Reverse Mortgage News & Articles
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Admin on 1/29/11
What is a Reverse Mortgage
Before you can learn what a reverse mortgage is, let us start by
talking about what it is NOT. Reverse mortgages are not:
Just for the desperate A trade for your home ownership Free money from the government or any other type of entitlement
program
... Admin on 1/21/11
Reverse Mortgage Rates
have remained low for a very long time, both on the adjustable rate products
and on the fixed rate loans. Starting in early 2010, when rates really dropped
and the loans were selling really well for lenders in the secondary market; lenders
were paying more and more... Michael Branson on 1/3/11
Question from
one of our readers:
“We want to
leave our house and return to our hometown. We have Wells Fargo reverse mortgage and our house
is worth 1/2 of what we purchased it for. Can we get a short sale and leave the
house? We do not want to live here anymore. We have our rever... Michael Branson Jr. on 12/20/10
Most people are aware that they receive a
percentage of their home’s value or the Government lending limit (whichever is
less) based on their age when qualifying for a Reverse Mortgage loan. However,
what many consumers are not aware of is the effect of the “Expected Interest Rate... Michael Branson on 12/17/10 We
have recently had several borrowers who had previously obtained a reverse mortgage call and ask us what the
effect would be on those reverse mortgages if they had to now begin a bankruptcy proceeding. While we are not attorneys and would always advise
you to seek competent legal advice from a... Admin on 12/6/10
Update: Reverse Mortgage for Purchase in Texas
Legislation is expected to be pre-filed in the Texas legislature
before the end of the month that would give registered voters the ability to
decide in November 2011 whether HECM Reverse Mortgage for Purchase should be allowed in Texas State. The... Michael Branson (CEO All Reverse Mortgage) on 10/13/10 2011
is fast approaching and people are still asking about the reverse mortgage pros and cons.
We have seen some changes over the past year and it's time to update
some of the reverse mortgage pros and cons that were reported in our last
article. HUD has made some changes that many feared and s... Michael Branson on 9/21/10 HUD
has made it official. With Mortgagee
Letter 2010-34, HUD announces the Reverse Mortgage HECM Saver program. HUD
has changed the reverse mortgage known for so many years simply as a HECM
("Heck-um" or Home Equity Conversion Mortgage) to the HECM Standard
and introduced the new product as th... Michael Branson on 8/31/10
HUD had been discussing a new variation of the Reverse Mortgage
program for quite a while and they finally announced some of the
particulars. The program, which they have decided to call the HECM Saver, will be a limited version of the regular HECM reverse mortgage that HUD has had in pla... Michael G. Branson on 7/23/10
I
just read an
article on reverse mortgages and how they can lead to big trouble. After I read the entire article, I became
enraged. Not just angry, but really, really mad due to the fact that the man
who calls himself the "ConsumerMan"
obviously has no real understanding of the product and... Michael G. Branson on 6/18/10
Just
in the last two months we have received calls from two former borrowers who had
been targeted for a new scam. It seems that there is a new way to try to
separate borrowers from their money and at this time we don't know if it is
aimed specifically at Reverse Mortgage borrowers or all bo... Michael Branson Jr. on 5/19/10
It looks as though the Jumbo Reverse Mortgage programs are
going to make their comeback to the marketplace. This is very exciting news for those whose
scenario does not fit within the parameters of the Government product. Jumbo Reverse Mortgages were an excellent
option for Homeowners who had... Michael G. Branson on 5/12/10
We
have had several inquiries lately from senior borrowers who have wanted to know
what would happen to their home if they were unable to occupy the property for
an extended period of time due to a natural disaster such as an earthquake,
flood or tornado which rendered the property uninhabit... Michael G. Branson on 5/6/10
Finding the right reverse mortgage
lender is sometimes similar to finding the right bank, or the right accountant
or the right grocery store...it has to be right for you. A reverse mortgage is a complex financial
decision and you have to be comfortable that the people with whom you are
deali... Michael G. Branson on 4/2/10
Many
residents of Laguna Woods have heard the rumblings before. In May of 2009 we issued a an article about
the upcoming reverse
mortgage for co-op projects program that was part of the Home Economic
Recovery Act of 2008 which had not been implemented fully as of that time. Here it is more t... Michael G. Branson on 3/31/10
Question from one of our readers...
