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...
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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.
As a reverse mortgage program is being developed in Taipei, Government officials and the private industry are debating how much of a roll each should play in the product.
According to an article from the Taipei Times, there are concerns that its reverse mortgage product would offer retirement security to senior citizens who are relatively wealthy but the majority of financially disadvantaged elderly will likely be left out, pundits said.
“Reverse mortgages would provide an alternative... Read Full Story
The average reverse mortgage borrower with a LIBOR based product will see their Initial Benefits decrease by another $ 2,750.
The rates as of 12/15/09 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... Read Full Story
The reverse mortgage calculator is so quick and simple, anybody can use it. If you need fast, reliable info to help analyze your financial situation, this is the best place to find it. Read Full Story
The Federal Housing Administration is projecting that reverse mortgage endorsement volume will decline in 2010. It would be the first year over year decline the industry has experienced in at least a decade.
According to the report , FHA estimates the industry will endorse 106,875 HECMs during HUDs fiscal year 2010. Those numbers are about 7% lower than the 114,691 HECM endorsements in FY 2009.
Other interesting protections from the report:
3,420 HECM for purchases endorsed, up... Read Full Story
The Federal Housing Administration will issue preliminary regulations that would be the first step in developing a method to mathematically determine a borrower’s eligibility for a reverse mortgage said Meg Burns, the director of the FHA’s office of single-family program development in a New York Times article .
The administration recently implemented a new set of standards for HECM counselors which established a roster and testing standards used to qualify counselors.
Counselors will... Read Full Story
Financial Services Bill H.R. 4173 passed in the House of Representatives this afternoon by a vote of 223-202. Included with it was the Reverse Mortgage Amendment proposed by Congresswoman Jan Schakowsky (D-IL) and Congresswoman Dina Titus (D-NV). The Amendment passed overwhelmingly by a vote of 277-149, indicating bi-partisan support.
Rep. Schakowsky released a press release this afternoon saying, “We have an obligation to protect our seniors from malicious fraud and prosecute anyone who... Read Full Story
As Barney Frank’s Financial Services Bill ( H.R. 4173 ) comes to the floor in the House of Representatives this week, one closely watched possible addition is the Minnick Amendment .
Sponsored by Rep. Walt Minnick (D-Idaho), the Minnick Amendment would eliminate the proposed Consumer Financial Protection Agency (CFPA) and replace it with a council of existing regulators that would focus on consumer protection. While, as of Wednesday night, it remains unclear whether the amendment will... Read Full Story
The National Council on Aging (NCOA) has promoted Barbara Stucki, PhD, to the position of vice president, Home Equity Initiatives. She previously served as director, Reverse Mortgage Counseling Network and Home Equity Initiatives.
“Barb’s extensive research and leadership in the home equity field has positioned NCOA as a leading advocate for older adults who are leveraging their home equity to remain independent,” says Jim Firman, president and CEO of NCOA. “Her knowledge and passion... Read Full Story
The Financial Insurance Regulatory Agency ordered Virginia Beach, VA member David Allen to pay $20,000 for promoting the sale of reverse mortgages and soliciting various types of investments from senior citizens said FINRA records.
According to the agency, Allen’s firm prohibits engaging in any reverse mortgage business, including the promotion and sale of reverse mortgages.
FINRA found that Abbott used communications in the seminars without a registered firm principal’s prior... Read Full Story
The US Department of Housing and Urban Development officially extended the loan limits for its FHA insured reverse mortgage program with Mortgagee Letter 2009-50 .
ML 09-50 provides notice of the 2010 comprehensive update to the Federal Housing Administration’s (FHA) single-family loan limits, under the authority of the recent passage of the Continuing Resolution, 2010 (CR) as part of the Department of Interior, Environmental, and Related Agencies Appropriations Act, Public Law 111-88... Read Full Story
