4 comments)

reverse mortgages: REVERSE MORTGAGE JUMBOS & the tightening market – What’s left? - 06/25/08 03:36 AM
Last Week Financial Freedom announced they were discontinuing their jumbo Cash Account product. The Cash Account was the first proprietary reverse mortgage jumbo introduced as reverse mortgages became accepted into the main stream market. The reverse mortgage market is similarly affected as the forward mortgage market. Investors are few, existing lenders are ultra conservative and borrowing less. Underwriting departments are questioning and at the very least desk reviewing all appraisals to verify values. In some instances, appraisal values are routinely cut by 10-20%. Home values are down, which means proceeds for reverse mortgages are less.
Sounds bleak doesn't it. Money may … (0 comments)

reverse mortgages: REVERSE MORTGAGE PRODUCT HIGHLIGHT – HECM Fixed - 06/25/08 03:33 AM
FHA HECM Fixed Rate reverse mortgage is subject to the same guidelines as all HECM reverse mortgage. The loans are calculated on the county lending limit and vary from county to county. To find out the lending limit in your area go to: . There are a number of lenders that offer the HECM fixed reverse mortgage. Rates are quoted daily. A fixed rate reverse mortgage may sound appealing, after all you'll know exactly what you loan balance at any specific time during the loan period. However, consider that preferential rates are only available if the borrower takes the amount … (0 comments)

Consumers want to be prudent and compare reverse mortgage options. Even with internet access, it is difficult to know what all your options are. You can go down to your local bank and ask about reverse mortgages; unfortunately a bank employee is limited to the products offered by their employer if they offer them at all. An independent reverse mortgage broker/originator will have access to more programs and more lenders. An originator of integrity will focus on your needs and desires not the loan program.
Often when I receive phone calls from potential clients, some of the first questions I am asked … (1 comments)

reverse mortgages: FHA Modernization, Including HECM Amendments, in Foreclosure Help Bill Passed by the House - 05/10/08 04:53 PM
The U.S. House of Representatives passed a comprehensive housing package comprised of two separate bills the House bill is H.R. 3221.
Several other pending bills, including FHA Modernization language were included into H.R. 3221. HECM amendments in the FHA Modernization section of H.R. 3221 include:
•·        Elimination of the authorization cap that limits FHA to insuring no more than 250,000 HECMs. Our industry has exceeded this limit long ago.
•·        Establishing a single national maximum loan limit for HECM, at $550,440.
•·        The maximum allowable origination fee would be established at 2% of the first $200,000 of maximum claim amount, plus … (4 comments)

reverse mortgages: HUD Permits Borrower-Paid Counseling - 05/10/08 04:27 PM
Today, HUD announced counseling agencies to charge seniors a fee for counseling services. HUD indicated charges should not be in excess of $125.
The counseling can be paid by the senior, by the lender or can be paid out of the loan proceeds by being listed on the HUD settlement statement. Lenders cannot any anyway steer clients to a specific counselor. However, it is common in the industry to subscribe to a service which randomly selects a counselor from a specified pool of counselors. This service is called Direct Connect. Many lenders use this service because the counselors are HUD approved … (2 comments)


Angella Conrard

San Clemente, CA

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Reverse Mortgage Advisor

Office: (949) 439-7030

Mobile: (949) 439-7030



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