Current Feed Content from 3 Jan 09 08:59
What’s new for reverse mortgages?
Wed, 17 Dec 2008 19:41:09 +0000What’s around the corner for reverse mortgages? From all accounts HUD is indicating that new Mortgagee Letters regarding reverse mortgages (HECM- Home Equity Conversion Mortgage) will be released soon. HUD has their hands full with a lot of housing issues at this time and they are to be commended for not putting the senior homeowner’s [...]Alternatives to reverse mortgage disappearing.
Tue, 16 Dec 2008 17:11:43 +0000HUD released a 2008 State of Housing Counseling Industry report that at first glance does not show anything earth shattering in the world of reverse mortgages since those in the business and those that have undertaken a reverse know that the counseling is a flawed system. Nothing in life is perfect and this study [...]Rates are so low, they can’t go lower.
Tue, 09 Dec 2008 22:23:54 +0000The rates for the 10-year Treasury (CMT based) HECM reverse mortgage are so low they can’t go any lower to affect the amount of money one can get from a reverse mortgage. The amount of equity someone can access from their home is based on age, home value, any mortgage they currently have and [...]If you are 62 and older you can increase your cash flow - reverse mortgage.
Thu, 04 Dec 2008 03:20:16 +0000Take a moment to consider the following. If you took out a $100, 000 loan in 1990 at 7% and you continue to make monthly mortgage payments you’ve paid more than $112, 000 in interest to the bank and you still owe $61, 000. Your current payment is the same as it was in 1990- $665 [...]Really, how much money can I get from a reverse mortgage?
Tue, 25 Nov 2008 19:19:26 +0000There are many resources for reverse mortgage information all over the internet, on TV commercials and in your daily mail. They all tell you that reverse mortgages are great financial tools for allowing you to live your dreams, that its a tax free way to increase your cash flow, that you retain title to [...]Reverse mortgage counseling backups
Thu, 20 Nov 2008 23:05:06 +0000HUD requires independent Home Equity Conversion Mortgage (HECM) counseling for all reverse mortgage applicants. HECM counselors are required by federal law to provide information on the costs and financial implications of HECM loans, and on alternatives to HECMs that may be available to consumers. An unbiased source, they provide the following: Have you considered [...]Forward thinking- in Reverse
Thu, 13 Nov 2008 03:46:08 +0000Lets quickly say that this is not a conviction upon the financial advisory business, they have and offer so many programs that at one time or another were completely unheard of but are now completely brilliant and perfect for so many- even in this marketplace. House values have plunged and the pressure on the [...]Mortgagee letter introduced for new nationwide reverse mortgage lending limit.
Sat, 08 Nov 2008 03:22:18 +0000HUD released the 2 new mortgagee letters this week, part of the Housing and Economic Recovery Act of 2008. The first one 2008-34 establishes a nationwide lending limit for reverse mortgages at $417, 000 where they had varied from $200, 160 to $362, 790 per county and the second one 2008-35 limited the origination fee paid to [...]Increase your cash flow by 25% in a down market.
Sat, 08 Nov 2008 02:08:28 +0000If someone asked you how you could increase your cash flow right now in this market place, what would or could you do? You could cash in some of your retirement portfolio: you would be taxed on the money you took from your portfolio and when the market does come back, your reduced [...]Purchase your new retirement home with equity from your old home.
Thu, 30 Oct 2008 04:19:33 +0000HUD released the new mortgagee letter for HECM home purchase yesterday with the date of January 1 for the date of earliest application. What does that mean? It means you can use the remaining equity from the sale of your current home to purchase a new home as long as you intend to [...]Reverse Mortgage Home Purchase Program available January
Tue, 28 Oct 2008 17:20:42 +0000HUD is moving a bit quicker on the new provisions of the Modernization Bill now that they got the lending limit issue out of the way. This is good news for those interested in downsizing from larger, more expensive homes into smaller or less expensive homes. They don’t tell you how they work [...]Watch the Treasury yield if you’ve considered a reverse mortgage.
Wed, 22 Oct 2008 03:42:29 +0000Pay close attention to the 10 year CMT or Treasury yield if you’ve been considering a reverse mortgage recently. The Federal Reserve is getting ready to provide up to $540 Billion in loans to help relieve pressure on money market mutual funds that are up against redemptions. What does that mean for those interested in [...]What would you pay for access to $367, 516?
Tue, 14 Oct 2008 19:49:01 +0000What would you pay for access to $367, 516 that you didn’t have to repay, ever, for as long as you lived in your home? What if you could gain access to that or a portion of that amount any time you wanted to, within 5 days of mailing in the request and you could [...]A strategic partnership for SENIORS in troubled times.
Tue, 14 Oct 2008 19:03:06 +0000A “strategy” is an action plan that is put into place to achieve a goal and to prevent crisis situations that may de-rail the plan. A “partner” means help, trust and sharing the work load. A strategic partnership is more than the sum of the parts of “strategy” and “partner” – it means the golden [...]NEW Reverse Mortgage Limits announced by FHA
Thu, 02 Oct 2008 18:40:00 +0000The new reverse mortgage lending limits were announced today by FHA Commissioner, Brian Montgomery. The new nationwide limit is to be $417, 000 and the target effective date is November 1st. That’s a target date, not a set deadline. This is really important information and may come as a relief to many senior households that [...]How secure is your pension program?
Wed, 01 Oct 2008 03:16:08 +0000OK, first, we aren’t glass is half full, chicken is falling folks. We believe this financial mess will sort itself out, that clearer heads will prevail and even though some wealth has been wiped from the books (just a Trillion!), that the rapture isn’t just around the corner. So its important to be [...]Why its never been a better time to get that Reverse Mortgage.
Fri, 26 Sep 2008 03:55:59 +0000The news headlines have been screaming impending castrophe for the past 2 weeks- Fannie, Freddie, AIG, Lehman, and WAMU’s failure on Thursday. When is it going to end? It could get worse say some while others believe its an opportunity for the Fed and Treasury to make money on the $700 billion plan. [...]Reverse Mortgage Rates come down
Thu, 18 Sep 2008 19:45:54 +0000The fixed rates on HECM reverse mortgages have rapidly decreased in past couple of weeks. A month ago, the rates were in the low 7s, and today are in the high 5’s, almost a 30% decrease. The cash yield for a 70 year old in a $300, 000 Washington, DC home would be $8000 [...]Leave them in a hole?
Thu, 11 Sep 2008 03:30:35 +0000I recently attended a web seminar on wealth management in a weak economy and I got a good look at how some financial planners handled their high net worth clients that were looking for better returns in this challenging market. The subtopics ranged from allocation processes, the financial planning processes after retirement, why plans [...]A one year snapshot of endorsed HECM loans, state by state.
Fri, 05 Sep 2008 13:54:08 +0000This information was gathered from the HUD website. There are multiple statistical snapshots available- here is a one year running picture of each state’s endorsed HECM output. HECM Loans Originated in the United States rolled up to the State level. Performance Period: Displaying HECM loans that were endorsed within the past year. Data shown includes all cases [...]
REVERSE MORTGAGE INFORMATION: Tools, News and Resources to Help Seniors Decide
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