"The
question I have regards whether or not the loan is good for me at my age, 62.
I'm interested in finding out if other people have done similar things with the
idea that getting the money sooner and investing it makes long-term good sense."
-Rich... Michael G. Branson on 3/24/10 Back
on September 18, 2009, HUD issued Mortgagee
Letter 2009-28 declaring a new
Independence Day! Well, it actually set
new guidelines and procedures for Appraiser Independence for FHA Insured
Mortgages. The new procedure, while not
being an exact mirror of the Home Valuation Code of Conduct ... Michael Branson on 3/17/10
What
is the newest and best thing in reverse mortgages? Well, for the fixed rate product it is the
lenders ability to offer No Monthly Servicing Fees on the fixed rate
mortgages. Servicing fees historically
ran $35 a month for the adjustable rate loans and $30 for the fixed rate when
it was... Michael Branson on 3/5/10 An excellent question from one of our readers...
Dear All Reverse Mortgage,
The financial collapse of 2008 took about 40% of my retirement assets,
and although there has been a nice recovery in 2009 and 2010 I am
modestly in doubt about my remaining liquid assets to outlive me if
bo... Michael Branson on 2/8/10
Over the weekend I was reading an article by a
writer from the Wall Street Journal, Kelly Greene, about reverse mortgages and
possible alternatives. Ms. Greene's premise of her article was that
it is much less expensive for families with at least one adult child with a
nest egg to fund their... Michael Branson on 1/27/10
I
still get a call about once a week with borrowers asking when they will be able
to do a reverse mortgage on their unit in a cooperative project. After all, co-op's
were included in the list of acceptable properties when the Home Economic
Recovery Act (HERA) pass... Michael Branson on 1/13/10 Carol wrote:
Regarding the rule that the homeowner has to
reside in the home: how long could that
homeowner be absent (e.g. on an extended vacation) before they would be
considered not residing in the house. Would they be allowed to have someone else living in the house to
care take?
... Michael Branson on 12/30/09
Today
we received a question that came across one of my blog posts "The
Pros and Cons of the Reverse Mortgage" This is an excellent question that I'm sure most heirs have when families may be considering the reverse mortgage.
"My grandma is
76, retired once but had to start working again t... Admin on 12/29/09
Wells
Fargo News 06/16/2001: Read More... Wells
Fargo Closes Reverse Mortgage Lending »
Should I get my Reverse Mortgage from Wells Fargo?
We hear this question quite often. After all, Wells Fargo Bank is one of the
nation's largest banks and does more reverse mortgages every year t... Michael Branson - CEO on 12/22/09
Over
the last year we have had many opportunities to rebut various articles which
didn't quite get all the facts right about reverse mortgages. It never ceased to amaze us when an author
completely mis-stated the facts of the reverse mortgage program or the same
erroneous "facts" popped up i... Admin on 12/16/09 One of the most important benefits that reverse mortgage borrowers
receive at closing is the freedom of no longer having to make required
monthly mortgage payments to their lender. It is this feature of the
reverse mortgage product that makes it so unique - and as such - so
difficult for those o... Admin on 12/11/09
The Reverse Mortgage must
be too tempting of a subject these days. It's one of those
subjects that with just a very small amount of research some
journalists feel like they are "experts" and ready to take on the
perceived injustice of the product.
Unfortunately,
too many do not spend th... Admin on 12/7/09
The rules are changing. Soon the days of borrowers going to a lender or a broker and the local
lender or the broker ordering the appraisal from the appraiser of their
choice will be gone. HUD is now going to require that lenders
require brokers to follow a similar procedure as the convent... Admin on 12/4/09
Welcome to the phenomenon in the mortgage world known as the reverse mortgage.
