Reverse Mortgage Information

The Reverse Mortgage loan allows retirees to turn their home’s equity into an annunity-like pension product that pays them a fixed monthly payment for as long as they live in the home. This loan, the Home Equity Insurance Mortgage (HECM) is federally insured and guarantees monthly payments.
This prospect is an attractive one because consumer analysts [...]

The prototype of today’s HUD Reverse Mortgage was first introduced to the public in 1989. Since that time a number of changes have been implemented to strengthen the loan.
The American Association of Retired Persons (AARP) has been at the forefront of leading the challenge to improve the Reverse Mortgage product. In 2008, relating to one [...]

Reverse Mortgages How they Work
If you’re 62 or older you may be beginning to do some financial planning for your retirement years. This is the time to take a good look at your projected income and plan how you want to allocate your resources.
Many people are including a Reverse Mortgage in their retirement financial [...]

In April of 2013 the Federal Housing Administration (FHA) suspended their most popular Reverse Mortgage product, the HECM Standard. Lending institutions only had a few months to prepare for this change but most professionals believe that, in the long run, the HECM (Home Equity Conversion Mortgage) will be strengthened in its reincarnation, although proper staff [...]

Seniors who are considering taking out a HECM (Home Equity Conversion Mortgage) loan can now review any consumer complaints which were filed that relate to these loans. The Federal Trade Commission (FTC) maintains an updated list of consumer complaints about loan products, including the Reverse Mortgage. Reverse Mortgage complaints comprised only 272 of more than [...]

On April 10th President Barak Obama submitted his new budget to Congress. Officials of the Department of Housing and Urban Development (HUD) and the Federal Housing Administration (FHA), Home Equity Conversion Mortgage (HECM) industry professionals and seniors who are considering obtaining a HECM loan are among those who are closely monitoring the budget developments.  The [...]

For retirees who find themselves short on cash during their senior years, a Reverse Mortgage can provide a vital source of income that may make the difference between struggling to make basic payments and living a comfortable life. There are many benefits to a Reverse Mortgage, also called a Home Equity Conversion Mortgage (HECM) loan. [...]

A recent  Ameriprise Financial report states that almost half of American seniors are including plans to use their home equity as a factor in their financial retirement planning. Americans are less secure than ever about their ability to make ends meet by relying on only their Social Security and pension income. These seniors are increasingly [...]

If you’re a retiree and are like most people your age, the equity that you have in your home is your biggest financial asset. So the decision of if, when and how to take out a Reverse Mortgage will be one of the most important financial decisions that you will ever make.
Financial planners always suggest [...]

The HECM loan structure is changing in 2013 but the HECM for Purchase is, as of now, stable with no changes expected anytime in the near future.
FHA-insured HECM loans became available in 1989 when the US Department of Housing and Urban Development (HUD) initiated the Reverse Mortgage option which enables senior homeowners to access the [...]

The Reverse Mortgage is changing but savvy consumers who keep up with the new innovations will be prepared to meet the new realities and protect their most valuable investment — their home.
The Reverse Mortgage — also known as the Home Equity Conversion Mortgage (HECM) was launched in 1989 as an option for seniors aged 62 [...]

The Senate Banking Committee has recently expressed concern over the latest announced changes in the Home Equity Conversion Mortgage product (HECM). Following an audit which showed that the Federal Housing Administration (FHA) was 16.5 million dollars in the red due to losses incurred as a result of its insurance of HECM loans, the FHA’s parent [...]

Seniors who have been considering taking out a Reverse Mortgage may want to review the new changes that have been implemented in the Home Equity Conversion Mortgage (HECM) loan structure before signing onto the loan.
This is the assessment of financial consultants who see the changes as a positive step for the economy, the Department [...]

The Consumer Financial Protection Bureau has launched a prototype for a consumer hotline in Newark, New Jersey. The goal of the hotline is to enable consumers to report financial product and service abuse to the CFPB directly by phone. The hotline will operate with a four-digit number and will also serve as a vehicle for [...]

In recent months the Department of Housing and Urban Development has received complaints about prohibited marketing practices employed by some Reverse Mortgage counseling agencies. HUD requires that all applicants for a HECM loan attend a counseling session with a HUD-approved counselor. Counselors receive certification from HUD after they complete the HUD HECM Counseling Exam as [...]

Retirees who want to move to a different home, perhaps to downsize or relocate and move closer to family or friends, can take advantage of a unique Reverse Mortgage for Purchase. The Home Equity Conversion Mortgage (HECM) for Purchase enables individuals aged 62 or older to access the equity that they have in their current [...]

With recent changes that have taken place in the Reverse Mortgage market, many people are now asking what the Home Equity Conversion Mortgage product will look like in 2013.
Although the HECM mortgage is scheduled to undergo some changes in the near future, at the present, there are only a few changes which are anticipated in [...]

January 2013 is shaping up as a month of big changes for the Department of Housing and Urban Development’s (HUD) Home Equity Conversion Mortgage (HECM) product. In response to criticisms the HUD’s administrative agency, the Federal Housing Administration (FHA) is scheduled to announce changes to the terms of the mortgage effective with the release of [...]

In a victory for Reverse Mortgage consumers a three-judge U.S. Court of Appeals has ruled that a suit against the Department of Housing and Urban Development (HUD) may proceed. The suit relates to a provision of the federally-insured Home Equity Conversion Mortgage that allows for the foreclosure of a HECM-insured home if the borrower dies [...]

Since Reverse Mortgages were introduced in 1989 their popularity has continued to steadily increase. For many seniors the concept of a Reverse Mortgage simply made sense. They had either completely paid off their homes or had paid off the majority of their mortgages. Now the Reverse Mortgage would allow them to access the equity that [...]