Archive for April 2012

Reverse Mortgage Process Part II — Eligibility, Eligible Properties and Counseling

Financial advisors counsel seniors who are considering applying for a HECM mortgage to ensure that they fully understand the requirements, processes and consequences of the Reverse Mortgage loan. These loans have drawn positive reviews as a safe financial move for seniors who are experiencing financial difficulties or who want to use their home’s equity to [...]

Reverse Mortgage Process Part I — Draw Options and Borrower Responsibilities

Once you’ve made the decision to apply for a Reverse Mortgage, you should prepare yourself by fully understanding what a Reverse Mortgage entails and how the process works.
Seniors aged 62 and older are entitled to mortgage their home under a federally-insured Home Equity Conversion Mortgage plan. This HECM mortgage, also called a “Reverse Mortgage,” allows [...]

HECM Loan News

Mortgagee Letter
As of March 2012 the Deval LLC consulting firm will serve as the mortgage servicing contractor for HECM mortgages and other single family property mortgages.
This was announced by the Department of Housing and Urban Development on April 2nd 2012. Carol J. Galante, Acting Assistant Secretary for Housing-Federal Housing Commissioner. The announcement was made by HUD [...]

Financial Considerations for Seniors

Moving from the world of employment and a steady paycheck to a reality of pensions, Social Security and Medicaid can come as a shock to retirees who must contend with reduced income and new financial actualities. Financial advisers suggest that senior citizens investigate their fiscal status carefully before making any drastic economic changes or decisions.

There [...]