Reverse Mortgage Information

In a letter dated December 2 2011 the United States Department of Housing and Urban Development (HUD) announced that 2012 will see no change in the loan limits for Home Equity Conversion Mortgages (HECM). The loan limits remain at their previous cap of $625,500. This includes the “exemption areas” of Alaska, Hawaii, Guam and the [...]

National Reverse Mortgage Lenders Association (NRMLA) annual meeting in October 2011 provided some new information for reverse mortgage lenders.

The Better Business Bureau urges senior citizens who are considering signing a contract for a Reverse Mortgage to carefully review the lending institution’s reputation as well as all contract conditions before signing.

Generation Mortgage has announced the availability of Generation Plus, a new jumbo reverse mortgage package (fixed rate) for houses valued up to $6 million.
The product is tailored for senior home owners whose homes have an appraised value higher than $1,000,000.
Jeff Lewis, the Chairman of Generation Mortgage said many home owners with high-value homes find themselves [...]

Reverse mortgages allow older homeowners to get cash out of their homes without having to make payments. Reverse mortgages are often used by people who would like to stay in their own homes but need some extra money to pay for things like medical bills. They can also use the money to travel, to take [...]

The National Council on Aging (NCOA) announced that it will offer free reverse mortgage counseling for home owning American senior citizens via its RMCS (Reverse Mortgage Counseling Services) network.
Counselors affiliated with the RMCS will start temporarily waiving the usual $125 counseling fee. This move is intended to help more senior home owning citizens understand how [...]

According to the recent guidelines of U.S. Department of Housing and Urban Development, Premier Reverse Closings have now made changes in its condominium project guidelines. They have declared that they would take transactions for constructed properties such as manufactured homes in their projects.
In the past years, many reverse mortgage lenders had made requests to Premier [...]

Premier Reverse Closings, a unit of National Closing Solutions, recently saved a borrower from foreclosure with the help of a reverse mortgage. The corporation helped the borrower to wind up the entire process in a record period of seven days.
PRC first had to clear the title report for James [...]

The Department of Housing and Urban Development recently announced that more that $52 million has been ear marked for different housing counseling projects aimed at helping more families to retain and preserve their homes. The total amount is a 23% increase of about 11 million from last year which was just $41 million.
From the $52 [...]

Mortgagee letter 2009-19 was recently issued by the Department of Housing and Urban Development, HUD on June 12. The mortgage letter implements a new approval process for all condominium mortgages and home equity conversion mortgages insured by FHA. The new amendments are in accord with the 2008 Housing and Economic Recovery Act.
The new approval process [...]

In Alcoa, Tennessee a 71 year old woman was able to save her home from foreclosure and auction with a reverse mortgage loan. The original home mortgage loan was secured from Wells Fargo. The bank had to first write off $30,000 from her original mortgage balance.
According to her mortgage banker John Smaldone, mounted media and [...]

The Governor of Vermont, Jim Douglas signed a bill last week that puts a limit on reverse mortgages to federal programs. This bill effectively eliminated the possibility and potential of a proprietary market in Vermont.
The H222 bill, mandates that Vermont lenders has to be approved by the Department of Housing and Urban Development. The new [...]

The present fiscal year is just eight months gone (the HUD fiscal year begins in October) and it has already shown tremendous improvement in the Reverse Mortgage industry. According to data released from the Department of Housing and Urban Development, the number of home equity conversion claims going to the Federal Housing Administration in the [...]

The state of Texas has risen to be the third largest reverse mortgage market, with 30,000 loan sanctions totaling about $2.2 billion. The reverse mortgage loan volumes have increased by more than 208% between 2004 and 2008.
Just during the past two years, Texas senior home owners have taken more than $1.1 billion in reverse mortgages, [...]

Studies showed that in the year 2007, buyers aged 55 and above accounted for 19% of all home buyers, according to a research study made by the Metlife Mature Market Institute and The National Association of Home Builders. But the number of houses bought by this age group has fallen since the year 2005 and [...]

Here is a piece of good news for all Washington state consumers. Due to a recently introduced law, residents of Washington will soon have access to more reverse mortgage lenders. They will also have more reverse mortgage safeguards for their security.
Reverse mortgages are a special financing arrangement that allows homeowners age 62 and above to [...]

The number of federally insured reverse mortgages done by the FHA continued upward during the month of April. The HUD (Department of Housing and Urban Development) data shows that the FHA endorsed 11,650 HECMs (reverse mortgage - home equity conversion mortgages), which is 400 more than the figures for March.
The largest retailer of HECMs remains [...]

In the state of Washington, non-bank lenders will now be able to offer reverse mortgages as part of the reverse mortgage legislation made into law recently by the Governor of Washington. House Bill 1311 rectified provisions in a law that took effect last summer that prevented lenders who are not banks from offering reverse mortgages. [...]

HUD (Housing & Urban Development Department) has requested nearly $800 million for reverse mortgage, in its budget for the year 2010.
The HECM (Home Equity Conversion Reverse Mortgage) program allows senior home owners to tap their home equity amounts as regular monthly income streams or as a line of credit. This amount does not have to [...]

Foreclosure filings have been going up incrementally in the United States since the year 2006. There has been an increase of more than one hundred percent since this year, in the number of filings for foreclosure.
RealtyTrac released a Foreclosure market report recently in January of 2009 where it showed that the states of California, Arizona [...]