agents: Misconceptions about Reverse Mortgages Still Alive after 20 years!
- 07/15/10 12:50 PM
I was surprised but not shocked when I read an article in the July 6th edition of Time by Stephen Gandel. One of the "Six Problems the Consumer Financial Protection Bureau Should Tackle First" that he cited is Reverse Mortgages. He got it all wrong! He implied that the bank essentially buys the home and therefore owns the home...it does not, the client owns the home. A Reverse Mortgage in this regard is just like any other loan with a note and deed. Mr. Gandel went on to state that the bank has the right to sell the property shortly after … (0 comments)
agents: Reverse Mortgage for Home Purchase Program Takes Off.....Slowly
- 07/07/10 06:01 AM
The HUD/FHA Reverse Mortgage for Home Purchase Program has been slow to take off. The program was formalized by HUD to begin taking place around the first of January 2009. After a quick initial jump in number of fundings, the rate hovered around 130 units per month nationally for the last 6 months of the year. I joined HomeServices Lending, a joint venture between HomeServices of America, a Berkshire Hathaway company and Wells Fargo Home Mortgage in May to do my part in changing the growth pattern. My area of concentration will be to promote the use of this powerful financing … (0 comments)
agents: Wall Street Reform Bill Means More Regulations
- 07/02/10 09:56 AM
Wednesday the House of Representatives passed the so-called Wall Street Reform Bill by a vote of 237 to 192. Now it moves onto the Senate where it is probably going to be looked at beginning July 12th and probably passed. Buried in it's 2000 pages, is the outline of a new Federal Bureaucracy called the "Consumer Financial Protection Bureau". This new department is to write and then enforce rules regarding among other things Reverse Mortgages. Congress has decided that seniors are not capable of making wise decisions regarding their finances. There is to be a study looking into ways to prevent … (0 comments)
agents: Calculating the Reverse Mortgage Purchase Down Payment
- 06/28/10 08:24 AM
If your client is thinking about using the FHA Reverse Mortgage for Home Purchase Program to buy their retirement home, I think that you could begin by estimating the approximate down payment needed. You can do this by going to a reverse mortgage calculator like the one we have at HomeServices Lending. Click onto www.homeloans.com/ken-keranen to begin the process. Once you are onto the home my home page: Go to the left hand column and click the Reverse Mortgage Calculator Fill in the date of birth of the youngest borrower The zip code where your client is going to buy (any … (0 comments)
agents: If you always say "NO!", you may be on the losing end.
- 06/25/10 10:27 AM
Sometimes a Realtor should say YES! to paying for a repair on behalf of a buyer. FHA does not permit the senior buyer to pay for any costs of repairs for a home purchase when using their Reverse Mortgage for Home Purchase Program. I ran into a situation today where neither the seller (a major bank) nor the agent on the selling side were willing to pay one dime towards the costs of a few minor repairs ($640) that the termite inspector called out. (fyi With a FHA Reverse Mortgage for Home Purchase, all repairs must be completed prior to closing.) … (2 comments)
I was surprised but not shocked when I read an article in the July 6th edition of Time by Stephen Gandel. One of the "Six Problems the Consumer Financial Protection Bureau Should Tackle First" that he cited is Reverse Mortgages. He got it all wrong! He implied that the bank essentially buys the home and therefore owns the home...it does not, the client owns the home. A Reverse Mortgage in this regard is just like any other loan with a note and deed.
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