Archive for January 2009

Social Security Administration Promoting Online Retirement Webinar Program

The Social Security Administration has announced the availability of a new webinar that allows qualified individuals to register for Social Security benefits online, in as little time as 15 minutes.
There is a free demonstration of the program “Retire Online. It’s So Easy!” scheduled for today January 29, 2009 at 2 PM .
Interested people and [...]

Effects of Signing a Spousal Disclaimer Deeds on a Reverse Mortgage

A reverse mortgage loan granted to a senior is based on three important factors: home worth, age of borrower, and rate of interest. The higher the age of the borrower, the higher will be the loan while keeping in mind the estimated value made by a licensed appraiser.
It is possible for a couple to take [...]

Economic Stimulus Plan Includes Provision to Increase HECM Loan Limit

A draft of the proposed Economic Recovery Bill has been released recently by the House of Representatives. It contains a provision to set the loan limit for HECM at a higher level than the current $417,000. This provision was inserted in the draft bill after a joint request made by the NRMLA (National Reverse Mortgage [...]

New Website for Reverse Mortgage Home Purchase Program

Ken Keranen, a branch manager for Seniors Reverse Mortgage , has launched a new site specifically catering to the needs of seniors who want to use the reverse mortgage home purchase program. Ken is a 16-year experienced professional in the reverse mortgage industry.
This site intends to reach seniors, realtors, and financial planners who want to [...]

Harder to Make Fake Appraisals on Reverse Mortgage Loans

In the past some reverse mortgage appraisers were tempted to manipulate the appraised value of a home being evaluated for a reverse mortgage loan. These few fake appraisals have affected the image of the overall reverse mortgage industry somewhat negatively.
These days, it is much harder to get a fake reverse mortgage appraisal. If appraisal fraud [...]

Reverse Mortgages Purchase Loans Opens Options in Real Estate Investment

The new HUD reverse mortgage loan program for purchases has opened up a number of real estate buying options for investors. Seniors can now purchase properties and real estate with a reverse mortgage loan. While it is mandatory that the senior resides in the property it is still possible to use this new FHA insured [...]

HUD Data Shows that Reverse Mortgages are Growing

The HUD (Department of Housing and Urban Development) released some data in December that indicates that despite the current recession in the economy, the number of HECMs has grown 6.4% when compared to the previous year.
HECMs are Home Equity Conversion Mortgages which is the HUD term for federally insured reverse mortgages.
In a HECM loan, a [...]

Reverse Mortgages Industry Maintains Weak End of Year Growth

With all the financial setbacks experienced in many sectors of the economy last year, it was a surprise to see that the number of reverse mortgage loans given out last year ended with an increase over the year before. The 2008 fiscal year ended in September 30th, 2008 and the reverse mortgage books closed with [...]

New Reverse Mortgage Purchase Rule Helps Seniors Purchase New Homes Easily

The purchase Reverse Mortgage Program is designed to allow seniors to purchase a new home and never need to make monthly mortgage repayments for as long as they live in the home. The new reverse mortgage law that makes this possible took effect from January 1st 2009. The law requires that FHA will begin to [...]

Reverse Mortgage Giants Financial Freedom Gets New Owner

Big time reverse mortgage lenders Financial Freedom has been sold to a new owner. Financial was bought alongside S&L IndyMac by IMB HoldCo. from the Federal Deposit Insurance Corporation (FDIC). S&L IndyMac had earlier failed during the last year economic crises and FDIC had to take over. Financial Freedom was a subsidiary of the failed [...]

DealFlow Media Hosts Largest Reverse Mortgage Conference

2008 is already gone with its tales of woes on many financial sectors and institutions. Professionals in the reverse mortgage and related industries are gearing up for a better 2009 year. Many are involved in seeking added training to learn efficient ways to adapt during the present business climate.
One of the upcoming reverse mortgage events [...]

Miami Leads As Hot Spot for Reverse Mortgage Loans

According to the National Reverse Mortgage Lenders Association Miami, Florida is the region where the most reverse mortgage loans are being given out. When an Aliso Viejo, CA based consulting firm, Reverse Market Insight, took a look at data from HUD it found out that the three hottest reverse mortgages market where all located in [...]

9,700 Reverse Mortgages in December 2008!

The figures are out – American seniors have taken 9,700 reverse mortgages during December 2008. This figure is 21% higher than a comparable period of the previous year.
A reverse mortgage is where part of a home’s equity is bought out by a lender. A senior homeowner needs to be at [...]

File for Bankruptcy or Take Out a Reverse Mortgage Loan?

Some seniors have accumulated debt in the form of credit card dues and other debts. They have already used up their home equity option. Then they may be wondering what the other best option is: file for bankruptcy, or take a reverse mortgage to pay off the debts?
In any case, the senior in question can [...]

Reverse Mortgages Rising But Not Sharply Enough

Reverse mortgages among aged Americans seems to be rising steadily, but the increases are not sharp enough to generate significant visibility. As you may know, a reverse mortgage allows an older American to borrow against his or her home property while still living in it. Seniors are typically in their 70s when taking out reverse [...]

Reverse Mortgage Trends in 2008

For most of us, 2008 has been a pretty difficult year. The overall economic downturn took its toll on our finances, particularly in the fields of personal savings, loans and credit schemes. Lenders found the year as a difficult time to lend while borrowers struggled to find attractive credit programs amidst the nationwide credit crunch. [...]

What Questions Should I Ask Before Filing a Reverse Mortgage Application?

Reverse mortgages are definitely tempting, particularly when you are struggling to meet your medical bills, prescription drug costs, utility payments, credit card debts and mortgage repayments, and so on. If you are over 62 years, have a decent home with a large equity, and have no plans of moving out or selling your home, you [...]