Archive for December 2012

How to Stretch your Reverse Mortgage Money

If you’ve already made the decision to take out a Reverse Mortgage, your next step is to consider how to stretch the loan’s cash payments to meet your upcoming expenses or allow you to put it toward your hoped-for projects.

The Home Equity Conversion Mortgage allows seniors aged 62 or older to access the equity that [...]

New Changes in the HECM Mortgages

The Department of Housing and Urban Development (HUD) is preparing new changes for the Home Equity Conversion Mortgage program. Many consumer groups, senior citizen advocates and public affairs activists are carefully following the developments which they have been promoting for many years. Two of the most influential advocacy groups, the Consumers Union and the California [...]

Pros and Cons of a Reverse Mortgage

Public attention has recently focused on the Reverse Mortgage market which may be affected by the Federal Housing Administration (FHA)’s recent announcement of a shortfall in its insurance fund. The loan, known as a Home Equity Conversion Mortgage (HECM) has been operating since 1989 and has  provided thousands of senior citizens with access to a [...]

Planned Changes in the HECM Loan Structure

Shaun Donovan, secretary of the U.S. Department of Housing and Urban Development (HUD) is proposing a new series of lending standards that will impact on the Reverse Mortgage loan as the HUD prepares to create more conservative lending standards.
The Reverse Mortgage option, which has been available to seniors aged 62 and older since 1989, allows [...]

Five Facts to Know about Reverse Mortgages

Reverse Mortgages have been getting a lot of press in recent years as more seniors explore their options for increasing their personal income. The economic downturn of 2009 hit the retiree population especially hard and now many of these seniors have exhausted their savings and other resources and are looking for new ways to manage [...]