reverse mortgage counseling: The Misunderstood Mortgage: Changing the Reputation of HECM Loans - 03/24/14 04:31 AM
The "Misunderstood Mortgage": Changing the Reputation of HECM Loans
One of the biggest misconceptions about the reverse mortgage is that the program should just be used as a last resort. From financial planners to borrowers, many looked into the reverse mortgage for themselves or their clients if they were in a financial crisis. 
This could not be further from the truth.
Even before the changes to the reverse mortgage program in October, it was never meant to be used as a loan of last resort. Like any other loan, the reverse mortgage has financial obligations that must be be adhered to. However, a … (5 comments)

reverse mortgage counseling: "In Lieu of a Retirement Plan…Get a Reverse Mortgage" - 01/30/14 11:55 PM
"In Lieu of a Retirement Plan…Get a Reverse Mortgage"
One of the big misconceptions about a reverse mortgage is that it should be used in lieu of a retirement plan or if a previous plan fell through because of one reason or another. 
This is not true.
This is one of the reasons why the reverse mortgage program earned a reputation for being a "loan of last resort" or only use in case of emergencies. 
The reverse mortgage is a loan, which means you have to pay it back, but only if you pass away, are unable to live in your primary residence … (4 comments)

reverse mortgage counseling: Non-Borrowing Spouses Benefit from HECM Loan Counseling As Well - 10/08/13 02:31 AM
Non-Borrowing Spouses Benefit from HECM Loan Counseling As Well
HECM Loan counseling is an essential part of any reverse mortgage transaction.
Those who tell any client otherwise are lying.
Reverse mortgage counseling is a safeguard against unethical practices, ensuring that consumers who apply for a reverse mortgage are fully aware of the in's and out's of the program. In addition, counseling makes sure that consumers are aware of their financial obligations, such as homeowner's insurance and property taxes, before they sign on the dotted line.
Personally, I go over every document with the client face-to-face as well, even if they are have been … (0 comments)

reverse mortgage counseling: Affordable Reverse Mortgage Counseling - 09/08/13 09:34 PM
Affordable Reverse Mortgage Counseling
For the protection of older homeowners, considering a reverse mortgage, the Federal Holusing Administration requires them to attend mandatory reverse mortgage counseling and come back with a signed document that confirms they attended their counseling session. The Department of Housing and Urban Development approved an allocation of $40 million for reverse mortgage counseling, in June, with the hope of helping homeowners better understand the rules and regulations involved with a reverse mortgage.
Until now, however, Florida-based debthelper.com, has been the only low cost reverse mortgage counseling option at $89. The good news is that National Council on Aging has lowered the fees on reverse mortgage counseling from $125 … (0 comments)

reverse mortgage counseling: The Benefits of Reverse Mortgage Counseling - 08/30/13 02:35 AM
The Benefits of Reverse Mortgage Counseling
The importance of reverse mortgage counseling is growing. In June, the Department of Housing and Urban Development awarded the new funding, in the form of $40 million, to housing counseling agencies in hopes of sustaining HUD-approved counseling.
The funding went toward helping new and existing home buyers manage their money as well as achieving financial security in the present and in the future. 
In the past, I've had clients complain about having to sit through reverse mortgage counseling but I think that it is highly beneficial to homeowners looking to apply for a reverse mortgage.
… (0 comments)

reverse mortgage counseling: Reverse Mortgage Counseling Becomes More Affordable - 07/11/13 04:51 AM
Reverse Mortgage Counseling Becomes More Affordable
In order to protect senior homeowners when considering a reverse mortgage FHA requires them to complete a counseling. The Department of Housing and Urban Development approved an allocation of $40 million for reverse mortgage counseling in June with the hope of helping homeowners better understand the rules and regulations of a reverse mortgage.
The good news is that National Council on Aging announced on Monday that it had lowered the fees on reverse mortgage counseling from $125 to $90 and offers waivers for older adults facing financial problems such as bankruptcy or with an income less than $1,000 dollars a … (0 comments)

reverse mortgage counseling: Counseling for Reverse Mortgages - 06/24/13 05:12 AM
New funding has finally come to housing counseling agencies in the form of a $40 million dollars awarded by the Federal Housing Administration and Department of Housing and Urban Development.
The funding award, which will help sustain HUD-approved counseling, will go toward helping new and existing homebuyers manage their money as well as achieving financial security at present and in the future. 
In a previous blog post, I outlined the benefits of reverse mortgage counseling, and the fact that, while the process has become increasingly complex, the borrower will benefit immensely from it. Many mortgage brokers and lenders will say and explain … (1 comments)

reverse mortgage counseling: MetLife exits Reverse Mortgage Business - 05/08/12 01:15 AM
MetLife is only the most recent casualty in the Reverse Mortgage business.  Last year, my industry saw Bank of America and Wells Fargo leave this space for their own reasons.  This does not change the face of the Reverse Mortgage Program as there is still strong supply AND demand.  Its just the players who are part of the ever changing landscape.
I remain in the business and regardless of my company I offer the best service possible for anyone in Miami, South Florida, and Florida in general.
Thanks for all your support over the years!
… (1 comments)

reverse mortgage counseling: I am buying a new home. Can I get the Reverse Mortgage at the same time? - 12/23/10 05:38 AM
I am buying a new home.  Can I get the Reverse Mortgage at the same time?  THE ANSWER IS YES!
 
Why pay double closing costs, when you can do both at the same time?  This program is called the Reverse Purchase or Reverse Mortgage for Purchase.  The program began at the beginning of 2009, and believe it or not very few people know it exists and those that do know about it don’t fully understand how it works.
 
Here is how it works for a current owner:
Let’s start with the example of the traditional Reverse Mortgage, which is … (0 comments)

reverse mortgage counseling: Reverse Mortgage Counseling, why do I need it? - 12/18/10 07:02 AM
What is the point of Reverse Mortgage Counseling?
Some clients of mine complain that they have to sit through the counseling even though they fully understand the program.  I believe this counseling is highly beneficial.  It takes away the possibility that a Fraudulent Mortgage Broker will take advantage of a senior borrower.  Below are some details about the current changes to the counseling process.
 
The Reverse Mortgage Counseling has become more in depth and complex, but this is better for the borrower.  In the past, the Reverse Mortgage’s mandatory FHA Counseling was nothing more than the person spending 30 to … (0 comments)

reverse mortgage counseling: Considering a Reverse Mortgage? - 12/11/10 09:40 AM
Considering a Reverse Mortgage?
What is the Reverse Mortgage?  How does it work?  And what are its benefits?
First of all I will tell you what the Reverse Mortgage does NOT do:
-The Lender will NOT own the property
-The Government will NOT own the property
-You are NOT selling the property
-You are NOT coming off title
-You heirs do NOT lose rights to the property
-It is NOT income so the money is tax free
 
Here is what the Reverse Mortgage DOES:
-YOU stay on title and have full rights to sell or pay off the … (2 comments)

reverse mortgage counseling: What is the point of Reverse Mortgage Counseling? - 12/11/10 09:35 AM
What is the point of Reverse Mortgage Counseling?
Some clients of mine complain that they have to sit through the counseling even though they fully understand the program.  I believe this counseling is highly beneficial.  It takes away the possibility that a Fraudulent Mortgage Broker will take advantage of a senior borrower.  Below are some details about the current changes to the counseling process.
 
The Reverse Mortgage Counseling has become more in depth and complex, but this is better for the borrower.  In the past, the Reverse Mortgage’s mandatory FHA Counseling was nothing more than the person spending 30 to … (2 comments)