Archive for the ‘Reverse Mortgages’ Category

Surviving Spouses of Reverse Mortgage Borrowers File Lawsuit Against HUD

In March 2014 four surviving spouses of FHA-insured Home Equity Conversion Mortgage borrowers filed a lawsuit against the Department of Housing and Urban Development (HUD) In the lawsuit, the plaintiffs claim the Reverse Mortgage loan has caused them undue harm due to a statue that will force them to leave their home.
In this suit the [...]

The HECM Reverse Mortgage – For You?

The HECM Reverse Mortgage was introduced in 1989 as a loan that allows senior citizens aged 62 and older to use the equity that they have in their house while they continue to live in the house. The loan is insured by the Federal Housing Administration so regardless of fluctuations in the housing market, the [...]

Baby Boomers look to Reverse Mortgages

The wave of baby boomers who are reaching retirement age has expanded from a trickle to a flood. These individuals are, by and large, well-educated and well-informed. For years they’ve struggle to pay their mortgage, help their own kids with their expenses of college and starting their lives. They’ve built up their 401ks, dealt [...]

New Tax Incentives for Long-Term Care Planning Include Reverse Mortgages

Long-term care services, which are generally not covered by regular health insurance or by Medicare, can be an expensive proposition for many families. Long term care agencies see that the cost prevents many seniors who need the care from seeking it out. Today however, the government has begun to offer tax relief to people who [...]

Financial Planning for Seniors

As an individual or couple nears retirement age, senior advocates suggest that the individual(s) seek out a financial planner to help them prepare for their financial future. Retirement involves a new economic reality — pension income is generally reduced as opposed to the previous paycheck income.
Some basic questions for people approaching retirement age:

Should you tap [...]

Evaluating a Reverse Mortgage

Even the safest and best-advised financial moves have pros and cons and the Reverse Mortgage is no exception. Many seniors are enthralled by the Home Equity Conversion Mortgage (also known as a Reverse Mortgage), a special financing option which is taking the country by storm. While Reverse Mortgage lenders promise that the process of obtaining [...]

Researching Reverse Mortgage Options Before Signing Up

Recent studies show that the growing pressure on seniors is fueling increasing interest in Home Equity Conversion Mortgages. These mortgages, also known as “Reverse Mortgages” allow seniors aged 62 and older to access some of the equity that they hold in their home and increase their retirement income. Financial advisors have mixed feelings about these [...]

Financial Advisors Provide Guidance to HECM Applicants

Reverse mortgages are gaining in popularity. Financial advisors have been noting this trend in recent years as cash-strapped retirees seek ways to keep pace with rising expenses and cope with the decreased value of their retirement savings which depreciated during the recession of 2009.
Reverse mortgages, also known as Home Equity Conversion Mortgages,  allow homeowners age [...]

What are Seniors Looking for in a Reverse Mortgage?

Following upheavals in the Reverse Mortgage industry of 2013, financial planners are beginning to re-examine the HECM loan as a component of a client’s financial situation. As these analysts offer their suggestions to retirees who are planning their financial strategies for their senior years they are increasingly advising the inclusion of a Reverse Mortgage loan. [...]

Assets into Income During Retirement Years

People have deep sentimental attachments to their homes, especially as they get older. As individuals age they may express concern about how they’ll be able to navigate living in their own home, both physically and financially. Retirement incomes have been falling over the last decade at a time when health care costs, property taxes and [...]

Reverse Mortgage Outline

There have been so many changes in the Reverse Mortgage loan lately that potential borrowers are more confused than ever. The Reverse Mortgage, sometimes referred to as a Home Equity Conversion Mortgage (HECM) – is still a popular financial fallback for retired senior homeowners who have equity in their homes. However, the new regulations, which [...]

Eleven Points to Remember When you Take Out a Reverse Mortgage

There have been so many changes in the FHA-insured HECM loan over the past year that new loan applicants may be feeling confused. If you’re considering a reverse mortgage, some of the most important aspects of the loan include:
1. You have two loan options, the HECM Standard (a combination of the former HECM Standard and [...]

Thinking About a HECM Loan? Ask the Right Questions!

If you’re planning on applying for a Reverse Mortgage in the near future, you can prepare yourself by reviewing some preliminary information about HECM loans.

The HECM Reverse Mortgage is a federally-insured mortgage that allows you to mortgage your home to a lending institution, access up to 60% of your home’s equity and continue to live [...]

Reverse Mortgages Finish 2013 With a Bang

The year 2013 saw the Home Equity Conversion Mortgage (HECM) go through numerous changes — the most wide-ranging and comprehensive changes that the product has seen since it was introduced in 1989.  At the beginning of 2013 the Department of Housing and Urban Development, the Federal Housing Authority and Congress were reeling from a 2013 [...]

Reverse Mortgage Round-Up of 2013

Not since the Reverse Mortgage was inaugurated in 1989 have there been so many changes to the loan product in one year. During 2013 the HECM loan was completely revamped after Congress gave the Department of Housing and Urban Development the go-ahead to initiate the changes. Financial advisors have been suggesting for several years that [...]

Reverse Mortgages Renewal

The new HUD Reverse Mortgage guidelines have given the HECM loan new opportunities to reach its fullest potential. Until recently uncertainty over the differences between a HECM Saver and a HECM Standard, worries about spousal rights in the event that a borrower dies, fears of high third party costs and other issues deterred many seniors [...]

New Court Case Challenges Court Decision Re: Reverse Mortgage Non-Borrowing Spouse Clause

The Department of Housing and Urban Development (HUD) has appealed a recent court decision regarding the position of non-borrowing spouses in a Reverse Mortgage. The case involved a Washington DC court ruling in a AARP lawsuit regarding a non-borrowing spouse who had his house repossessed after the man’s wife, the borrowing spouse, died.
In 2009 HUD [...]

Things to Remember When You’re Applying for a Reverse Mortgage

For retirees 62 or older, taking a Reverse Mortgage may be a wise financial move. A Reverse Mortgage can help finance a home improvement, pay off a current mortgage, supplement retirement income, pay for healthcare expenses or help the borrower move to a home that is in keeping with his/her new needs. Reverse Mortgages allow [...]

New Consumer Financial Protection Bureau Tools for Reverse Mortgage Borrowers

The Consumer Financial Protection Bureau’s new mortgage rules are scheduled to be implemented in January 2014. To help consumers navigate these new rules the CFPB has launched a new tool that will help potential borrowers find local housing agencies that can answer their questions or address any of their concerns.
According to the rules of the [...]

New Reverse Mortgage Law — Challenges and Benefits

The Reverse Mortgage industry is now completing its second month of the new rules and regulations for the Home Equity Conversion Mortgage loan. Many of the issues and concerns which arose when the new Reverse Mortgage product was introduced are being clarified as the process begins to smooth itself out. One thing that is clear [...]