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.
NeighborWorks America announced that it received $4,860,802 in funding from the U.S. Department of Housing and Urban Development to help support training and certification opportunities for thousands of counselors from HUD-approved nonprofit counseling agencies.
“The grants announced by Secretary Donovan provide tremendous support for the critical housing counseling and training activities being carried out by NeighborWorks America and our affiliated NeighborWorks organizations across the... Read Full Story
Washington Trust announced that Jim Jeneral joined its new Home Loan Center in Sharon, Mass. and is responsible for originating reverse mortgages for the new office.
Jeneral brings more than 16 years of mortgage experience to the company was a senior loan consultant in the Greater Boston area. He has an M.B.A from Suffolk University and a B.S. from Bentley University. Jeneral is a U.S. Marine Corps veteran, and is a past Grand Knight and currently the financial secretary for the... Read Full Story
In an effort to strengthen reverse mortgage counseling, the US Department of Housing and Urban Development published Mortgagee Letter 2009-47 to implement the HECM Counselor Roster and testing standards used to qualify counselors.
According to ML 09-47, HECM counselors who took and passed the exam on or before October 2, 2009, will automatically be included on the HECM Counseling Roster and remain there for three years. After three years, the counselor must retake and pass the exam to... Read Full Story
The Government National Mortgage Association (Ginnie Mae) announced that it guaranteed more than $917 million of reverse mortgage MBS (HMBS) in October.
For the first 10 months of calendar 2009, Ginnie Mae provided nearly $5.702 billion of liquidity to the secondary market for reverse mortgages, compared to $1.278 billion for the first 10 months of 2008.
“Ginnie Mae – whose securities carry the full faith and credit of the U.S. government – has been quick to modify and create... 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
A Reverse mortgage is a program designed by the Government to help senior homeowners who are 62 years or above and do not have any other income to support themselves. Thus, with reverse mortgage, the senior homeowners can meet their expenses easily without having to borrow from banks or any other institution. It is similar to getting returns from investment, with a difference. Let us have a look at how reverse mortgage works: How it works? In reverse mortgage, home is considered as an asset... Read Full Story
I have done some taking note of the bad news relative to a reverse mortgage and the situation is that most of them chatter about the product quite degradingly, I can not help but wonder whether this is because of the age of those taking out equity release. Furthemore the much more suspect refinance loan companies have been hidden underneath the rug and dismissed as a less worthy cause of concern, reverse mortgages are now fully regulated by the FS Authority yet continuously bares a lot of... Read Full Story
EquiPoint Financial Network (EFN) announced it has partnered with private investor Michael White and Hibernia Capital Advisors to enhance the company’s capitalization, management and strategic planning efforts.
Hibernia Capital Advisors and its principals bring an extensive knowledge of banking, investment and management expertise that will be used to help the company expand its reverse mortgage platform said Bruce Barnes President of EFN.
“We are very optimistic about the opportunities... Read Full Story
To make sure that owners fully understand the consequences of a Reverse Mortgage on their home, the U. S. Department of Housing and Urban Development ( HUD ), now requires that homeowners interested in chasing a Home Equity Conversion Mortgage ( HECM ) ... Read more...
< Prev
Next >
Read Full Story
Last chance to sign up for a reverse mortgage training session with Sam Collins on 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 a free hands on strategic plan and implementation guide. Take... Read Full Story
