Archive for June 2015

Why Are Reverse Mortgage Starts Increasing?

Reverse mortgages — technically known as Home Equity Conversion Mortgages or HECMs — seem to be advertised more frequently these days. Lending institutions confirm that there are, indeed, many more requests for information about Reverse Mortgages coming in to their companies.
There are a couple of reasons for this upsurge:
1. The population is aging. As more [...]

Compare and Contrast Lending Institutions for the Best Reverse Mortgage Deal

Senior homeowners who want to explore the reverse mortgage market for the best deal — finding the lowest interest rate and origination fee – must know how to obtain the most updated and comprehensive data. Unlike the standard mortgage market in which price data is available from many sources, including 3rd party sources, multi-lender websites, [...]

Reverse Mortgages: Be Prepared

The image of an elderly man rocking on his front porch flashes across the television screen. The announcer tells us that this man is happily living off tax-free income, with no mortgage, for the rest of his life.
“You can do the same,” the announcer says as his voice rises enthusiastically “with a reverse mortgage.”
According to [...]

FHA HECM Guidelines Set to Propel Reverse Mortgage Industry Forward

The Federal Housing Authority’s Financial Assessment, which went into effect on April 27th, has altered home equity conversion mortgage underwriting procedures to resemble those used for forward mortgages. Seniors who want to borrow, based on the equity that they have in their home, will now have to prove, with documentation and paperwork, that they can [...]

FHA Implementing Tougher Credit Standards for HECM Loans

Starting on April 27th 2015, the Federal Housing Administration (FHA) began implementing tougher credit standards for reverse mortgages.
Reverse mortgages are available for senior homeowners aged 62 and above who have equity in their homes which they want to use to obtain cash. A reverse mortgage may be applied to a primary residence. A borrower may [...]