reverse morgage: Reverse Mortgage Costs, Fees, Discounts
- 01/29/09 11:01 AM
Image via Wikipedia I have been recently challenged by some readers (originators) who feel they should not have to discount fees on reverse mortgages. They have questioned my knowledge of the program, accused me of non compliance and have been downright offended at my desire to give my customers a better deal. I can understand why, of course, these mortgage originators come from the old school and the forward mortgage world where they were used to making a killing on each and every loan. Not me, I started in this business in reverse mortgages only, in 2003 when the average origination … (0 comments)
reverse morgage: Get More Money From Your Reverse Mortgage
- 01/26/09 03:02 PM
In order to prepare for a Reverse Mortgage, you should understand that there are a few important factors involved in the equation used to determine the amount of money you will end up with. This could be particularly important if you need every dime, like most of us do these days, or if you are trying to pay off an existing mortgage. First, decide whether or not it makes sense to have one or two borrowers on the loan. The reverse mortgage will yield a higher dollar amount with the older borrower, only, on the loan but you have some risks … (0 comments)
reverse morgage: President Obama's Chance to Help Seniors
- 01/24/09 09:58 AM
According to the National Reverse Mortgage Lenders Association (NRMLA) there is a new Bill containing a provision to raise the HECM (Reverse Mortgage) limit through the end of 2009 to $625,500 which has been introduced in the House of Representatives. The current nationwide limit is $417,000 with the exception of a few high price/value areas. This would give millions more access to the program due to a current lack of jumbo reverse mortgage in the marketplace which is due to the current credit crisis. The lending limit is the limit of value that would be considered in the reverse mortgage equation … (0 comments)
reverse morgage: Investor Interest Waning in Reverse Mortgages
- 01/09/09 07:50 AM
JB Nutter issues a two week moratorium on new file submissions and 1st reverse issues the following statement: "At present there is very little investor interest in product and actually a lack of secondary availability. Fannie Mae remains the principal ultimate investor and continues to address a number of internal issues which will affect their ability to provide a level of confidence in the marketplace as well." … (0 comments)
reverse morgage: President Supports New FHA Lending Limits for Reverse Mortgages
- 07/23/08 06:27 AM
Washington- The White House said Wednesday that the President is expected to sign the new Housing Bill which includes laguage about new FHA Lending Limits for Reverse Mortgages. The new lending limits are expected to be at least $417,000. The bill also has a provison that will lower the overall closing costs for borrowers by reducing the origination fees paid to lenders. The hefty, up-front, mortgage insurance premium charged by the FHA still applies, however. July, 23, 2008 … (1 comments)
Image via Wikipedia I have been recently challenged by some readers (originators) who feel they should not have to discount fees on reverse mortgages. They have questioned my knowledge of the program, accused me of non compliance and have been downright offended at my desire to give my customers a better deal. I can understand why, of course, these mortgage originators come from the old school and the forward mortgage world where they were used to making a killing on each and every loan. Not me, I started in this business in reverse mortgages only, in 2003 when the average origination … (0 comments)
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