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July 18th, 2007

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One year suspension of Reverse Mortgage Caps

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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Linking Reverse Mortgages and Long-Term Care Insurance

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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