Well,
maybe my photoshop skills are a little off today but I think anyone
reading this article has seen at least one of these images. The ads
that tout how they can improve quality of life are everywhere and if
... Michael Branson (CEO - ARMC) on 11/22/09
Seems
that one of the most popular questions we get is what happens with my
reverse mortgage and my home after death. After all, the reverse
mortgage is intended to be the last loan that borrowers will ever need,
so this is a question many Mature Americans and their heirs have on
their ... Mike & Cliff on 11/6/09
Borrowers
and their families looking at the possibility of obtaining a reverse
mortgage are understandably concerned about the fees / costs of the
loan. Because this is one of the most regulated loan programs,
most of the fees are heavily regulated as to what can and cannot be
charged by ... NRMLA on 10/14/09
Governor Schwarzenegger has signed into law AB 329,
which amends provisions of the California Civil Code currently
regulating reverse mortgages, to enact the Reverse Mortgage Elder
Protection Act of 2009. Reverse mortgage loans are currently regulated
under existing California law.
Am... Michael Branson on 10/9/09
I had a long
conversation with a potential borrower yesterday. He said that he
had spoken with a couple of loan originators and had a few
concerns. One of the originators told him that there were no
downsides to a reverse mortgage and the other worked for the largest
reverse mortgage comp... Michael Branson (CEO ARMC) on 9/23/09
Almost
two months ago we wrote about the monies being spent in the stimulus
package that went to things like tunnels for turtles, guard rails for
dried lakes, rehabs for airports that saw very few customers, repairs
to train stations that had been closed for decades and much more, but
w... Admin on 9/9/09
Explanation of Terms:
1. Statement Date:
The time period that the statement represents. In the sample statement,
it is displaying all of the loan activity that occurred during the
month of October 2007.
2. Payment Plan:
This is the current payment plan type that has been sel... Michael Branson (CEO ARMC) on 8/25/09
Yesterday I wrote an article titled Reverse Mortgage Stigma
after a news item that appeared on KABC. Since then, we started talking
and re-reviewed the news item. The original news item that ran
can be found online here.
When we originally saw the report, we were struck by many things that... Michael Branson (CEO ARMC) on 8/24/09
They're
at it again! Did anyone see the report done by KABC news in which
Ric Romero does a segment with an 83 year old borrower and totally
misses the whole point? And to make matters worse, they use
Consumer Reports as their expert investigative source, a source that is
decidedly against... Michael Branson (CEO ARMC) on 8/19/09
I
cringe every time I read an article about a reverse mortgage where the
author is doing his or her level best to try to show how bad the
program is, usually with faulty information or by citing how someone
found a way to help the senior borrower part with their funds (which
really isn... Michael Branson (CEO ARMC) on 8/4/09
The Senate and House have both put
forth different approaches to cover the request from the Federal
Housing Administration’s for a $798 Million subsidy for the Home
Equity Conversion Mortgage (HECM of "Heck-um") reverse mortgage
program. The House version requires HUD
to operate without a... Michael Branson (CEO ARMC) on 7/23/09
As the Dow tops 9,000 for the first time since January.
Senior Homeowners are met with a mixed bag of news. The Dow Industrials
rose meaning many are seeing a return of some of the value of their
retirement accounts. Home sales rose and some markets have shown that
the values are levelin... Michael Branson (CEO ARMC) on 7/8/09
I
was contacted recently by a freelance writer who wanted to get some
dirt on reverse mortgages. He said he could find people all over
the place who could sing the praises of the reverse mortgage, but he
wanted to find someone who could give him the pitfa... Michael Branson (CEO ARMC) on 6/30/09 Many senior homeowners feel like they've lost their independence to the high cost of living on a fixed income. Even those who planned carefully are finding that the pension and savings they thought would carry them through their retirement years just didn't do all they thought they would, the social... Michael Branson (CEO ARMC) on 6/26/09
One of the first questions it seems I always get after people are comfortable with the program itself is “Okay, now what are the actual steps to getting the reverse mortgage?”.
