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2013 HECM Update: A Preview of Reverse Mortgage Changes Ahead

October 7, 2013     no comments

HECM Update: A Preview of Changes Ahead By Peter Bell, President and CEO We have been getting a lot of questions from members regarding the forthcoming changes to the HECM program, now that the Reverse Mortgage Stabilization Act has been signed into law. While many details remain to be ironed out, we thought we would provide the following update. The...
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What to Expect From The New Financial Assessment

September 30, 2013     no comments

BREAKING: April 27, 2015 – Reverse Mortgage Financial Assessment Begins! Learn More Here Update: HUD Delays Implementation of Financial Assessment Dec. 20--HUD issued a Mortgagee Letter this afternoon that delays implementation of financial assessment, which was scheduled for January 13, 2014. Conversations with HUD indicate we can expect another Mortgagee Letter on Financial Assessment Requirements sometime in January with implementation...
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OFFICIAL: HUD Releases 2013 Reverse Mortgage Changes

September 4, 2013     no comments

Changes to the HECM Program  This issue of Weekly Report is devoted to explaining the various reforms to the HECM program announced by the Department of Housing and Urban Development on September 3 in Mortgagee Letter 2013-27. Following is a detailed summary of the various changes: Initial Draw (effective date September 30, 2013) According to HUD’s analysis of the HECM...
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Reverse Mortgages are NOT a “Last Resort”

August 29, 2013     no comments

Historically, reverse mortgages were thought to be a solution only for people who found themselves “house rich” and “cash poor.” But today, the thinking has changed. Because a reverse mortgage allows the borrower to convert home equity into cash, either in the form of a lump sum payment, monthly installments or as a line of credit, the conventional thinking was...
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Tennessee’s #1 Rated Reverse Mortgage Lender (A+ BBB 5 Stars!)

August 16, 2013     no comments

Tennessee is turning into an attractive retirement destination thanks to the fairly recent introduction of retiree-friendly tax laws and an overall lower-than-average cost of living. If you live in Tennessee already or are thinking about moving to or within the state, here are some ways a reverse mortgage could help. The federally-insured Home Equity Conversion Mortgage (HECM)...
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Reverse Mortgage Lenders in South Carolina | SC Saves Thousands!

August 9, 2013     no comments

South Carolina is a popular retirement destination thanks to its lower-than-average cost of living, moderate climate, and high population of older adults. Whether you’re already a South Carolina resident or are considering moving there, here are some things to consider if you’re also thinking about using the reverse mortgage, which allows homeowners aged 62 and older to access their...
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Reverse Mortgage Lenders in Texas: Saving TX Seniors Thousands!

August 2, 2013     1 comment

If you are thinking about getting a reverse mortgage in Texas, there are a few things to know about why the loans are slightly different in Texas. As a reverse mortgage borrower and Texas resident, however, you will still be able to get a reverse mortgage under the Federal Housing Administration’s insurance program, which applies nationwide. You’ll face all of...
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Reverse Mortgage Stabilization Act Passes: What’s Ahead

July 31, 2013     1 comment

For all those who have been asking when we would know about the coming changes to the reverse mortgage program, hang on to your hat!  Late Tuesday, July 30th, the Senate passed the House Bill, H.R. 2167 which is known as the Reverse Mortgage Stabilization Act of 2013. The President is expected to sign the Bi-Partisan Bill.  The...
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Reverse Mortgage Appraisal Guidelines: Fees, Rebuttals & Disputes

July 11, 2013     no comments

Question from our reader: Hi, We were in the middle of a reverse mortgage with one company. We had done the required counseling but they could not find an appraiser to do our home. We are located just 20 minutes from the state Capitol in Sacramento, CA. Finally after about 3 weeks of pushing an appraiser showed up...
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Reverse Mortgage Pros Cons Reexamined for 2013

July 3, 2013     no comments

A reverse mortgage can help improve your financial situation if you are at least 62 years of age, have a substantial amount of home equity and are looking to improve cash flow in retirement. But this type of loan is not for everyone—like any long-term financial decision, it’s important to consider the pros and cons of reverse mortgages before...
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