Archive for April 2014

What the Commercials for Reverse Mortgages Don’t Tell You

You’ve probably seen commercials for Reverse Mortgages. Major stars, including Robert Wagner, Pat Boone, Senator Fred Thompson — former senator from Tennessee and star of “Law & Order — and Henry Winkler aka “The Fonz” have taken to the airwaves to describe the benefits and advantages of Reverse Mortgages on TV.
Teague McGrath, director of marketing [...]

National Reverse Mortgage Lenders Association Meeting Focuses on Improved HECM Loan

In March 2014 the National Reverse Mortgage Lenders Association (NRMLA) met in New York for the annual Northeast NRMLA conference. The meeting was designed to update members about recent changes and improvements to the HECM loan.
The Northeast NRMLA Regional Meeting was held on March 18th and 19th. It focused on recent changes and improvements to [...]

Surviving Spouses of Reverse Mortgage Borrowers File Lawsuit Against HUD

In March 2014 four surviving spouses of FHA-insured Home Equity Conversion Mortgage borrowers filed a lawsuit against the Department of Housing and Urban Development (HUD) In the lawsuit, the plaintiffs claim the Reverse Mortgage loan has caused them undue harm due to a statue that will force them to leave their home.
In this suit the [...]

The HECM Reverse Mortgage – For You?

The HECM Reverse Mortgage was introduced in 1989 as a loan that allows senior citizens aged 62 and older to use the equity that they have in their house while they continue to live in the house. The loan is insured by the Federal Housing Administration so regardless of fluctuations in the housing market, the [...]