There are a few different answers depending on to whom you’re
talking, some lenders make different require... Michael Branson (CEO - ARMC) on 6/9/09
On June 1, 2009, FNMA announced that they were going to discontinue the purchase of the CMT-indexed
Home Equity Conversion Mortgage (HECM or “Heck-um”)
According to FNMA Senior Vice President and single family risk officer
Michael A. Quinn, “Fannie Mae’s decision to discontinue to purc... Michael Branson (CEO ARMC) on 5/26/09
The
Housing and Economic Recovery Act of 2008 (HERA) granted authority to
add individual manufactured housing units located in condominium
projects to HUD for FHA insurance. This property type had always been ineligible prior to this legislation for loan programs insured by FHA, which ... Michael Branson (CEO - ARMC) on 5/20/09
Update: 08/31/2011 Lawmakers Urge Housing Secretary to Implement HECMs on
Co-ops
Rep. Edolphus Towns (D-NY), a 15-term
congressman representing Brooklyn, submitted a letter to Housing Secretary
Shaun Donovan requesting that the ... Michael Branson (CEO - ARMC) on 5/12/09
The line
of credit reverse mortgage is still the most popular option for senior
borrowers when choosing how to access their funds with their reverse mortgage.
According to AARP, borrowers have recognized this choice at about 66% of the time when obtaining a
reverse mortgage as being ... Michael Branson (CEO - ARMC) on 4/29/09
In their continuing efforts to try to protect seniors, HUD continues to update and refine their reverse mortgage counseling protocols and requirements. In HUD’s Mortgagee Letter 2009-10
which they issued on March 27, 2009, HUD clarified some policies
outlined in their earlier Letters and ... Michael Branson (CEO - ARMC) on 4/21/09
We
have put several articles out regarding the differences between
different options that borrowers have when receiving their cash under
the HUD Home Equity Conversion Mortgage (HECM or “Heck-um”) reverse mortgage program. There are benefits and drawbacks to both the fixed rate rever... Michael Branson (CEO ARMC) on 4/2/09
In an ever-vigilant effort to protect seniors and the reverse mortgage process, HUD has just released Mortgagee Letter 2009-10
to clarify counseling issues. HUD has 4 reasons for issuing the new
Mortgagee Letter; to be certain that all borrowers initiate their own
counseling; to delineate t... Michael Branson (CEO ARMC) on 3/26/09
I always have people asking me which option is better,
a fixed rate or an adjustable rate for their reverse mortgage.
Both have benefits and both have drawbacks. And what about now
while the margins keep moving and since lenders just announced another
round of margin increases. The answer I... Michael Branson (CEO ARMC) on 3/20/09 HUD put out a Mortgagee
Letter in October of 2008 in which they outlined a method by which they
were going to calculate benefits under the purchase reverse mortgage
program. Later, they indicated that they were going to further
clarify that Mortgagee Letter and the HUD Website does in fact cla... Michael G Branson (CEO ARMC) on 3/4/09
Regardless
of which economist you listen to, no one disagrees with the fact that
we are in a recession. It seems that the only argument now is how
long it will last and what is the best way to get out of it.
Millions of American families faced with the uncertainty of the economy
and ... Michael Branson (CEO ARMC) on 2/25/09
HUD has acted extremely quickly in putting out the new HECM reverse mortgage limits of $625,500
as established as a result of the passage of the American Recovery and
Reinvestment Act of 2009 (ARRA). This limit is effective for all
loans which receive credit approval in the calendar year 2009 ... Michael Branson (CEO ARMC) on 2/20/09 I spoke with Judy Nash Ellis
of the Atlanta Home Ownership Center (HOC) just minutes ago. Ms.
Ellis confirmed that HUD has now posted guidelines on their website to
supersede Mortgagee Letter 2008-33. Those guidelines posted as
“HECM Reverse Mortgage for Purchase Frequently Asked
Questions... Michael Branson (CEO ARMC) on 2/13/09 02/25/2009 - Official $625,000 Reverse Mortgage Loan Limit
Mortgagee Letter 2009-07 Raises Limits to $625,500
The U.S. Department of Housing and Urban Development published Mortgagee Letter 2009-07, which officially raises the national limit for Home Equity Conversion Mortgages from $417,00... Michael Branson (CEO ARMC) on 2/12/09
We keep getting calls from would be borrowers, their families and from other interested parties about the home purchase reverse mortgage program
asking if we know anything yet. We have more information than we
did last December, just not all the information we really need and not
all the infor... 2/25/2009 - Official $625,000 Reverse Mortgage Loan Limit
Mortgagee Letter 2009-07 Raises Limits to $625,500
The U.S. Department of Housing and Urban Development published Mortgagee Letter 2009-07, which officially raises the national limit for Home Equity Conversion Mortgages from $417,00... Click on Banner to get your copy today!
