Archive for February 2009

How to Pay for Long Term Care Through a Reverse Mortgage

As a senior American citizen, you have a number of options when it comes to long term care. By choosing to receive long-term care at home by a trained care giver or nurse, you can avoid moving to a nursing home. The benefits of this are obvious as seniors are more comfortable with their familiar [...]

Minnesota Lawmakers Target Reverse Mortgages

The Attorney General of Minnesota, Lori Swanson, has sought to bring reverse mortgage protection to Minnesotan seniors. The new legislation proposed to be made will allow home owner seniors to rescind a reverse mortgage agreement, within a period of 30 days from the date of signing the agreement. The new legislation would also make it [...]

Many Things you can do with the Money from a Reverse Mortgage Loan

Seniors who take out reverse mortgages on their homes can use the derived cash for any purposes that they wish. Here are some popular ways to use the cash from a reverse mortgage. (Prepared from consumer stories shared with the NRMLA - National Reverse Mortgage Lenders Association)
An outdoor lover uses the money to explore and [...]

Give Your Parents the Gift of a Reverse Mortgage

If you have aged parents then you may want to consider giving them the gift of a reverse mortgage. If their home is in an area where house prices are increasing, the scenario is even more attractive and beneficial to your parents.
Reverse mortgages can help your aged parents live a comfortable and stress-free life.
Let us [...]

Should You Consider a Reverse Mortgage Alternative?

A lot of people shy away from reverse mortgage loans because they fail to really take the time to learn all the facts. A lot of seniors are presently over burdened with financial stress. They desperately need to increase their sources of income or at least reduce the financial demand placed by credit cards, estate [...]

Treasury Failed To Help Out Seniors When It Could

The Treasury last year failed to help ease the financial burden on seniors. It could have been able to help but acted to late. The incident dates back to last year November when two senior respected members of Congress asked Henry Paulson to reduce the pressure on senior taxpayers. Henry Paulson is the Treasury Secretary [...]

Transaction Costs of a Reverse Mortgage

Everybody seems to know about reverse mortgages these days. Any senior homeowner above the age of 62 is eligible for a reverse mortgage.  Reverse mortgages are now being widely promoted across the media.
Seniors whose assets are dwindling, or who face long-term care or other medical costs that are beyond their means, see reverse mortgages as [...]

Reverse Mortgages Can Provide Funding for your Lifestyle

If you have reached your twilight years or have just retired, and you are finding yourself a bit hard on the finances, then a reverse mortgage can help you fund your lifestyle.
Home owners with minimum age 62 can tap the equity in their homes as a source of dependable monthly income for life.
With a reverse [...]

How the Economic Crisis is Affecting Senior Homeowners

With the economic problems getting ever tighter and the value of homes dwindling one would expect seniors should be rushing off to sell their homes to meet up with expenses. When one however takes a close look, one might be surprised that wise seniors are not running around putting for-sale signs up. Many argue that [...]

Official Retirement Age May Soon Be Increased

The new President Obama Administration is set to carry out a number of major programs aimed at restructuring the economy. The Obama Administration has already promised to take a hard and careful look into some programs designed for seniors such as Medicare and Social Security.
Usually such programs designed for seniors are hardly touched as it [...]

2008 Q4 Data Shows Reverse Mortgages Holding Up Well 

Fourth quarter 2008 data show that reverse mortgage origination’s insured by the FHA (Federal Housing Administration) are doing very well, even during these times of economic turbulence.
The FHA had endorsed 27,653 reverse mortgages in Q4, 2008. Totally 115,176 reverse mortgages were endorsed by the FHA during all of the year 2008. Reverse mortgage loan limits [...]

Pricing Policy for Reverse Mortgage Refinance changed by Fannie Mae

Fannie Mae has announced a modification to their HECM Pricing Policy. This change is effective immediately. The change is that all HECM to HECM refinances can earn a premium. But the lenders are still obliged to comply with all the HUD regulations applicable to HECM refinances.
Most reverse mortgages were not paying any premiums for HECM [...]

New Stimulus Bill To Increase HECM Loan Limit Passed By House

The House of Representatives recently passed an economic stimulus bill aimed at injecting new momentum into the economy. Among the provisions of the new bill is a provision that would see an increase in the national loan limit for reverse mortgages. The bill sets the increase at 150% of the Freddie Mac loan limit which [...]

Purchase Reverse Mortgage for Buyers: More Info

Reverse mortgages are available for senior homeowners above the age of 62, to cash in on their home equities, while continuing to live in their same homes. The government is currently considering backing a program to help older homeowners purchase a home with this same program.
The HERA (Housing and Economic Recovery Act of 2008) approved [...]

Rare Reverse Mortgage Scam Exposed

As a general rule reverse mortgages are a solid product with little room for people to be cheated. However  as in most other industries, the reverse mortgage industry does have a very small number of unscrupulous people who pose as genuine lenders. These scammers are really out to swindle unsuspecting seniors of their earnings. They [...]

Australian Seniors Face Tough Times to Get Reverse Mortgages

Senior home owners in the land “down under” (Australia) who are interested to use their home as equity to get a reverse mortgage payout are now finding that it is much harder to obtain reverse mortgages from lenders due to the credit crunch fueled by the current economic crisis.
Canstar Cannex, a financial products research firm, [...]

New Reverse Mortgage Loan for Purchase Calculator Launched By Golden Gateway Financial

The recently improved HECM reverse mortgage loans for purchase are getting increased attention. To help  reverse mortgage borrowers who may be considering this option, Golden Gateway Financial just released a new reverse mortgage for purchase tool.
This new tool is a web based application that works as a reverse mortgage for purchase calculator. It would be [...]

Two Non Profit Reverse Mortgage Counseling Giants Merge

The Consumer Credit Counseling Service of Greater Atlanta has merged with the Consumer Credit Counseling Service of Central Florida. Both are well recognized organizations that provide free credit and mortgage counseling services to people including seniors who are interested in reverse mortgages. Last year in 2008, both agencies provided an estimated 550,000 consumers with financial [...]

Reverse Mortgage Loan Lending Limit May Soon Increase

2008 saw the increase of the reverse mortgage maximum lending limits to $417,000. The National Reverse Mortgage Lenders Association announced recently that the economic recovery bill which was released by the national House of Representatives contained a provision which may further increase the reverse mortgage lending limits from the present $417,000 for the rest of [...]

New Reverse Mortgage Rules; Homeowners Now Borrow More and Pay Less

From Nov 1, 2008 new reverse mortgage loan laws led to a surge of applications for reverse mortgage loans. The law sees the reduction of reverse mortgage fess while it increases the ceiling on the amount that can be borrowed.
This new enactment is expected to favor homeowners who are in need [...]