Reverse Mortgage Information

A Massachusetts Division of Banks spokesman said that state lenders will need prior government approval to originate the home equity conversion mortgages (HECMs) for purchasing homes in Massachusetts.
As per existing law in Massachusetts, lenders offer reverse mortgages approved by the Division of Banks to senior borrowers - the “owner of the real estate”. The Banks [...]

A credit union in North Carolina,  has completed funding of more than $5 million of reverse mortgages since August last year, when it launched a private-label reverse-mortgage product.
The Raleigh, NC, based company State Employees’ Credit Union issued a statement saying it has funded nearly 50 reverse mortgages. SECU offers a reverse mortgage program that is [...]

President Obama had recently signed into law, the Economic Stimulus benefits package. There are some housing elements in this stimulus package. These small steps are not likely to have a huge impact on the US housing market, but these are still beneficial. Americans may want to take advantage of the changes [...]

We have all come across the media reports and stories about the Madoff Ponzi scandal that has involved an amount close to $50 Billion.
Due to the Madoff scandal, many people have lost their life’s savings and their stories are the ones we keep hearing in the media. A using their home to apply for a [...]

The financial authority of Korea (Financial Services Commission - FSC) is said to be considering expanding the availability of reverse mortgages to ensure that Korean senior citizens are able to lead stable after-retirement lives in secure financial way.
The financial regulator is looking to ease the terms and conditions associated with a reverse mortgage. Reverse mortgages [...]

Within a period of two months, in May of 2009, retirees and senior Social Security benefactors will get a $250 from the US Government as part of the recently passed economic stimulus bill.
The “senior payment” figures are as follows.
$250 for individual seniors and $500 for senior couples when both receive Social Security.
The amounts will be [...]

The Treasury last year failed to help ease the financial burden on seniors. It could have been able to help but acted to late. The incident dates back to last year November when two senior respected members of Congress asked Henry Paulson to reduce the pressure on senior taxpayers. Henry Paulson is the Treasury Secretary [...]

The new President Obama Administration is set to carry out a number of major programs aimed at restructuring the economy. The Obama Administration has already promised to take a hard and careful look into some programs designed for seniors such as Medicare and Social Security.
Usually such programs designed for seniors are hardly touched as it [...]

2008 saw the increase of the reverse mortgage maximum lending limits to $417,000. The National Reverse Mortgage Lenders Association announced recently that the economic recovery bill which was released by the national House of Representatives contained a provision which may further increase the reverse mortgage lending limits from the present $417,000 for the rest of [...]