Silverboat.com Introduces Socially Responsible Lending for Seniors … - MarketWatch
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Silverboat.com Introduces Socially Responsible Lending for Seniors …
MarketWatch - "Potentially troubling," concedes Peter Bell, President of the National Reverse Mortgage Lenders Association (NRMLA), is the wave of unscrupulous players … |
Titan Lenders Corp and Bay Docs Partner on HECM Outsource Service - MarketWatch
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Titan Lenders Corp and Bay Docs Partner on HECM Outsource Service
MarketWatch - According to Kladde, Titan Lenders Corp will absorb any cost or fees related to errors in its delivery of reverse mortgage services to lenders. … Reverse mortgages set record, new loan limit eyed |
A lift for reverse mortgage market - HeraldNet
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A lift for reverse mortgage market
HeraldNet, WA - Reverse mortgages are originated largely by private lenders. Most are members of the National Reverse Mortgage Lenders Association (www.reversemortgage.org) … Ins and outs of reverse mortgages |
Reverse mortgage turns home equity into cash - Centre Daily Times
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Centre Daily Times, PA - Oct 22, 2008
None of your other assets will be affected by HUD’s reverse mortgage loan. Q: Can a lender take my home away if I outlive the loan?
A: A reverse mortgage is a special type of home loan that lets a homeowner use a portion of the equity in his or her home and convert it to cash. Unlike a traditional mortgage and home-equity loan, there is no repayment required until the borrowers no longer use the home as their principal residence. This program is federally insured and is a program sponsored by the Department of Housing and Urban Development.
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For Seniors, Safeguarding Your Pension From The Credit Crunch
AIG-LOGO
What if your pension was through AIG, of Merrill Lynch or some other recently folded financial institution? Are your funds secure? I have spoken with dozens of seniors and soon to be retirees that have no idea if their nest egg will even be around next week, let alone next year. Ignorance in times of fear is almost as bad as alcohol and car keys. Educate yourself. CNN senior editor Walter Updegrave, recently calmed the fears of one such senior that wondered if they should withdraw their funds and place them in a safer place? Great question in today’s uncertain times.
Question: I have $100,000 in an annuity with AIG that my mom and I depend on for income to live. Should I cash it out even though I would suffer a loss, or do you think I should hold onto it? It’s so hard to know what to do. —Kitty Schwartz, Plano, Texas
Answer: Most people buy an annuity at least in part because they see it as a refuge, an investment they can count even if the financial markets are spiraling downward. But that faith has been tested in recent weeks.
The government needed to step in to cover the debts of AIG, the nation’s largest insurer, and the health of many other major insurers has been called into question.
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Reverse Mortgages Set To Grow
As the U.S. economy on a macro level and consumer loans on a micro level desperately seek sound footing, one sector of the mortgage market continues gain momentum. In a recent report by the Wall Street Journal, we see that the recent passing of federal regulation of reverse mortgage limits increasing should afford seniors some much needed relief in accessing their home’s equity. Starting November 1st, the limits will jump and fees will drop.
Up to now, those applying for the federally insured loans that make up about 90% of this market could borrow against the lesser of either their home’s value or a limit that ranges from $200,000 to $362,790, depending on location. But the limit is slated to rise to $417,000 nationwide under the new rules. The older the homeowner, the more he or she can generally borrow.
Those borrowing more than $200,000 also will see their fees decline. While homeowners currently pay a 2% origination fee on these loans, under the new law they will pay 2% on the first $200,000 and 1% on the rest, with the total origination fee capped at $6,000.
Now if housing could only stabilize long enough for the major banks to filter out quality loans from poor performing loans, many seniors would find the access to funds that they are desperately seeking. Lower fees are good for all parties. But a friend of mine recently sent me an article, asking if the government should be helping “wealthy” seniors at all.
