When the Federal Housing Administration (FHA) changed the regulations regarding the percentage of a home’s equity that a Reverse Mortgage borrower could access, along with a change in the options that the borrower had for receiving those funds, most financial observers predicted that Reverse Mortgages would decline. The change, which took effect in the summer [...]
Archive for June 2014
Home Equity Conversion Mortgages (HECMs) have become popular among older homeowners who are searching for additional sources of income. That’s because this type of loan, which is only available to homeowners who are 62 years or older, allows property owners to turn part of the equity that they have in their homes into regular cash [...]
Long-awaited new guidelines have been announced by the Department of Housing and Urban Development to allow the spouses of deceased borrowers to stay in their home without the threat of foreclosure. As of August 4th, these surviving spouses will not be evicted from their homes as long as they continue to pay taxes, insurance and [...]
This fiscal year has brought significant Reverse Mortgage changes, both for borrowers and for lenders. Under the Reverse Mortgage Stabilization Act of 2013 new changes are aimed at making these loans less risky and less prone to default.
Home equity conversion mortgages (HECMs) are for senior homeowners who are at least 62 years of age. The [...]
Not every senior citizen qualifies for a reverse mortgage. Some seniors have not yet reached the age of 62, which is the minimum age to apply for a Reverse Mortgage. Others are still paying off their mortgage and the balance that they owe on their existing mortgage is too high for them to acquire a [...]