Archive for December 2011

Reverse Mortgage 2011 Review

During 2011 a number of changes, revisions and other alternations were made in the Reverse Mortgage lending program. These clarifications strengthen the program and clarify borrower’s rights based Federal Housing Administration (FHA) and Housing and Urban Development (HUD) guidelines.
As of December 2011 a Language Line operated by HUD offers assistance to non-native English speakers who [...]

Reverse Mortgage and Credit History

The Home Equity Conversion Mortgage (HECM) is a federally-insured loan option that allows seniors, aged 62 and over, to take out a mortgage on their home. The borrowers can use the income from the loan, either monthly payments, a line of credit or a one-time payment, while remaining in their home for as long as [...]

FAQs about Reverse Mortgages

If you are 62 or older and considering your financial future, review the pros and cons of a Reverse Mortgage. This information can give you added data that will allow you to make an informed decision about your money management during your senior years.
Taking out a Reverse Mortgage isn’t the best solution for everyone. But [...]

No Changes to Reverse Mortage Loan Limits

In a letter dated December 2 2011 the United States Department of Housing and Urban Development (HUD) announced that 2012 will see no change in the loan limits for Home Equity Conversion Mortgages (HECM). The loan limits remain at their previous cap of $625,500. This includes the “exemption areas” of Alaska, Hawaii, Guam and the [...]

Application Information for a HEMC Mortgage

If you’ve decided to take out a Home Equity Mortgage Conversion (HEMC) Reverse Mortgage loan, you should prepare yourself for the application process. Lending institutions are aware that borrowers, once they’ve made the decision to take out a Reverse Mortgage, are interested in expediting the process. These lending institutions will make every effort to see the loan [...]