Archive for December, 2008
Biggest Advantage of a Reverse Mortgage
As I shift through the internet to find solid information related to reverse mortgages to present on this site, I often find a lot of noise. Noise meaning meaning many people make claims regarding advantages and disadvantages but there is very little information that is universally standard. As I usually advice on this blog, before [...]
IndyMac’s Reverse Loan Unit May Be Sold Before 2009
In a recent article in Forbes a group of private investors are fast approaching a deal that could place IndyMac back into private hands before the New Year. While many of IndyMac’s assets were poor performing, the reverse mortgage unit is one of the crown jewels remaining of the now defunct bank.
IndyMac Bancorp assets may be [...]
Refinancing Existing Home Equity Conversion Mortgages (HECM) and Revision
From the HUD Letter Series
TO: ALL APPROVED MORTGAGEES
ALL FHA APPROVED HOUSING COUNSELING AGENCIES
SUBJECT: Refinancing Existing Home Equity Conversion Mortgages (HECM) and Revision
to the HECM Calculation Software–Single Family
This Mortgagee Letter informs Mortgagees and Housing Counseling Agencies that provide HECM Counseling of statutory changes to the Federal
Properties Not Eligible for Reverse Mortgages
According to HUD, there are several types of housing units that are not eligible for a HECM or Reverse Mortgages. Primarily older manufactured homes are not eligible with a couple of other types you would not think about on a normal basis.
Cooperative units
Newly constructed residence where a Certificate of Occupancy or its equivalent has [...]
Reverse Mortgages Used To Pay For Retirement
As America braces for yet another round of mortgage meltdowns, the equity that many seniors depended on to retire is fast shrinking. But as retirement account values fall, seniors need to find a way to fill in the gap.
Even more seniors struggling to pay their bills may consider reverse mortgages next year. A survey [...]
National Reverse Mortgage Counselor Network
These names have been approved by HUD.
Increasing demand for HUD’s HECM product by senior citizens, has put pressure on the counseling industry to meet the demand for the required counseling. To make sufficient quality Home Equity Conversion Mortgage (HECM) counseling available, HECM counselors from the below agencies are permitted to provide face-to-face and telephone counseling [...]