Archive for November 2013

New Reverse Mortgage Law — Challenges and Benefits

The Reverse Mortgage industry is now completing its second month of the new rules and regulations for the Home Equity Conversion Mortgage loan. Many of the issues and concerns which arose when the new Reverse Mortgage product was introduced are being clarified as the process begins to smooth itself out. One thing that is clear [...]

HECM Loans As Part of a Retirement Package

New changes to the federal Home Equity Conversion Mortgage program may lead toward increased collaboration between lending institutions, financial planners and senior borrowers. This is only one of the benefits of the revised HECM program, financial analysts and Department of Housing and Urban Development strategists believe.
There are a wide range of new rules and regulations [...]

HECM for Purchase Continues to be a Strong Reverse Mortgage Loan Product

Recent changes in the Home Equity Conversion Mortgage loan (HECM) eliminated the HECM Saver option but the HECM for Purchase continues to be a valuable alternative which allows seniors, age 62 or older, to purchase a new principal residence using their loan proceeds from the reverse mortgage.
The HECM for Purchase was designed to allow seniors [...]

Extra Income for Baby Boomer Retirees

As baby boomers enter their retirement years they often find themselves looking for strategies that will allow them to increase their income. Many people’s pensions took a hit during the economy’s downturn of 2008 and Social Security payments haven’t kept up with inflation. Some seniors look at their family home as a possible source of [...]