Archive for September 2013

Will a Reverse Mortgage Work for You?

If you are anticipating retirement or have already retired you are probably doing some financial assessments to determine how you will be able to live comfortably during your senior years. Once you’ve factored in your retirement funds, government pensions, annuities and other savings you may find that your income is fairly close to the bone.
If [...]

Your Home as a Retirement Asset

The credit crisis of 2009 taught American homeowners that their homes are not money trees. Before the recession hit Americans had become used to using their homes for remortgages, second mortgages and accessing home equity loans, all for the purpose of upholding the standard of living to which they aspired. Every time housing prices rose [...]

New Changes Shore Up HECM

Last week the Department of Housing and Urban Development released its long-awaited list of changes for Reverse Mortgage applicants.  The drive for these modifications was propelled by last year’s annual actuarial report which showed that the FHA’s Mutual Mortgage Fund, which insures Home Equity Insurance Mortgages, had a negative economic value of 16.3 billion. The [...]

Senior Advocates Voice Concerns about HECM Change Process

Recent changes in the Reverse Mortgage industry have been favorably received by lending institutions, Congress and the Federal Housing Administration but senior advocates are expressing disappointment over the process by which these changes are taking place.
Since the final quarter of the fiscal year 2012, when a 16 billion dollar shortfall was identified in the FHA’s [...]