Covered in our free guide...
A Reverse Mortgage is a Big Decision but Is it The Right Decision For YOU?!
Frequently Asked Questions and Common Misconceptions.
Who Is All Reverse Mortgage Company and What Will We Do For You?
OK, How Do I ... Michael Branson (CEO ARMC) on 1/30/09
02/25/2009 - Official $625,000 Reverse Mortgage Loan Limit
Mortgagee Letter 2009-07 Raises Limits to $625,500
The U.S. Department of Housing and Urban Development published Mortgagee Letter 2009-07, which officially raises the national limit for Home Equity Conversion Mortgages from $417,00... Michael Branson (CEO ARMC) on 1/20/09 Call (888) 801-2762 Ext 1. to learn more
02/17/2009 News Following this Post:
Implementing the New $625,500 HECM Loan Limit
As most NRMLA
members know, the economic stimulus bill signed into law by President
Obama today raises the single national loan limit for HECMs to 150% of
the Fre... NRMLA (reversemortgage.org) on 1/14/09
02/25/2009 - Official $625,000 Reverse Mortgage Loan Limit
Mortgagee Letter 2009-07 Raises Limits to $625,500
The U.S. Department of Housing and Urban Development published Mortgagee Letter 2009-07, which officially raises the national limit for Home Equity Conversion Mortgages from $41... Michael Branson (CEO - ARMC) on 1/9/09
The Housing and Economic Recovery Act of 2008 was
signed into law by President Bush on July 30, 2008. Of the
sweeping provisions and changes contained within the legislation, one
of the long awaited changes was the Home Equity Conversion Mortgage
(HECM or “Heck-um”) for purchases. The pr... NRMLA (reversemortgage.org) on 12/17/08
NRMLA Status: Pending Mortgagee Letters
12/17/2008 Update from NRMLA (National Reverse Mortgage Lenders Association)
As part of our ongoing conversations with HUD, we want to alert you to
a few new developments.HUD is indicating that new Mortgagee Letters
(Mortgagee letter) r... Michael Branson (CEO - ARMC) on 12/9/08
Many people get very confused when they try to grasp the reverse mortgage and how they work. They look at the different interest rates, the mortgage insurance, the
servicing fees, principal limits, net principal limits and before long,
they just want to know the bottom line as they're so ... Michael Branson (CEO - ARMC) on 12/8/08
I
can almost hear it now, "This is an article written by a guy who does
reverse mortgages, There probably won't be any con's"! As passionate as we are about the reverse mortgage product, there are
some drawbacks in some instances and we make certain that we point out
the pro's and con's to a... Michael Branson (CEO - ARMC) on 12/5/08
According
to the Mortgage Bankers association, there are now a record 1.35
million homes in foreclosure. The delinquency rates also
rose to 6.99% which is up from 5.59% a year ago. Sub-Prime
loans which started the real estate delinquency problems, are still
leading the delinquencies a...
We specialize in Reverse Mortgages for both Purchase & Refinances.
