Archive for April 2009

SECU Reverse Mortgage Plan Makes a Difference to Senior Lives

SECU (State Employees’ Credit Union) a North Carolina lender is increasingly being seen as a consumer-oriented reverse mortgage solution provider. The SECU has funded more than 50 reverse mortgages totaling above $5 million since August 2008 when the program was introduced.
A reverse mortgage is a loan provided to qualified home-owning American seniors (above 62 years [...]

NCOA Now One of Five Reverse Mortgage Counseling Intermediaries

The NCOA (National Council on Aging) has been officially named by the HUD (Department of Housing and Urban Development) as one of the five national counseling agencies for American seniors interested in taking up a reverse mortgage loan.
A reverse mortgage is a type of loan taken by senior home owners/borrowers aged 62 and above by [...]

Massachusetts Lenders Need Approval for Purchase HECM

A Massachusetts Division of Banks spokesman said that state lenders will need prior government approval to originate the home equity conversion mortgages (HECMs) for purchasing homes in Massachusetts.
As per existing law in Massachusetts, lenders offer reverse mortgages approved by the Division of Banks to senior borrowers - the “owner of the real estate”. The Banks [...]

North Carolina Credit Union Completes Funding $5 Million in Proprietary Reverse Mortgages

A credit union in North Carolina,  has completed funding of more than $5 million of reverse mortgages since August last year, when it launched a private-label reverse-mortgage product.
The Raleigh, NC, based company State Employees’ Credit Union issued a statement saying it has funded nearly 50 reverse mortgages. SECU offers a reverse mortgage program that is [...]

Texas Now Third on List

Texas in the United States has been booming as the 3rd largest state in terms of number of reverse mortgages in the country according to data available from Reverse Market Insight. California and Florida are the first two states when it comes to reverse mortgages.
The TARML (Texas Association of Reverse Mortgage Lenders) announced that Texas [...]

Reverse Mortgages are Growing Fast

More and more senior home owners are seen to be taking up reverse mortgages across the country. The number of reverse mortgages is hitting a new high since last month. The HECM (home equity conversion mortgage) program allows senior home owners aged 62 and above to take cash out of the equity in their homes [...]

Introducing the Housing Chronicles Blog

Today instead of posting the regular reverse mortgage article we would like to tell our readers about the latest addition to our Reverse Mortgage Blog blogroll.
The Housing Chronicles Blog
The Housing Chronicles is a solid blog up since November 12, 2007. It was created to providing commentary and news citations for regional, national and international real [...]

The Two Sides of Reverse Mortgages 

There are two sides to every proposition in life. That is something that is not avoidable. You usually have a tough choice to make when it comes to choosing something. Reverse mortgages are no different. This is because there are plenty of options available.
You need to concentrate carefully to figure out whether or not a [...]

Reverse Mortgage Refresher

Since not all our visitors are familiar with the reverse program, we will be posting occasional Reverse Mortgage Refreshers just to keep things simple.
Briefly, a reverse mortgage is for senior home owners aged 62 or older to convert their home equities to cash. A lender would determine the value of your home and provide you [...]

Downsize Living Expenses Using Reverse Mortgage for Purchase Program

A new twist with the Reverse Mortgage program is that it is now available to purchase a house. This would generally be for the purpose of downsizing to a smaller, more manageable property such as a condo, 1-floor living, or a 55+ community. Many long-time homeowners would prefer to continue owning their own home in [...]

Ins and outs of the new Reverse Mortgage Purchase Program

It will be nice if we can buy a new home without having to make monthly mortgage payments on the new home. That is no longer a dream, and it is now something achievable for most American senior citizens. They can now purchase a new home while using a revere mortgage to finance the purchase.
A [...]

Things to Consider When Taking a Reverse Mortgage

As you may know already, as a home-owning American senior, you can take out a special home equity loan known as reverse mortgage. Reverse mortgages can be taken by senior home owners aged 62 or above. The money the senior gets from a reverse mortgage is considered tax-free. The money can be received in the [...]

Try A Reverse Mortgage and Save Yourself from Cutting “Essential” Expenses

A study made by MetLife insurance in October of the year 2008 found that, over 70% of people over the age of 60 have started to cut back on “essential expenditure” like food, healthcare and transportation in order to get through these tough economic times.
Industry analysts are pin pointing that the economy may get worse [...]

The Three Types of Reverse Mortgages

A reverse mortgage can make good financial sense if you’re a home owning senior with equity built up in your home, and you need immediate access to some quick cash for any reason whatsoever.
A senior home owner, who is of age at least 62, can transform his existing home equity into instant cash. The home [...]

Senior Canadians Live the Lifestyle Even in Tough Times Using Reverse Mortgages

Many senior home-owning Canadians have chosen to supplement their incomes during their retirement periods in these troubling economic times. They have tapped into their home equity by using the equivalent of reverse mortgage in USA. In Canada this is called as CHIP (Canadian Home Income Plan).
The CHIP program allows senior home owning Canadians to get [...]

Pros & Cons of Reverse Mortgages

The FHA (Federal Housing Authority) has set some standards for the HECM reverse mortgages and so the involvement of this government agency has produced a safe and balanced reverse mortgage loan that can be availed of by seniors.
Here are the upsides of getting a reverse mortgage:
There is no need of monthly payments to be made [...]

Additional Information Regarding HECM for Purchase Program

The U.S. HUD (Housing and Urban Development Department) has published a Mortgagee Letter 2009-11.
It includes a compilation of guidance, issued under ML 2008-33 and is now intended to address the aspects of the “HECM for Purchase” Program. Some of the main points that are in this ML (Mortgagee letter) 09-11 are as follows:
Regarding Property Flipping, [...]

Ten Main Things Seniors Should Know About Reverse Mortgages

The Department for Hosing and Urban Development (HUD) recently released a list of 10 things that seniors should know about reverse mortgage loans.
HUD offers reverse mortgage loans insured through its FHA division (Federal Housing Administration). Reverse mortgages are loans which are designed to help seniors supplement their social security and pension income. These forms of [...]