reverse mortgage upcoming changes: Senate Launches Senior Anti-Fraud Hotline for Seniors - 05/27/14 12:26 AM
Senate Launches Senior Anti-Fraud Hotline for Seniors
In an effort to better protect seniors from falling victim to investment scams or internet thief, the Senate Aging Committee has launched an anti-fraud hotline where seniors or relatives can call and report if they suspect or feel they have fallen victim to a scheme.
In launching a hotline directly geared toward helping out the senior community, the Aging Committee is taking the necessary steps to make sure people or companies who scam seniors are caught and/or investigated. The lack of concern for the senior community is becoming a thing of the past as, day-by-day, new programs … (6 comments)

reverse mortgage upcoming changes: Funding Retirement…With a Little Help From My Friends - 11/19/13 12:06 AM
Funding Retirement…With a Little Help From My Friends
While the reverse mortgage changes have already been implemented, there were many seniors who tried to beat the rush beforehand by applying for a reverse mortgage before September 30. 
The reverse mortgage has become a secondary source of income for many seniors, who suffered irreparable losses during the Recession, and wanted to live a comfortable retirement without having to completely deplete their savings.
While various news outlets have found it completely acceptable to report on the unethical practices of some companies, or, better yet, the unscrupulous practices of some individuals, it’s nice to … (4 comments)

reverse mortgage upcoming changes: Who Will Benefit from the New Reverse Mortgage Changes? - 10/15/13 01:14 AM
Who Will Benefit from the New Reverse Mortgage Changes?
Reverse mortgages are a viable option for seniors looking to tap into their home equity to, either get rid of outstanding debt before retirement, or save up for the proverbial "rainy day."
The housing crisis, and subsequent Recession of 2007-2009, however, put a damper on those plans. While the reverse mortgage continued to be a source of untapped income for baby boomers, there was considerably less amount of  money they would be eligible for.
Some unprecedented problems arose during this time, mainly with non-borrowing spouses and loan defaults, when homeowners were unable to pay … (0 comments)

reverse mortgage upcoming changes: Can Retirement Kill You? - 10/14/13 12:27 AM
Can Retirement Kill You?
This isn't the first time I've read an article that said more or less the same thing. 
An article, published by BBC, "Can Retirement Kill You?" tackles the question with unflinching honesty, using Dr. Harry Prosen, who stepped down as the Head of Psychiatry at the Medical College of Wisconsin in 2003 at the age of 71, only to continue to work afterwards on various jobs in order to keep busy. 
Lately, Prosen doesn't seem as out of the norm as he would've been 20 years ago.
For many seniors, "retirement" no longer means what it used to--leaving your job … (2 comments)

reverse mortgage upcoming changes: Do the Needs of the 'Many' Outweigh the Needs of the 'Few'? - 10/10/13 04:28 AM
Do the Needs of the 'Many' Outweigh the Needs of the 'Few'?
Despite being disappointed by HUD's process for implementing change, namely, bypassing the public comment period which takes place during the rule-making process, the AARP is adamant in their support for the new changes calling them "well-intentioned."
According to an article published by Reverse Mortgage Daily, "AARP: Reverse Mortgage Changes Will Bar Access but Improve Program," despite AARP's full support for the changes, and the good they can potentially do, they are still aware that the upcoming changes are likely to cut out some future borrowers.
Cristina Martin-Firvida, Director Financial Security & Consumer Affairs, … (2 comments)

reverse mortgage upcoming changes: "Reverse Mortgage Changes Make Retirement Harder..." - 10/10/13 01:28 AM
Mike Anderson in his column published in NerdWallet states: 
"Reverse Mortgage Changes Make Retirement Harder..."
I resent the implication because Anderson is saying that retirement is getting harder for seniors BECAUSE the reverse mortgage program has changed, implying that A equals B.
This is not true. 
To be honest, I've done posts before about the current state of retirement in America, and it paints a grim picture even before these changes were to be implemented. The reverse mortgage is an OPTION for retirees planning their retirement or looking to secure a "rainy day fund" on top of their current income but it is not the be all and end all of … (2 comments)

reverse mortgage upcoming changes: HUD Wants to Know What You Think... - 10/09/13 01:20 AM
HUD Wants to Know What You Think...About the Financial Assessment Change
For the first time, since announcing the changes to the Reverse Mortgage Program, which were implemented on September 30, HUD is asking for feedback.
Specifically, about the financial assessment changes coming on January 13 of next year.
The 30-comment period, which is set to end on October 15, after beginning on September 12, asks all those who are interested on submit their comments electronically, or by mail, to its Regulations Division, Office of General Counsel. However, it encourages all interested parties submit their feedback electronically.
Carol Galante, HUD's assistant secretary … (0 comments)

reverse mortgage upcoming changes: NewDay Plans to Exit the Reverse Mortgage Industry - 10/03/13 04:07 AM
NewDay Plans to Exit the Reverse Mortgage Industry
The first casualty of the upcoming reverse mortgage changes has been revealed. NewDay USA, a top-15 lender, has decided to completely exit the reverse mortgage industry, after HUD's official announcement of the upcoming reverse mortgage program changes.
According to an article published in Reverse Mortgage Daily, company executives announced on September 7 that they would stop originating new Home Equity Conversion Mortgages immediately. In addition, NewDay would not close anymore outstanding applicants and any outstanding loans will be transferred to another company.
The exit has been attributed to the changes that were implemented on September 30. 
It's … (4 comments)

reverse mortgage upcoming changes: FHA Looks for a Second Opinion on MMI Insurance Fund - 09/16/13 12:13 AM
FHA Looks for a Second Opinion on MMI Insurance Fund
The FHA is looking into getting a second opinion on the financial health of its Mutual Mortgage Insurance Fund, courtesy of  Summit Consulting, LLC and Miliman, Inc. The firm will conduct an independent analysis on the financial health of the MMI Fund in the upcoming months, which FHA hopes will better inform their decisions in the future.
FHA deputy assistant secretary of risk management and regulatory affairs, Frank Vetrano, said in article published in Reverse Mortgage Daily:
"This second assessment will provide  another view of the health of the MMI Fund, giving HUD a new independent … (0 comments)

reverse mortgage upcoming changes: Financial Column: "Take a Reverse Mortgage NOW" - 08/24/13 02:12 AM
The Benefits of a Reverse Mortgage Line of Credit Option
Financial Columnist Jane Bryant Quinn says: "Take a Line of Credit Now"
The reverse is changing.
By the end of September, the program that you and I know as "the reverse mortgage program" will no longer exist. How is this possible? The HUD is merging the two existing products into one and creating new guidelines to determine who will qualify for the reverse mortgage.
These changes, coupled with rising interest rates (which are currently at an all-time low) will affect the amount of money you can receive if you wait to … (0 comments)

reverse mortgage upcoming changes: An Update on the Upcoming Reverse Mortgage Program Changes - 08/23/13 12:21 AM
An Update on the Upcoming Reverse Mortgage Program Changes
As changes to the reverse mortgage program continue, the specifics of the changes continue to trickle in. In the National Reverse Mortgage Lenders Association's Weekly Report, President and CEO Peter Bell, details various updates on the upcoming changes.
In addition to the consolidation of the two existing reverse mortgage products--the Standard and Saver--into a new product, whose principal limit factor will fall somewhere between the two existing products, there will also be two new, "pricing options" for the new product:
Borrowers who draw less than 60% of the Initial Principal Limit (not … (0 comments)