"AARP - Inside E Street," is a half hour talk show featured on Retirement Living TV, the only network dedicated to adults 50 and older. The weekly program delves into issues that impact health, financial security and retirement. Each week, "AARP - Inside E Street" host, Sheilah Kast, investigates important issues before congress and state legislatures and discusses hot political topics of the day that affect retirees and senior citizens. This week's show topic is reverse mortgage. T... Read Full Story
If the Obama administration gets its' way, 57 million seniors could be getting another $250.00 check from the government. If approved, the proposal calls for a one-time lump sum payment scheduled for sometime next year.The justification for the $250.00 check for seniors is due to the fact that there will be no cost of living raise for Social Security recipients next year because there was no increase in inflation. This will be the first time since 1975 that Social Security benefits have no... Read Full Story
HECM (Home Equity Conversion Mortgage) reverse mortgages have suffered a big blow by Congress and HUD this week. HECM loan limits will be slashed by 10%, effective October 1, 2009. In the face of declining home values nationwide, decimated stock market portfolios, and the weakest economy since the Great Depression, HUD announced that they are cutting loan limits on all HECM reverse mortgages by 10%. The announcement was made September 23, 2009 in their mortgagee letter 2009-34.This is highl... Read Full Story
AARP has worked tirelessly with HUD to improve consumer protections and safeguards for FHA insured reverse mortgages, commonly referred to as HECM (home equity conversion mortgage) reverse mortgages. AARP has authored an extensive array of great reverse mortgage consumer guides as well as short reports and tips to assist seniors in making the right decision when considering a HECM reverse mortgage.One AARP reverse mortgage report is entitled: "5 Questions To Ask Before Considering A Reverse ... Read Full Story
During the past year vast amounts of wealth have vanished into thin air from many retired folks' nest eggs. As a result there is a greater demand for HECM reverse mortgages . It is estimated that trillions of dollars in retirement portfolios have evaporated over the last 18 to 24 months. This is undeniably, the worst economic collapse since the Great Depression. As a result of the stunning loses experienced by many seniors all ready in retirement and relying on fixed incomes, it has bee... Read Full Story
The foundation for a solid retirement plan has traditionally been characterized as a three-legged stool. The three legs are pensions, Social Security, and personal savings. However, recent financial trends suggest that the three-legged stool approach may becoming less reliable. The savings rate for Americans has significantly declined sine the 1980s. It reached its lowest level since the Great Depression in 2004. Recently, however, it has been gradually trending upward. (Probably out of... Read Full Story
Although HECM (home equity conversion mortgage) reverse mortgages have been in existence for more than 20 years, the general public still finds them a bit mysterious. They actually are not that difficult to understand, once you start grasping the basic facts about how they actually work. Once you have an understanding of the basics, you will be able to determine whether HECM reverse mortgages are worth considering for your situation.Facts At a Glance *You retain title to your home. The b... Read Full Story
A HECM reverse mortgage calculator is needed in order to determine how much money you can borrower against the equity in your home using an FHA insured HECM reverse mortgage.We often hear the question; "What is the maximum loan-to value for a reverse mortgage?" The problem with that question is that it cannot be answered with a straight forward percentage amount.A reverse mortgage is a difficult concept to grasp. It's different from a traditional mortgage in so many ways, not the least of wh... Read Full Story
Below are the interest rates for HECM reverse mortgage loans effective August 18, 2009. This week's rates are unchanged from last week. Seniors will receive the same initial loan benefit amount that they would have received last week. Read Full Story
Anyone interested in applying for a HECM (home equity conversion mortgage) reverse mortgage loan must first complete mandatory reverse mortgage counseling and obtain a counseling certificate of completion. The reverse mortgage counseling certificate is valid for 6 months. AARP-HUD approved reverse mortgage counseling is a highly recommended resource for obtaining your required reverse mortgage counseling certificate.The borrower must provide the reverse mortgage counseling certificate to w... Read Full Story
