Reverse Mortgage News for Portland Oregon

Reblogger Lenn Harley
Real Estate Agent with Lenn Harley, Homefinders.com, MD & VA Homes and Real Estate 303829;0225082372

REVERSE MORTGAGE CHANGES COMING??cash

What prompted this? 

Is HUD losing money with reverse mortgages???

Will someone please enlighten me????

Courtesy, Lenn Harley, Broker, Homefinders.com, 800-711-7988.  Serving home buyers in Loudoun County VA.

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

Original content by Jenna Yancey NMLS# 1064132

Important Reverse Mortgage News for Portland Oregon:

 

It is important to note that HUD has proposed changes to the Reverse Mortgage program which may be effective as soon as October 1st. It is likely that these changes will result in a decrease in the amount of funds available to borrowers. This will eliminate some potential borrowers from qualifying for a Reverse Mortgage. In addition, there will also be a cap on the funds available within the first year to those who do not have mandatory obligations such as a current mortgage to pay off.

 

HUD has also been discussing the implementation of financial assesment and mandatory set asides for property taxes and insurance. It does not appear that the financial assesment will be implemented along with the first set of changes effective October 1st however, will more likely appear in the coming months.

 

What does this mean to you?

If you are located in the Portland Oregon area and have been considering a Reverse Mortgage then I encourage you to contact me, your local Reverse Mortgage Specialist and educate yourself on weather or not these coming changes will affect your circumstances. It is important for you to feel comfortable through every step of the process and to work with someone that you can trust and isn't afraid to tell you if a Reverse Mortgage is not a good option for you.

Reverse Mortgage News for Portland Oregon

Jenna Yancey

NMLS# 1064132

Cell: (503)924-9601

Jenna.Yancey@S1L.com

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Topic:
Real Estate Market Trends

Spam prevention
Show All Comments
Rainmaker
1,279,413
Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi
NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656 - New Lenox, IL
708.921.6331 - 40+ yrs experience

Lenn:  I've known that changes were coming on Reverse Mortgages and read, trying to educate myself as to the pros and cons of the changes, as they've appeared in dribs and drabs.  I've always been of the mind that in some cases, these Reverse Mortgages can be a Godsend to seniors.  Definitely lots to consider before moving ahead though ...

Thanks for passing on more info ...

Gene

Aug 26, 2013 08:19 AM #1
Ambassador
2,755,526
Lenn Harley
Lenn Harley, Homefinders.com, MD & VA Homes and Real Estate - Leesburg, VA
Real Estate Broker - Virginia & Maryland

Gene.  A reverse mortgage has always been in my long range plan.

Of course, the government will probably figure a way to kill them off.

Aug 26, 2013 08:27 AM #2
Rainer
1,756,848
Conrad Allen
Re/Max Professional Associates - Webster, MA
Webster, Ma, Realtor

Leave it to the government to screw up a good program Lenn.

Aug 26, 2013 08:28 PM #3
Ambassador
2,755,526
Lenn Harley
Lenn Harley, Homefinders.com, MD & VA Homes and Real Estate - Leesburg, VA
Real Estate Broker - Virginia & Maryland

Conrad.  Isn't that a fact?? 

Aug 26, 2013 08:33 PM #4
Rainmaker
594,925
Laura Giannotta
Keller Williams Realty - Atlantic Shore - Little Egg Harbor, NJ
Your Realtor Down the Shore!

I've seen some problems with reverse mortgages in that the money borrowed years ago against the home is now more than the home is worth. 

Aug 28, 2013 08:34 PM #5
Ambassador
2,755,526
Lenn Harley
Lenn Harley, Homefinders.com, MD & VA Homes and Real Estate - Leesburg, VA
Real Estate Broker - Virginia & Maryland

Laura.  What are the ramifications for the owner in those cases???

Aug 28, 2013 08:43 PM #6
Show All Comments

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?

Ambassador
2,755,526

Lenn Harley

Real Estate Broker - Virginia & Maryland
Ask me a question
*
*
*
*

Additional Information