Reverse Mortgages

Canada’s largest reverse mortgage lender, HomEquity Bank announced that it has significantly reduced its variable rate on CHIP Home Income Plans to 3.75%, signaling a transformative change in the acceptance of reverse mortgages as a viable tool within the financial solutions landscape said a company statement. The significantly lower cost of borrowing gives today’s cost-conscious seniors more flexibility in how their home equity can be used to enhance their retirement lifestyles. "Canada’s seniors market is the fastest growing segment of the population and we have a proven track record of providing innovative solutions to meet seniors’ financial needs," said Greg Bandler, Senior Vice President, ... Read Full Story

Developing a simple way to explain reverse mortgages for consumers using one image isn’t an easy task, but that didn’t stop ReverseMortgage.net from trying.   The website created its own non-commercial visual with the help of the designers behind Mint.com (Don’t know who Mint is?  Intuit recently paid $170m for the company ) to help explain reverse mortgages.  According to the website : A Reverse Mortgage can offers immense advantages to the right borrowers. However, since it is a heavily regulated product to safeguard seniors, that can sometimes make it harder to understand. We’d like to announce our original and easy to understand visual to ... Read Full Story

Just a reminder that Sam Collins is providing RMD readers with another free training session on December 1, 2009 at 2:00 PM. Sam will show you 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 the time now to ... Read Full Story

During the Acceptable Advertising – and the Language You Must Avoid session at the National Reverse Mortgage Lenders Association Annual Conference in San Diego, panelists called advertising the biggest issue we have to deal with because it is the most visible and offered some insight into an extremely significant and sensitive issue within the reverse mortgage industry. As NRMLA President Peter Bell pointed out repeatedly during the conference, Senator Claire McCaskill, the source behind much of today’s troublesome reverse mortgage legislation, found out about the issue after her mother received marketing material from a reverse mortgage company informing her that she was eligible for ... Read Full Story

Generation X is the current sandwich generation. We have more children under 18 living at home than any other generation. On the flip side, our parents are aging and many of them are unprepared for retirement, especially given recent events in the financial markets. Thus, I have decided to accept an invitation to write a critique about All Reverse Mortgage Company , mostly because I have a 70-year-old aunt who has really benefited from a reverse mortgage . Holding On By My Finger Nails Several years ago, my Auntie Phyllis, who lives in California, lost her husband. "I was 65 and after my husband ... Read Full Story