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OFFICIAL: FHA Announces Fixed Rate Standard Reverse Mortgage Elimination Date.. We have been hearing for a little while now that the Home Equity Conversion Mortgage (HECM aka "Reverse Mortgages") was going to have to undergo some changes as a result in the shortfall in the FHA's budget. The FHA shortfall turned out to be over $16 Billion and the HECM... Read Full Article
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OFFICIAL: FHA Announces Fixed Rate Standard Reverse Mortgage Elimination Date.. You may have seen recent headlines about the Federal Housing Administration being in the “red,” as a result of the housing crisis. A recent audit of the FHA’s financial position found its net worth adds up to a negative figure, and thus will result in changes to the agency’s various... Read Full Article
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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... Read Full Article
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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... Read Full Article
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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... Read Full Article
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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... Read Full Article
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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... Read Full Article
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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... Read Full Article
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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... Read Full Article
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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... Read Full Article
This material has not been reviewed, approved, or issued by HUD, FHA, or any government agency. All Reverse Mortgage, Inc. is an independent company and is not affiliated with, acting on behalf of, or endorsed by HUD/FHA or any government agency. This content is for educational purposes and is not tax advice. Reverse mortgage programs may not be available in all states.
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