A reverse mortgage enables senior homeowners to sustain their
retirement while living in the home and community they love. Contact us
for reverse mortgage purchase information and our no obligation reverse mortgage informationa... Michael G. Branson (CEO ARMC) on 10/29/08
Content provided in this article includes:
HUD issues Purchase Reverse Mortgage Eligibility
Key Notes from NRMLA - National Reverse Mortgage Lenders Association
Link to Purchase Reverse Mortgage Calculator
10/29/2008
Many
senior buyers and real estate agents ha... Michael G. Branson (CEO ARMC) on 10/28/08 2011 UPDATE: All Reverse Mortgage is .50-1% less than the banks with an all time low 4.50% Fixed Rate Reverse Mortgage! Received a no-obligation quote by email by completing our quote request form
Many senior borrowers who start looking into reverse mortgages... Michael G. Branson (CEO - ARMC) on 10/10/08 10/10/2008
Many
senior homeowners have been anxiously waiting for HUD to issue the
Mortgagee Letters so that lenders could implement the changes in the
Home Equity Conversion Mortgage (HECM or “Heck-um”)program
that came about as a result of H.R 3221. This legislation was passed on
July 3... Michael G. Branson (CEO ARMC) on 10/7/08 Over the last 8 days, the Dow Jones Industrial Stocks
have lost 13.6%, which is roughly 1,500 points. While
this does not qualify as the largest drop in stock prices in history,
it is hurting Americans who have money in the stock market and in
pension and 401K plans. According to the Associa... on 10/2/08
10/02/2008 -
"This morning, FHA Commissioner Brian Montgomery announced that the new
HECM nationwide loan limit (maximum claim amount) will be $417,000. The target effective date is November 1"
This
is a target date right now, not a set deadline. We still expect FHA to
increase the â... Michael G. Branson (CEO - ARMC) on 9/30/08
There is a new scam out involving reverse mortgages that everyone
needs to be aware of as it doesn't affect just
senior borrowers. It seems that in their effort to
constantly find a way to beat the system, there are some who are
looking for ways to use senior borrowers and reverse mortgages to... Michael G. Branson (CEO - ARMC) on 9/25/08
By now, if you have been watching the
news at all you've either read or heard all about
the bankruptcy of Lehman Brothers and the Sale of Merrill Lynch to Bank
of America. Many senior homeowners can find relief in the
fact that any of the funds that they may have had on deposit with
Lehman ar... Michael G. Branson (CEO ARMC) on 8/14/08 The passage of HR 3221 will bring many welcome and
positive changes to senior homeowners as they relate to reverse
mortgages. However, there are other things happening in the
marketplace that are not as welcome that can catch an unaware consumer
or Loan Officer by surprise. Reverse Mortgages h... Everbank (MetLife Annoucement) on 8/12/08 Key Components of the Housing Bill
1.) Lending Limits*
Maximum HECM (Home Equity Conversion Mortgage) Loan Limits have not
been resolved yet. HUD lawyers are currently working with
legislators to interpret the language in the new law.
There are 3 possible scenarios that could b... Michael Branson (CEO ARMC) on 7/30/08 Today, President Bush signed HR 3221 into law which has many significant effects on homeowners. The Bill, in its final form, covered a number of subjects that Congress had been trying to resolve from the modernization of FHA, to foreclosure assistance for homeowners, to the shoring up for Fannie Ma... NRMLA (reversemortgage.org) on 7/24/08 Late yesterday, the House passed HR 3221, the Housing and Economic Recovery Act of 2008, by a floor vote of 272 (yes) to 152 (no). This House version includes amendments that were negotiated since the passage of the Senate version two weeks ago.
The Bill will now go back to the Senate for a vote an... Michael Branson (CEO ARMC) on 7/17/08 Life doesn't hold too many real guarantees anymore. Seniors work hard their whole lives and expect to receive a pension and often those pension funds aren't available or the company closes and the individual is left looking for work late in life with no pension at all, starting over. Borrowers go ... Michael Branson (CEO ARMC) on 7/16/08 Fed Chairman Ben Bernanke spoke again today, this time about inflation, economic growth and the possibility of future rate hikes. A full story on the speech can be found on Wall Street Journal's Market Watch and basically what Bernanke is saying is that although the weak dollar is driving costs up a... Michael Branson (CEO ARMC) on 7/10/08 ATTENTION: SINCE THIS ARTICLE WAS PUBLISHED INDYMAC BANK OFFICIALS HAVE MADE THE FOLLOWING STATEMENTS "Customers of IndyMac's reverse mortgage subsidiary will retain unfettered access to their funds, Bovenzi said. Reverse mortgages provide elderly homeowners with either regular payments or a line o... Michael Branson (CEO ARMC) on 7/8/08 On July 5th 2008, Robert Powell of the Wall Street Journal online posted an article which quotes the Chief Executive of The Financial Industry Regulatory Authority (FINRA), Mary Schapiro, entitled Three Warnings for Hard Times¦Beware of Strategies
