Author Archives

Imminent Changes to Reverse Mortgage Guidelines / Qualifications

November 4, 2011     2 comments

BREAKING: April 27, 2015 – Reverse Mortgage Financial Assessment Begins! Learn More Here UPDATE! Financial assessment has been postponed until 3rd quarter 2012 If you have any questions, please contact us immediately as time is very short before the requirements will be in effect. Toll Free (800) 565-1722 or request quote here »   In an effort to protect reverse mortgage...
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Relocate with a Reverse Mortgage for Home Purchase

October 14, 2011     5 comments

As they age, many seniors gravitate toward warmer climates, family, or retirement-friendly areas, but dwindling income may make it difficult to relocate. The circumstances are ideal for considering a Reverse Mortgage for Purchase loan. This program allows people aged 62 or older to buy a house that they will use as their primary residence, using the proceeds from a Reverse...
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Reverse Mortgage Lenders: Who Can You Really Trust?

October 4, 2011     no comments

Here are some statements I received just today from a few different borrowers by email and on the phone. "I talked to XYZ reverse mortgage lender and he says that if everyone else has me getting less than $8,000 dollars and you have me at $11,000, then you are doing something wrong". Another gem, "I was talking to XYZ, he...
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Reverse Mortgage Limit of $625,500 Until December 31, 2011

August 19, 2011     no comments

In Mortgagee Letter 11029 HUD announced that they will extend the current reverse mortgage Loan Limit of $625,500 on the Home Equity Conversion Mortgages (HECM or "Heck-um") from its current date of expiration of September 30, 2011 to December 31, 2011. The letter states that HUD does leave an opening for the fact that legislation may be enacted to extend...
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Reverse Mortgage with Spouse Under 62 Leaves Vulnerability

July 28, 2011     23 comments

NEWS: FHA Now Allows Non-Borrowing Spouses to be Protected - Click Here! Dear All Reverse, My husband qualifies but I am under 62 and unable to go on the reverse mortgage with him. (Age 55) I'm told that in order for my husband to be eligible for a reverse mortgage my name would have to be removed from the deed...
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Wells Fargo Closes Reverse Mortgage Lending

June 16, 2011     5 comments

Developing Story on Wells Fargo Reverse Mortgage: On August 3, AARP filed another lawsuit, as a purported class action, against Wells Fargo and Fannie Mae, challenging their HECM loan foreclosure practices. Under prior HECM rules (Mortgagee Letter 08-38, December 5, 2008), lenders required heirs of borrowers to pay off the full loan balance upon maturity of HECMs when the loan...
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All Time Low 4.00% Fixed-Rate Reverse Mortgage

May 5, 2011     no comments

All Reverse Mortgage® is an Award-Winning HUD Approved Direct Lender. Compare our NEW 3.99% (5.72%APR) Fixed Rate and Save Thousands! - Request Free Quote! - Reverse Mortgage interest rates available for some reverse mortgage loans are the best they have ever been on the Home Equity Conversion Mortgages (HECM or "Heck-um"). The fixed rates just announced today for the...
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Wells Fargo Reverse Mortgage Complaints – RELS Appraisal Practices

April 7, 2011     34 comments

Wells Fargo News 06/16/2011: Wells Fargo Closes Reverse Mortgage Lending » We have a problem. My wife and I started a reverse mortgage with Wells Fargo and after almost 65 days, we still didn't have approval. We called our agent and when he does take the call or calls us back - which is rare - he says everything is...
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Unintended Consequences of Dodd-Frank Mortgage Reform

March 29, 2011     1 comment

I just do not get it. Our Congress keeps writing regulations that do not make sense in so many different ways, all under the guise of "helping" borrowers of the mortgage banking industry but they just keep making things worse. Let's talk about just 3 things that have gone into effect in the past 24 months that have hurt borrowers...
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Reverse Mortgage Costs to Rise with Dodd-Frank Financial Reform

March 9, 2011     no comments

Everyone affiliated with the Mortgage industry should be aware of the upcoming changes regarding Loan Officer Compensation that are set to take effect on April 1, 2011 and the negative impact they will have on the consumer. Simply, the law restricts Loan Originators from earning an Origination Fee and YSP (Yield Spread Premium) on a transaction simultaneously. What this does...
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