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.
Golden Gateway Financial introduced a new prepaid card program for reverse mortgage proceeds and a service that allows seniors to automatically pay bills from the card.
The Golden Gateway Financial Your Money Prepaid MasterCard®, issued by The Bancorp Bank, allows reverse mortgage borrowers to immediately and securely receive their monthly proceeds on a reloadable prepaid card instead of a check. The account is opened up at closing and cardholders can log into an online account to check... Read Full Story
Government’s role in reverse mortgages has always been prominent and now looks like it will become even more important, as private financing remains drier than the Mojave. Yet, some are expressing concern about Uncle Sam’s and Aunt Sarah’s exposure in the sector when it comes to longer life expectancy and continuing equity erosion.
“A lot of loans that have been assigned to FHA are well passed not only the maximum payment amount but the principal limit,” reports Leslie Bromer, senior... Read Full Story
Author: Nicole Tanga Needing money is very much a part of life. You need money for pretty much all things in life, such as clothing, food, shelter and so forth. Many people work their entire lives to save up enough money for the things that they really want, however, there are other options when you are short on the money that you need to buy something that you want. There are many reasons why people take out loans or reverse mortgages. The reason why one person needs the money to take out a... Read Full Story
National Mortgage News published HECM Industry Fighting for Higher, More ‘Fair,’ Loan Limit over the weekend. Writer Amilda Dymi details how market insiders are fighting in Congress to get the HECM loan limit increased to $625,000.
National Reverse Mortgage Lenders Association members are hopeful President Obama will follow up on his promise to sign a pending bill that will make the $625,000 limit a reality, NRMLA board member Tony Garcia told NMN.
"For years we were stuck at the $362... Read Full Story
The February 2009 issue of the Reverse Review is now available online . This month it features an interview with former Assistant Secretary for Housing-Federal Housing Commissioner, Brian D. Montgomery. He shares his personal accomplishments, and experiences while in office as well as his advice for the new administration. Additionally, it features contributions from the law firm of Weiner Brodsky Sidman Kider, PC where they discuss the new changes to the HECM product which allow it to... Read Full Story
JB Nutter has started accepting new files from certain customers as the company clears up its warehouse line issues that caused the #2 largest reverse mortgage wholesaler to suspend all new submissions in February .
According to the Reverse Mortgage Report , Vice President George Lopez said the company is "in the process of methodically adding back correspondents." He would not say how many are originating deals for Nutter now.
While there is no word on how many, I do know that they’re... Read Full Story
Generation Mortgage released a statement earlier this week in response to Consumer Reports Money Mistakes: Risks to Watch Out For article. Consumer Reports listed reverse mortgages as one of five financial “come ons” and Joe Morris, chief executive officer of Generation called the article, "Irresponsible, misleading and poorly-researched journalism."
Morris continued, "Most experienced financial professionals would agree that a reverse mortgage is a powerful financial instrument that... Read Full Story
Activity for Reverse mortgages in Texas has significantly increased in recent months. It has been over 20 years since reverse mortgages became available across the nation, accept in the state of Texas. Texas was the only state in the Union that did not allow reverse mortgages to be originated by its' senior population when they first became available. Finally in 1999 the Texas legislature implemented changes to state law that allowed senior homeowners to obtain reverse mortgages in the... Read Full Story
National Mortgage News recently published an article about the HECM for home purchase program. The article written by Brad Finkelstein details how the new program presents an opportunity for reverse mortgage lenders to help seniors purchase homes.
Generation Mortgage’s chairman, Jeff Lewis, believes the HECM for purchase could be "a healthy percentage" of the company’s volume. However, with the current environment, it’s tough to sell properties and it could have an impact on the... Read Full Story
KnowledgeBase Updates: Credit cards? i have never wanted or needed to apply for a credit card in my life. however my fiance and i are planning to buy a flat in the next 6 - 12 months and realise that i am going to need to improove (line of credit) Reverse mortgage? i have found there is a ton of misunderstanding around reverse mortgages. 1. what do you think a reverse mortgage is? 2. how do you think it works? 3. why do you think it is good / bad? you must answer all three (reverse mortgage... Read Full Story
