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.
Continued legislative activism around reverse mortgages at the state level featured a new law passed last month in California that requires reverse mortgage lenders to provide “additional, clear information to senior consumers interested in reverse mortgage products.” Among its specific provisions, the new law mandates lenders to provide a prospective borrower with a list of at least 10 HUD-approved reverse mortgage counseling agencies and a written checklist of issues to discuss with that... Read Full Story
The average reverse mortgage borrower will see no change to their Initial Benefits from last week.
The rates as of 11/17/09 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... Read Full Story
For a while there was plenty of discussion about the subsidy needed for the Federal Housing Administration’s reverse mortgage program but recently all eyes have turned to whether or not FHA as a whole will need a bailout of its own.
Despite senior FHA officials assuring Congress that the agency will not need a bailout, the Washington Post reported its reserves were $10.04 billion as of June 30, the lowest level in nearly a decade, according to agency data.
Seven years ago, the fund had... Read Full Story
Reverse mortgage lenders have a history with celebrities ranging from James Garner, Robert Wagner, and most recently the addition of Peter Graves from American Advisors Group .
However, a recent AdweekMedia/Harris Poll found wide variations in the likelihood viewers will find different kinds of celebs convincing in the role of endorser.
Respondents were asked to say which of five types of celebrities they find "most persuasive" and which they find "least persuasive" as endorsers of... Read Full Story
The latest FHA Outlook Report provides some interesting insight into the Home Equity Conversion Mortgage (HECM) program for FY 2009. While the industry experienced another record year of volume, data shows it wasn’t due to a flood of new reverse mortgage borrowers.
Overall, reverse mortgage lenders originated $29.9 billion of HECMs in FY 2009, compared to $24.7 billion in FY 2008. Additional numbers from the report include:
Traditional HECMs (non HECM to HECM refi) were down 2.3... Read Full Story
Reverse mortgage companies are looking to expand, check out the latest jobs from Reverse Mortgage Jobs Online :
Reverse Mortgage Originator (Miami Lakes) Mortgage Bankers of Florida
Loan Officer (Florida) Christensen Financial
Reverse Mortgage Specialist (Nationwide) Financial Freedom
Reverse Mortgage Specialist (South Carolina, Florida, Tennessee, Georgia) AAXA Mortgage
Reverse Mortgage Loan Officer (Nationwide) Equitable Reverse Mortgage
Take your Reverse Mortgage business... Read Full Story
Last chance to sign up for a free training session on how to effectively communicate the HECM for purchase program. Join Reverse Fortunes and over 230 reverse mortgage professionals who have already signed up for the session on Thursday, November 5 at 11pm PST.
Reverse Fortunes will provide you with the tools to professionally reach not only the public, but learn how to influence realtors and professional advisors. If you are selling the HECM Purchase, don’t miss how using just a few... Read Full Story
After stepping down from his position as the head of Wells Fargo’s reverse mortgage business , Jeff Taylor announced that he was joining Reverse Market Insight as Chairman to help expand the companies consulting business.
With HUD’s decision to reduce the principal limits for its FHA insured reverse mortgage product, Taylor is confident there is growth out there but it will require a different approach.
Taylor spoke with RMD about this approach and how an independent third party data... Read Full Story
While a traditional mortgage creates a large debt that is paid down during your stay in a home, a reverse mortgage does not need to be paid back until the borrower pass away, moves out, or sells. Thus, a reverse mortgage can be a great way to obtain cash from your home if you have a substantial amount of equity built up.
In order to qualify for a reverse mortgage you must be at least 62 years of age as well as live in the home in which you are mortgaging. A reverse mortgage can be paid in... Read Full Story
Appropriations committees in the House and Senate are proposing to extend temporary higher limits on the size of home mortgages Fannie Mae (FNM) and Freddie Mac (FRE) can buy or guarantee as part of a stopgap funding legislation that could pass Congress as soon as this week said the Wall Street Journal .
According to a continuing resolution summary released earlier this week, the extension includes maintaining the home equity conversion mortgage (HECM) loan limits through the end of... Read Full Story
