Archive for March 2013

FAQs about Reverse Mortgages

A recent  Ameriprise Financial report states that almost half of American seniors are including plans to use their home equity as a factor in their financial retirement planning. Americans are less secure than ever about their ability to make ends meet by relying on only their Social Security and pension income. These seniors are increasingly [...]

Taking a Reverse Mortgage — Your Decision

If you’re a retiree and are like most people your age, the equity that you have in your home is your biggest financial asset. So the decision of if, when and how to take out a Reverse Mortgage will be one of the most important financial decisions that you will ever make.
Financial planners always suggest [...]

HECM for Purchase To Remain Stable in 2013

The HECM loan structure is changing in 2013 but the HECM for Purchase is, as of now, stable with no changes expected anytime in the near future.
FHA-insured HECM loans became available in 1989 when the US Department of Housing and Urban Development (HUD) initiated the Reverse Mortgage option which enables senior homeowners to access the [...]

Points to Remember about the 2013 Reverse Mortgage

The Reverse Mortgage is changing but savvy consumers who keep up with the new innovations will be prepared to meet the new realities and protect their most valuable investment — their home.
The Reverse Mortgage — also known as the Home Equity Conversion Mortgage (HECM) was launched in 1989 as an option for seniors aged 62 [...]

Congressional Action Regarding the Reverse Mortgage

The Senate Banking Committee has recently expressed concern over the latest announced changes in the Home Equity Conversion Mortgage product (HECM). Following an audit which showed that the Federal Housing Administration (FHA) was 16.5 million dollars in the red due to losses incurred as a result of its insurance of HECM loans, the FHA’s parent [...]