Georgia’s Top Reverse Mortgage Lenders

Georgia’s top reverse mortgage lenders thru April 2007. Look for Financial Freedom’s lead to fall as the year goes on with Bank of America and Countrywide making noise at the party.

Written by charles dennis on May 30th, 2007 with no comments.
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Sun West Cash Keeper Reverse Mortgage Rates and More

Sunwest a mortgage company located in California, has introduced their own proprietery reverse mortgage called the Cash Keeper. Seniors can use this loan for 2nd homes, oh my! Sunwest says, “This special type of home loan lets homeowners convert a portion of his or her home equity into cash providing for a secure financial future. Without selling the home, giving up title, or taking on a new monthly payment senior homeowners have the benefit of maintaining a lifestyle they have earned. The money from the reverse mortgage provides seniors with the financial security they need to fully enjoy their retirement years.”
Cash Keeper™ Features:

• Based on 1-Month Libor Rate
• 6% lifetime cap, no monthly/annual cap

(more…)

Written by charles dennis on May 23rd, 2007 with no comments.
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Ginnie Mae uses data to create new reverse mortgage

Borrowers are more likely to be single females who terminate slowly.

May 18, 2007 A study of the timing of reverse mortgage terminations has been completed that provides the information necessary for Ginnie Mae (Government National Mortgage Association) to issue its first HECM Mortgage-Backed Security (HMBS) this year. The Ginnie Mae HMBS will allow approved issuers to securitize and sell FHA-insured reverse mortgages in the form of a Ginnie Mae security.

The study, published by the U.S. Department of Housing and Urban Development’s (HUD) Office of Policy Development and Research (PD&R), analyzed 16 years of Home Equity Conversion Mortgage (HECM) loan level data. The HECM is the Federal Housing Administration’s (FHA) reverse mortgage product.

“This groundbreaking research will enhance the development of a secondary market for HECMs; it provides keen insights regarding the timing of HECM loan terminations; and, will greatly assist secondary market participants in assessing HECM loan performance,” said Robert M. Couch, President of Ginnie Mae.

The study by Edward J. Szymanoski, (more…)

Written by charles dennis on May 19th, 2007 with no comments.
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Pension and Social Security not enough for many

WCAX-TV recently interviewed soon to be retiree Sally Rice. Check out the interview here.

Sally’s contention like many is that retirement and pension payments may not be enough to live in this day and age when inflation and costs of living increases far outperforms many peoples current rate of return, if any return exist at all. While Reverse Mortgages are a great solution for many, the real issue that must be confronted is preparing for retirement for those that have had a late start or no start at all. As the interview points out:

“As the boomers get into retirement, and they start realizing that they want to do more… they want to stay active, and they’re on a fixed income suddenly, the reverse mortgage is a tool,” said Scott Funk, a reverse mortgage broker from Richmond.”

You can also catch the interview of Sally’s interview here.

Written by charles dennis on May 14th, 2007 with no comments.
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Mortgage Fraud - The Appraiser’s Role

DirtLaw Blog has a very interesting post regarding the uptick in Mortgage Fraud:

As real estate values have risen, so too has the wealth of elders who have owned their homes for many years. Additionally, as they have retired from the work force and have more time — they are more likely to answer telephone cold calls or read their “junk mail” advertising mortgage schemes.

Often, elders are receptive to the thought of converting the equity in their home into an income stream and think the “reverse mortgage” sounds right for them.

Not surprisingly, most of the time the “reverse mortgage” solicitication is an outright scam, where the fraudster takes title to the home, either in his or her name or LLC or through a straw buyer with good credit. The elder is fed a volume of confusing information and at close of escrow believes he or she is going to receive payments from this “reverse mortgage loan” or that somehow the home will be deeded back to them. Read More.

Written by charles dennis on May 11th, 2007 with no comments.
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NextSteps: Reverse mortgage one way to help retired couple

But the FHA-insured reverse mortgage, available to homeowners age 62 and over who live at home, allows seniors to transform home equity into monthly income streams and/or credit lines, depending on family needs. The mortgage is repaid when the senior no longer occupies the residence.

While tapping home equity to meet current needs and quality of life may not be the option of choice for many seniors — because that is not how they were raised — for folks like our reader’s parents, a reverse mortgage may be the best solution. Read More:

Written by charles dennis on May 4th, 2007 with no comments.
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Bank of America’s Reverse Mortgage Acquisition Is Well-Timed

Amid continued upheaval in the housing market, Bank of America Corp.’s foray into reverse mortgage lending is about the safest bet it can make, economists said.

Last week, the Charlotte, N.C.-based bank agreed to purchase Reverse Mortgage of America, a division of Seattle Mortgage Co., for an undisclosed amount. When the deal closes later this quarter, the unit will function under the masthead of BofA’s home equity group, which has remained a frontrunner in home equity, with $90 billion in outstanding balances. Read More:

Written by charles dennis on May 3rd, 2007 with 1 comment.
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