Archive for July 2013

FHA Shores Up Reverse Mortgage Loan

A reverse mortgage is most effective when it is used as a line of credit that allows retirees to meet their immediate needs, such as home renovations, while enabling them to preserve the balance as a nest egg in case of emergencies.
In the past many seniors have used the HECM (Home Equity Conversion Mortgage) product [...]

Planning for your Reverse Mortgage

If you’re 62 years of age or older you can access the equity that you hold in your home to supplement your retirement income, pay off a current mortgage, initiate a home improvement project, cover health care or long-term care expenses or put the funds toward any other need or project. The Reverse Mortgage, also [...]

National Council on Aging Offers Discounted Counseling Service for HECM Borrowers

The National Council on Aging (NCOA) has announced that it will be reducing Home Equity Conversion Mortgage counseling fees for potential HECM borrowers through September 2013. The new fee will be $90, down from $125.
The HECM mortgage, also known as a Reverse Mortgage, is available to senior homeowners who want to access the equity that [...]

U.S. Senate Considers Reverse Mortgage Testimony

Changes are coming to the Reverse Mortgage product and the National Reverse Mortgage Lenders Association (NRMLA) is supporting these modifications. The NRMLA represents Reverse Mortgage lenders who see the changes as a welcome move that will stabilize and strengthen the Home Equity Conversion Mortgage (HECM) program.

Alterations to the present Reverse Mortgage program were presented to [...]