Baby boomer's are closing in on retirement and many haven't saved nearly enough. One bright spot for many is the home equity they've built up. Reverse mortgages are growing in popularity as a tool that let's senior homeowners tap their...
[more]
Baby boomer's are closing in on retirement and many haven't saved nearly enough. One bright spot for many is the home equity they've built up. Reverse mortgages are growing in popularity as a tool that let's senior homeowners tap their home equity for living expenses. This Wiki discusses the good, the bad and the ugly sides of reverse mortgages.
Canada’s largest reverse mortgage lender, HomEquity Bank announced that it has significantly reduced its variable rate on CHIP Home Income Plans to 3.75%, signaling a transformative change in the acceptance of reverse mortgages as a viable tool within the financial solutions landscape said a company statement.
The significantly lower cost of borrowing gives today’s cost-conscious seniors more flexibility in how their home equity can be used to enhance their retirement lifestyles... Read Full Story
Developing a simple way to explain reverse mortgages for consumers using one image isn’t an easy task, but that didn’t stop ReverseMortgage.net from trying.
The website created its own non-commercial visual with the help of the designers behind Mint.com (Don’t know who Mint is? Intuit recently paid $170m for the company ) to help explain reverse mortgages. According to the website :
A Reverse Mortgage can offers immense advantages to the right borrowers. However, since it is a... Read Full Story
Just a reminder that Sam Collins is providing RMD readers with another free training session on December 1, 2009 at 2:00 PM.
Sam will show you how to “Make the Most of the Rest of 2009 and Help you Get Ready with Your Strategic Plan for 2010."
The session will help open your mind and show you how to make use of every part of your reverse mortgage business by utilizing a logical and systematic plan.
Attendees will walk away with an action plan they can implement immediately and receive... Read Full Story
Generation X is the current sandwich generation. We have more children under 18 living at home than any other generation. On the flip side, our parents are aging and many of them are unprepared for retirement, especially given recent events in the financial markets. Thus, I have decided to accept an invitation to write a critique about All Reverse Mortgage Company , mostly because I have a 70-year-old aunt who has really benefited from a reverse mortgage . Holding On By My Finger Nails... Read Full Story
During the Acceptable Advertising – and the Language You Must Avoid session at the National Reverse Mortgage Lenders Association Annual Conference in San Diego, panelists called advertising the biggest issue we have to deal with because it is the most visible and offered some insight into an extremely significant and sensitive issue within the reverse mortgage industry.
As NRMLA President Peter Bell pointed out repeatedly during the conference, Senator Claire McCaskill, the source behind... Read Full Story
The US Department of Housing and Urban Development issued Mortgagee Letter 2009-49 to provide guidance for addressing FHA requirements for secured subordinate financing under the Federal Housing Administration’s reverse mortgage program.
According to the ML, Home Equity Conversion Mortgage (HECM) regulations require that there shall be no outstanding or unpaid obligations, either unsecured or secured, incurred by the HECM mortgagor in connection with the HECM transaction, except in cases... Read Full Story
The average reverse mortgage borrower will see their Initial Benefits increase by $2,750 from last week.
The rates as of 11/24/09 are:
Reverse Mortgage Rate Updates are brought to you by Jerry Wagner & Ibis Reverse Mortgage Software – The Industry Standard Since 1995. This is not just a slogan — six of the top 10 reverse mortgage originators plus NRMLA and the AARP use Ibis Software for their websites, retail and wholesale businesses.
Technorati Tags: Reverse Mortgage , HECM , FHA... Read Full Story
Industry advocates poised to get the message out about the value of a reverse mortgage have to convince people like Prescott Cole, senior staff attorney with California Advocates for Nursing Home Reform, self-described as a non-profit advocacy organization “dedicated to improving the choices, care and quality of life for California’s long-term care consumers”.
Cole and his group are among those who lobby lawmakers in Sacramento on issues affecting reverse mortgages and they are vocal in... Read Full Story
Reverse Fortunes Weekly Podcast Episode #78
Meg Burns preps industry for future reverse mortgage principal limit factor reductions and major changes at NRMLA conference.
To listen login or become a free member to listen to past & current episodes.
Also in this episode:
Megan burns hints of future PLF reductions and more changes at NRMLA Conference
Reverse mortgage possibilities: Second lien position?
AARP showing more love for reverses
Are home values about to fall again... Read Full Story