That Put Nest Egg at Risk. I really must admit th... Michael Branson (CEO ARMC) on 7/1/08 What better day to talk about obtaining your financial independence than on Independence Day?! I don't think our forefathers ever considered the right to a reverse mortgage when framing the Bill of Rights and our Constitution, but ever since 1988 when Ronald Reagan signed the bill authorizing the D... Michael Branson (CEO ARMC) on 6/9/08 If you have been reading the articles about jumbo or proprietary reverse mortgages available, you may be wondering what is going on. A jumbo or proprietary reverse mortgage is any program that is not the FHA, government insured Home Equity Conversion Mortgage (HECM or "Hek-um") or the Federal Nation... Michael Branson (CEO ARMC) on 5/20/08 Many people are not aware of all the opportunities available to senior borrowers with the Reverse mortgage program. For example, did you know that HUD does not require any title seasoning or seasoning for time off the market when doing a Reverse Mortgage? What exactly does this mean to senior borr... reversemortgage.org (NRMLA) on 5/12/08 Yesterday, the U.S. House of Representatives passed a comprehensive housing package comprised of two separate bills. The first bill, H.R. 3221, has as its centerpiece, an authorization of $300 billion in FHA refinancing to help homeowners facing trouble meeting their mortgage payments. New FHA-insur... www.reversemortgage.org (NRMLA) on 5/12/08 HUD Permits Borrower-Paid Counseling
Today, the U.S. Department of Housing and Urban Development published Mortgagee Letter 2008-12 to permit counseling agencies to charge seniors a fee for counseling services. HUD said the counseling fee should be reasonable and customary for the service provided ... Michael Branson (CEO ARMC) on 3/6/08 Being the age I am and having more than 32 years experience in the mortgage banking industry, I always choose fixed rate mortgages for my own financing needs. When the first fixed rate reverse mortgages came out, we received a lot of phone calls from borrowers who were very interested in also gettin... Michael Branson (CEO ARMC) on 3/6/08 As industry professionals, we often have an opportunity to sit in on conference calls on market trends and other things that affect reverse mortgages and the senior borrowers who get them. We were on one today that echoed something that we have been saying so it seems that it’s to a point wh... Michael Branson (CEO ARMC) on 3/5/08 Reverse Mortgage Loans are unlike traditional loans or forward mortgages in many ways. Even the costs are figured differently. Because a Reverse Mortgage is often paid to the borrower in monthly payments or in the form of a line of credit that the borrower can access as they choose, the origi... Michael Branson (CEO ARMC) on 3/5/08 I just finished reading yet another article on the internet by AP Economics writer, Martin Crutsinger, in which he states Sales of existing homes fell to the lowest level in nearly a decade in January while the median price for a home dropped for the fifth straight month. His article quotes t... Michael Branson (CEO ARMC) on 2/24/08 Article Update: $0 Closing Cost Reverse Mortgage options are now available! Click Here to Learn More! Reverse Mortgages are a very good tool for many senior borrowers to enable them to access the equity in their home while never having to make another payment as long as they live in those homes. Ho... Michael Branson (CEO All Reverse Mortgage Company) on 2/20/08
One of the things that we always explain to senior borrowers
when they ask about reverse mortgages is that they are non-recourse loans. The
next question is always, "What is a
non-recourse loan?" This is a very important feature of the reverse
mortgage and I want to take a moment to explain ... Michael Branson (CEO All Reverse Mortgage Company) on 2/8/08 Many senior homeowners have lived in their homes for a very long time, have no desire to move and have gotten reverse mortgages so that they can continue to live in their homes payment free for life while accessing their equity to help supply them with income or cash to meet their living needs. St... Michael Branson (CEO All Reverse Mortgage Company) on 2/4/08 Reverse Mortgages are a very good tool for many senior borrowers to enable them to access the equity in their home while never having to make another payment as long as they live in those homes. However, a Reverse Mortgage has always been a fairly expensive proposition, usually carrying a price tag... Michael Branson (CEO All Reverse Mortgage Company) on 1/30/08 Reverse Mortgages are not short term, hard money, bridge or balloon loans normally