Archive for May 2009

Study Finds that the People of the Age Group Above 55 Form More than 19% of Home Buyers

Studies showed that in the year 2007, buyers aged 55 and above accounted for 19% of all home buyers, according to a research study made by the Metlife Mature Market Institute and The National Association of Home Builders. But the number of houses bought by this age group has fallen since the year 2005 and [...]

More About the New Washington Reverse Mortgage Law

Here is a piece of good news for all Washington state consumers. Due to a recently introduced law, residents of Washington will soon have access to more reverse mortgage lenders. They will also have more reverse mortgage safeguards for their security.
Reverse mortgages are a special financing arrangement that allows homeowners age 62 and above to [...]

FHA Reverse Mortgage Endorsements Continue to Climb

The number of federally insured reverse mortgages done by the FHA continued upward during the month of April. The HUD (Department of Housing and Urban Development) data shows that the FHA endorsed 11,650 HECMs (reverse mortgage - home equity conversion mortgages), which is 400 more than the figures for March.
The largest retailer of HECMs remains [...]

Bill regarding Reverse Mortgages Passed in Washington

In the state of Washington, non-bank lenders will now be able to offer reverse mortgages as part of the reverse mortgage legislation made into law recently by the Governor of Washington. House Bill 1311 rectified provisions in a law that took effect last summer that prevented lenders who are not banks from offering reverse mortgages. [...]

$800 Million Needed to Cover Possible Reverse Mortgage Losses of the FHA

HUD (Housing & Urban Development Department) has requested nearly $800 million for reverse mortgage, in its budget for the year 2010.
The HECM (Home Equity Conversion Reverse Mortgage) program allows senior home owners to tap their home equity amounts as regular monthly income streams or as a line of credit. This amount does not have to [...]

Reverse Mortgages Lowering the Number of Foreclosures

Foreclosure filings have been going up incrementally in the United States since the year 2006. There has been an increase of more than one hundred percent since this year, in the number of filings for foreclosure.
RealtyTrac released a Foreclosure market report recently in January of 2009 where it showed that the states of California, Arizona [...]

Reverse Mortgage - A Tool for Retirement

In the twilight years of retirement, seniors are usually under financial pressure. There seems to be a need to cut down on expenditures as far as possible, while improving the sources of money to be as many as possible. A reverse mortgage is a good option to go for, to raise money to meet living [...]

5 Fast Reasons to Get a Reverse Mortgage

If you are an eligible senior home owner aged 62 years or above you may want to have some guidance on why you would like to go for a reverse mortgage loan.
Here are 5 reasons why people may want to get reverse mortgages.
Meet retired living expenses - Most home owners have been spending a [...]

Reverse Mortgage Gives a Source of Tax-Free Income

With the rising costs of essential items for daily consumption, such as food, medical expenses and rent, seniors have to trim and prune their expenses and budgets, especially more so in these times of economic problems. They can take a reverse mortgage to utilize the equity in their home if they are aged 62 or [...]

How to Become a Reverse Mortgage Broker

Reverse mortgage brokerage can be a good profession to pursue. To get a reverse mortgage broker license, you will need to possess reverse mortgage training to succeed in this competitive industry. There are many options when you would like to get some reverse mortgage training. You can find ads selling training programs in newspapers, websites [...]

Making the Most of Retirement Planning – Available Options

With the fall of the stock market, the retirement investments of senior Americans fell dramatically. The EBRI (Employee Benefit Research Institute) has calculated that the average 401-K account balance fell by nearly 20% for workers above age 55.
Almost 43% of older workers had said that they had less than $50,000 saved for retirement. With interest [...]

Older Americans Choose to Use Reverse Mortgages to Get Cash Flow during retirement

An increasing number of older Americans are turning to the use of reverse mortgages as a way to increase their cash incomes during retirement, to avoid financial hardships. These figures came into light after the recently released HECM data (Home Equity Conversion Mortgage) from the HUD (Department of Housing and Urban Development).
The data says that [...]

Saving Money on Senior Care

Americans spend a huge proportion of dollars every year on senior health care. With a little thought, senior Americans and their families can save quite a lot of money.
Listed below are a few creative ideas on how to save money spent on senior care.
Compare prices
Seniors can compare prices for health care, all online. Home [...]

Reverse Mortgage Margins on the Rise

The margins of reverse mortgages have recently been revised upwards by reverse mortgage lenders in the country.
The rates/margins of reverse mortgages are always in a state of fluctuation. There are both fixed rate and adjustable rate reverse mortgages options available.
A reverse mortgage (fixed-rate) is a ‘closed’ instrument, meaning that borrowers can get their first draw-out [...]