Archive for October 2015

HECM 3.0 — New and Improved

Home Equity Conversion Mortgages (HECMs) have evolved significantly since they were first introduced in 1989. Today they offer senior homeowners a safe and secure strategy for borrowing against their home’s equity.

Since its inception the HECM program has undergone a number of significant changes. Some of these include
· Introduction of the HECM for Purchase which allows [...]

The Reverse Mortgage as a Retirement Tool

EBRI, the Employee Benefit Research Institute (EBRI), a think tank dedicated to encouraging and enhancing the development of public policy and employee benefit programs via objective research and education, has published findings that indicate that Americans are not adequately prepared for their retirement years. EBRI estimates that roughly two-thirds of Americans are relying on [...]

Reverse Mortgages: What is “Willing and Able”?

In April 2015, a new tool was put into place to determine whether a potential borrower would be eligible to acquire a Reverse Mortgage. The Department of Housing and Urban Development began to enforce a criteria that is called “willing and able” that determines that the potential borrowers are prepared to abide by the loan’s [...]

Reverse Mortgage Stabilization Act of 2013 – Customer Safeguards

If you’re exploring the Reverse Mortgage option, check out the new book by Shelley Giordano, What’s the Deal with Reverse Mortgages. Giordani is the principal of a Reverse Mortgage Consulting Firm, the  Longevity View Associates. She also acts as the chair of the nonprofit Funding Longevity Task Force. Giordani’s book can help you understand your [...]