Delaware’s top reverse mortgage lenders thru April 2007 according to American Community Survey
. The following table shows Delaware’s top 10 originators of HUD HECM (Reverse Mortgage) loans.
| Top Delaware HECM Lenders |
HECM
Loans
2007 |
| WELLS FARGO BANK NA |
53 |
| FINANCIAL FREEDOM SENIOR FUNDI |
53 |
| WILMINGTON SAVINGS FD SOCIETY |
53 |
| DELAWARE FINANCIAL CAPITAL |
32 |
| ACADEMY MORTGAGE LLC |
12 |
| AIG FEDERAL SAVINGS BANK |
6 |
| CARTERET MORTGAGE CORPORATION |
4 |
| HARVARD HOME MORTGAGE INC |
4 |
| AMERICAN HOME BANK NA |
4 |
| PACIFIC REVERSE MORTGAGE INC |
3 |
| GATEWAY FUNDING DIVERSIFIED MT |
3 |
| MORTGAGE NETWORK SOLUTIONS LLC |
3 |
| BNY MORTGAGE COMPANY LLC |
3 |
| LIVE WELL FINANCIAL INC |
2 |
| NETWORK FUNDING LP |
2 |
| SAVINGS FIRST MORTGAGE LLC |
2 |
| ACRE MORTGAGE & FINANCIAL INC |
2 |
| COMMERCE BANK NA |
2 |
| REDWOOD CAPITAL INC |
2 |
| FIRST MARINER BANK |
2 |
| AMSTON MORTGAGE |
1 |
| NFM INC |
1 |
| AMERICAN HOME LOAN INC |
1 |
| LINCOLN MORTGAGE COMPANY |
1 |
| MID ATLANTIC CAPITAL LLC |
1 |
Written by charles dennis on August 27th, 2007 with no comments.
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After a decade of retirement, John and Stella Dohrer were increasingly feeling squeezed financially as living costs edged upward year after year.
The Mesa couple weren’t starving, but their Social Security payments weren’t always enough to meet monthly insurance costs.
So earlier this year, they tapped into the equity built up in their modest townhouse on University Drive using a reverse mortgage.
“It’s just been something good for us that gets us over the hump every month,” said Stella Dohrer, 78. (more…)
Written by charles dennis on August 27th, 2007 with no comments.
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REVERSE MORTGAGE: Designed to strengthen senior citizens’ personal and financial independence, these loans allow homeowners to convert the equity in their home into cash. Any existing mortgage is paid off and homeowners don’t make any payments to the lender as long as they live in the house.
• Pros: Proceeds are tax-free as long as the property owner lives in the home. There are no income or credit requirements to qualify and equity may be drawn through monthly payments from the lender to the homeowner or as a credit line.
• Cons: Though the property may be passed on to the homeowner’s heirs, money received from a reverse mortgage is payable to the lender when the property owner leaves permanently. All the fees are paid for upfront.
• Most suited for: A senior looking to shore up his or her personal independence who has amassed a lot of equity in his or her home and expects to be there for at least three years or more.
• Least suited for: Someone looking to fill short-term borrowing needs.
AJC
Written by charles dennis on August 3rd, 2007 with no comments.
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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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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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