Your name saw this post on The ActiveRain Real Estate Network and thought it might be of interest to you. Please see the link below to review the post.

New Housing Act affects Seniors
This article by Frank N. Darras, one of the nation's leading disability and Long-Term Care insurance lawyers explains show the new Housing and Recovery Act can affect seniors.
 
The Housing and Recovery Act of 2008 is going to affect more than first time home buyers, it will affect seniors too. When the President signed into law a $300 billion housing bill to help homeowners renegotiate their mortgages, reverse mortgage lenders reignited their marketing programs focusing on seniors.
Here is what Seniors need to know:
The increasingly popular reverse mortgage has been shopped by lenders and targeted at homeowners over 62. The intrigue of such mortgages has been that as you age, you can have "your house pay you." The convincing argument is that reverse mortgages can be used to pay for living expenses, prescription drugs, health care, or to pay off an existing mortgage.
Today's reverse mortgages are called Home Equity Conversion Mortgages (HECMs) and are insured by the Federal Housing Administration. HECMs allows folks to tap home equity and not have to make monthly payments. The HECM has been limited to the value reflected in a home's appraisal, the range and loan limits recently were between $200,160 and $362,790, depending on the ... more

__________________________________________________
Are you on The Rain? Grow Your Network!