It is not often that web readers are afforded a chance to learn about a contrarian point of view in regards to reverse mortgage benefits. I found this article to be interesting.
Reverse Mortgages are gaining more and more steam due to the vast amount of benefits and heavy regulation in the industry.Despite the various benefits of a reverse mortgage, it is crucial to consider its drawbacks prior to securing one.
When the homeowner dies or permanently moves out of his home, the home will need to be sold in order to pay off the mortgage. The mortgage will be due at this time, in a lump sum. If the homeowner or his (more…)
Written by charles dennis on July 24th, 2007 with no comments.
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News organizations and wire services are increasingly covering more news and information involving reverse mortgages and that is good news for the consumer. Now there is a greater collection of information that can be used in the research of selecting whether or not a reverse mortgage is good for you or not. Here is a recap of some of the latest news that I have read.
Written by charles dennis on July 23rd, 2007 with no comments.
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I know I have not been updating much lately, I have been super busy attending conferences and meeting with new lenders. However I am back and have some good information to share in the coming posts. Thanks for reading.
Written by charles dennis on July 23rd, 2007 with no comments.
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Senate appropriators have approved a Department of Housing and Urban Development spending bill that includes $100 million for foreclosure prevention counseling.
Sen. Charles E. Schumer, D-N.Y., said the $100 million will go to nonprofit counseling agencies that work with borrowers who are trapped in unaffordable subprime loans. “The current situation in the subprime mortgage market is untenable,” Sen. Schumer said. “The more we do to help solve it, the fewer families will be faced with losing their homes because of bad loans and dubious mortgage brokers.”
Sen. Schumer and two fellow Democrats — Sens. Robert P. Casey Jr. (Pa.) and Sherrod Brown (Ohio) — have co-sponsored a bill that would provide $300 million for foreclosure prevention counseling and clamp down on certain kinds of subprime lending.
The HUD appropriations bill also increases the loan limit on FHA-insured multifamily mortgages and suspends for one year a cap on the number of reverse mortgages the FHA can insure.
Written by charles dennis on July 18th, 2007 with no comments.
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A great study from the Brookings Institute entitled, Linking Reverse Mortgages and Long-Term Care Insurance was released and is a great read for understanding general relationships between two of the most talked about topics in the baby boomer community.
Snapshot:
As the retirement of the baby boom generation approaches, policy makers are considering ways to better prepare seniors for their retirement and long-term care needs. One idea that has received recent attention is linking reverse mortgages to the purchase of private long-term care insurance. Regulations to implement legislation passed in 2000 encouraging this linkage are expected to be released in the spring of 2004. This issue brief explains the fundamentals of reverse mortgages and long-term care insurance and outlines the opportunities and challenges with the linkage.
Read the Adobe Acrobat file here.
Written by charles dennis on July 18th, 2007 with no comments.
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Ever wondered about the “gamble” of the reverse mortgage? You know many reverse mortgage lenders are trained to tell their clients that their equity payments will last their “entire” life time. The Department of Housing and Urban Development has compiled a report and above are some of the survival stats for the HECM loan. See full report on termination stats here: Home Equity Conversion Mortgage Terminations
Written by charles dennis on July 8th, 2007 with no comments.
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New data from the Department of Housing and Urban Development (HUD) reveals that more than 300,000 seniors have used the federally-insured Home Equity Conversion Mortgage (reverse mortgage) program to generate cash without the necessity of selling or leaving their home.
More than 76,000 seniors obtained a reverse mortgage through HUD last (more…)
Written by charles dennis on July 8th, 2007 with no comments.
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