Whenever you plan to cash out the equity in your home, you go for reverse mortgage loans without having to pay cash on a monthly basis. Reverse mortgages are primarily meant for people aged 62 years and above, as in senior citizens and elders. Even if you wish to go for medical care, buying home [...]
Archive for June 2009
The Governor of Vermont, Jim Douglas signed a bill last week that puts a limit on reverse mortgages to federal programs. This bill effectively eliminated the possibility and potential of a proprietary market in Vermont.
The H222 bill, mandates that Vermont lenders has to be approved by the Department of Housing and Urban Development. The new [...]
The present fiscal year is just eight months gone (the HUD fiscal year begins in October) and it has already shown tremendous improvement in the Reverse Mortgage industry. According to data released from the Department of Housing and Urban Development, the number of home equity conversion claims going to the Federal Housing Administration in the [...]
The state of Texas has risen to be the third largest reverse mortgage market, with 30,000 loan sanctions totaling about $2.2 billion. The reverse mortgage loan volumes have increased by more than 208% between 2004 and 2008.
Just during the past two years, Texas senior home owners have taken more than $1.1 billion in reverse mortgages, [...]