hecm: Death, Reverse Mortgages and Heirs
- 07/14/09 03:08 AM
We all know that there are only two guarantees in life: death and taxes. Seeing as none of us are going to get out of here alive, it seems appropriate to discuss what happens when the last surviving spouse passes away when a reverse mortgage is secured by the property. This is a very common questions when dealing with reverse mortgages. The full article can be found at: http://mlsreversemortgage.com/news/
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hecm: 2008 Reverse Mortgage Statistics
- 03/25/09 10:41 AM
The National Reverse Mortgage Lenders Association (NRMLA) compiled these 2008 year-end statistics about Home Equity Conversion Mortgage production: Overall unit volume of federally insured HECMs was 115,176, up 6.4% from 2007 volume based on data released in December by the Department of Housing and Urban Development. 2,949 lenders endorsed a loan in 2008, a 76.5% increase over the prior year*. The Southeast/Caribbean region finished out the year in the top spot, capturing 25.3% of the industry volume*. Three regions had endorsement growth greater than 20% in the year: Southeast/Caribbean at 21.3%, Southwest at 29.8%, and Rocky Mountain at 25.3%*. New England … (0 comments)
hecm: HECM Cap Extended in Omnibus Spending Bill
- 03/12/09 04:31 AM
NRMLA was successful again at having the cap on HECM lending increased. This is great news for borrowers and lenders alike. The HECM cap limit issue has been a concern for several years now, seeing as though we reach our cap several years back. NRMLA is pleased to report that the omnibus spending bill signed by President Obama yesterday contains language that gives FHA the authority to continue insuring HECMs for the balance of the current federal fiscal year ending September 30. By law, FHA cannot insure more than 275,000 HECMs. The cap was reached several years ago, but NRMLA has successfully … (0 comments)
hecm: New $625,500 HECM Loan Limit
- 02/18/09 03:30 AM
The economic stimulus bill signed into law by President Obama yesterday (2/17/09) raises the single national loan limit for HECMs (Home Equity Conversion Mortgage) to 150% of the Freddie Mac loan limit. Currently, that would create a HECM limit of $625,500. The higher limit is only applicable for loans made during the balance of 2009. This will not take effect until HUD issues a Mortgagee Letter. The timing is still unknown as to when the Mortgagee Letter will be released. What does this mean to borrowers? For senior homeowners will higher value homes this will have a huge impact. Since the … (0 comments)
We all know that there are only two guarantees in life: death and taxes. Seeing as none of us are going to get out of here alive, it seems appropriate to discuss what happens when the last surviving spouse passes away when a reverse mortgage is secured by the property. 
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