Reverse Mortgages
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.
HUD Reaches Tentative Settlement with Reverse Mortgage Lender Over Violations
The US Department of Housing and Urban Development announced its Mortgagee Review Board (MRB) is imposing civil money penalties against two FHA approved lenders in Wisconsin and Connecticut for a variety of violations of FHA lending and marketing standards.
In addition, the MRB reached tentative settlements with four other lenders and issued two Letters of Reprimand to lenders that HUD alleged violated FHA requirements.
One of the lenders it reached a tentative settlement with is Cerritos, California based Sun West Mortgage Company. HUD alleges that the reverse mortgage lender originated ten HECM loans in Massachusetts before receiving the necessary license and approval to originate HECM loans in that state and failed to notify HUD that Massachusetts had issued a Cease and Desist order prohibiting it from the unlicensed origination of loans in that jurisdiction.
Sun West agreed to pay a Civil Money Penalty of $10,000 and accept a Letter of Reprimand to resolve the matter.
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The 10 Best and 10 Worst Celebrity Tippers
We've combed the Internet to find the stories of celebs who tip a hefty chunk of change, and those who barely tip pocket change at all.
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Richard Branson is Awesome
If there were a magazine called "Eccentric Billionaire Playboy", Sir Richard Branson would be on every cover.
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Celebs Ring the Bell at the New York Stock Exchange
See stars promote themselves by ringing the NYSE opening bell.
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