Author Archives

MMI Fund Under Stress forces HUD to Make Changes

November 19, 2012     no comments

OFFICIAL: FHA Announces Fixed Rate Standard Reverse Mortgage Elimination Date.. Nothing Stays the Same but Change. It's more than just a song.. especially in the world of reverse mortgages. Just when the rates are at the lowest in the history of the program for some of the products, the costs to borrowers are at their lowest for some programs and...
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Reverse Mortgages on Modular Homes & Commercial Use Now Eligible

November 2, 2012     2 comments

All Reverse Mortgage is pleased to announce enhancements to our reverse mortgage guidelines in the following areas: Modular Home Eligibility Modular homes are an eligible property type. Definition: A modular home is constructed of pre-made parts and unit modules that are transported on a flatbed truck from the factory to the building site. At the building site, these house sections are...
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Reverse Mortgage vs HELOC: Side-by-Side Comparison

October 23, 2012     no comments

I would like to know how a "line of credit" would work compared to a HELOC.  I owe a 2nd on my home for approx. 9,000.00.  The first will be paid off in Dec. 2012.  My home NOW is worth approximately $210,000.00.  The 2nd is with Chase Home Equity. I would like to ONLY borrow enough at times on the...
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Purchase Reverse Mortgages in Texas Are Coming Soon…

October 22, 2012     no comments

Update: 11/08/2013 Prop 5 Passes in Texas, But Implementation May Take Longer Proposition 5 passed by a wide margin this week, paving the way for HECM for Purchase to be offered in Texas. To pass, Prop 5 needed approval by 51 percent (50% plus 1) of voters, but the final tally was 62 percent. During the NRMLA Business Meeting, NRMLA...
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Tax & Insurance Defaults Will Change Reverse Mortgages

October 19, 2012     12 comments

We just returned from the National Reverse Mortgage Lenders Association (NRMLA) annual meeting at which we were able to listen to several speakers from HUD who spoke about the reverse mortgage and some of the challenges they are having with the program.  Seems that they are very concerned with the high number of tax and insurance defaults from many borrowers.  The...
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Which Presidential Candidate is Better for Reverse Mortgages?

October 5, 2012     2 comments

The clock is ticking down to the 2012 presidential election as Republicans and Democrats battle for control of the White House. Looking at senior-related issues, both candidates’ plans for Medicare are getting a lot of coverage, but another topic that’s also garnering attention is the ability for seniors to age in place. While reverse mortgagesaren'tspecifically on either candidate’s platform, they...
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Reverse Mortgage Celebrities: Fred Thompson & Henry Winkler

September 14, 2012     9 comments

If you were channel-surfing recently and caught a glimpse of the Fonz (a.k.a. Henry Winkler) on TV, chances are it wasn't a rerun of Happy Days—it was a reverse mortgage commercial. That’s right: In addition to acting and authoring children’ books, Winkler has added ‘spokesman’ to his resume. The product he’s endorsing is the reverse mortgage, which allows homeowners aged...
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Purchase in Today’s Top-10 Retirement Cities

August 31, 2012     no comments

You may know that a reverse mortgage allows you to withdraw funds from the home equity you have built over time to help improve the quality of life in retirement. What you may not know is that you can also use a new kind of reverse mortgage to purchase a home in one of the top retirement destinations in the...
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New Study Shows Reverse Mortgage Saver as Retirement Savior

August 27, 2012     no comments

While historically, financial planners have taken a mixed public view on reverse mortgages, recent research conducted by figureheads in the financial planning community, in conjunction with Texas Tech University, indicate the population may be in for a sea change. Further, they are pointing to a fairly new way to use reverse mortgages: as a standby cash flow means that can...
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Lowest Reverse Mortgage Closing Costs for Short Term Needs

August 24, 2012     no comments

All Reverse Mortgage® is an Award-Winning HUD Approved Direct Lender. Compare our NEW $0 Orig. Fee Plans and Save Thousands! - Calculate Your Loan Now -  My sisters and I are helping our oldest sister. She's a 66-year old widow and is suffering from early dementia. She has a large financial obligation with the IRS and lives solely on her Social Security income....
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