associated with the type of loans people are forced to get to stop a foreclosure proceeding. But for seniors aged 62 and over, a reverse mortgage can be a life-line that rescues the seniors in danger of losing t... Michael Branson (CEO All Reverse Mortgage Company) on 1/30/08 I just finished reading an article about a network news program that did a negative report on reverse mortgages, citing an incident in Los Angeles of a senior borrower who was talked into buying annuities that did not mature until the year 2033 without a substantial penalty. I saw the actual N... Michael Branson (CEO All Reverse Mortgage Company) on 1/30/08 I received a call from the son and daughter of a senior borrower today and they wanted to know if their mother could refinance her reverse mortgage loan. I answered them honestly that yes, she could, but had to ask why was she thinking about refinancing. The reason I asked for the borrower's m... Michael Branson (CEO All Reverse Mortgage Company) on 1/30/08 You've made the decision to get a reverse mortgage and you've heard that there is no income or credit qualifying so you think you will have no issues getting your loan. All you have to do is get your counseling, sign all the paperwork and you're set, right? Not exactly. There are some things... Michael Branson (CEO All Reverse Mortgage Company) on 1/30/08 Are you currently thinking about a reverse mortgage? Have you been told that with your property value, you really might be better off going with a jumbo or proprietary reverse mortgage, but you really wanted to get the government insured Home Equity Conversion Mortgage (HECM or "Heck-um")? Ha... Michael Branson (CEO All Reverse Mortgage Company) on 1/30/08 Did you know that if you are a senior borrower, aged 62 and over you can use a reverse mortgage to purchase a home as well as just to refinance your existing home? Many senior borrowers have heard about the benefits of paying off an existing mortgage with a reverse mortgage, that they never hav... Michael Branson (CEO All Reverse Mortgage Company) on 1/30/08 As I talk to borrowers and their families, I'm often asked what restrictions there are on the use of the funds from a reverse mortgage. The answer is simple, there are no requirements or restrictions on what you can do with your money, only restrictions against what you must do with the proceed... Michael Branson (CEO All Reverse Mortgage Company) on 1/30/08
I have seen a lot of good that Reverse Mortgages have done for senior borrowers. I've seen them change lives and living situations for the better. I've seen people come out of foreclosure with a reverse mortgage and never have to make another mortgage payment. But is there a time when a... Michael Branson (CEO All Reverse Mortgage Company) on 1/30/08
Since first offering reverse mortgages, I've often been asked, "How do I/we know if a reverse mortgage is right for me/us?" This is a question that has a different answer for different people. I always start with the same first response, "The first thing I would recommend is ... Michael Branson (CEO All Reverse Mortgage Company) on 1/30/08 You've made the decision to get a reverse mortgage and now you talk to a bank or mortgage broker and the representative is telling you that you have a choice of the Government Home Equity Conversion Mortgage (HECM or "Heck-um") or a Jumbo or "Proprietary Program". Is one better than the other?... Michael Branson (CEO All Reverse Mortgage Company) on 1/30/08 Many senior borrowers who start looking into reverse mortgages are not aware of it, but there is a fixed rate Home Equity Conversion Mortgage (HECM) available. The HECM or "Heck-um" as you may hear it called, is the government insured reverse mortgage program offered by lenders and insured by ... Michael Branson (CEO All Reverse Mortgage Company) on 1/30/08 Have you been considering a reverse mortgage but are just afraid of some of the negative things you've heard? There are some negative "myths" that senior borrowers have heard about this type of financing that simply aren't true and we're going to expose some of those here.
Myth #1
The... Michael Branson (CEO All Reverse Mortgage Company) on 1/29/08 There seems to be a new phenomenon in the mortgage world known as the reverse mortgage. The ads touting how they can improve quality of life are everywhere and if you're a homeowner, age 62 and over, you receive them in the mail almost daily. Then there are the articles warning that reverse m... Michael Branson (CEO All Reverse Mortgage Company) on 1/29/08 Many senior borrowers who start looking into reverse mortgages are not aware of it, but there is a fixed rate Home Equity Conversion Mortgage (HECM) available. The HECM or "Heck-um" as you may hear it called, is the government insured reverse mortgage program offered by lenders and insured by ... |
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