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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 portfolio, loans where all or a substantial portion of the loan proceeds are disbursed at closing have a higher tendency to end in technical default. The reforms announced by HUD... Read Full Article

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 that retirees could seek a reverse mortgage after their other savings and income options had been exhausted. Many advised the use of a reverse mortgage as this “last resort.” That... Read Full Article

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) program allows homeowners aged 62 and older to access the equity in their homes in the form of a non-recourse loan. Borrowers can receive loan proceeds in a few... Read Full Article

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 home equity in the form of a non-recourse loan: 1. Cost of Living Reverse mortgage proceeds can be used for many objectives, ranging from paying off an existing... Read Full Article

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 the same rules and you’ll have all of the same protections offered as you would in any of the other 49 states. The Basics With the exception of... Read Full Article

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 legislation empowers HUD to make changes to the reverse mortgage program more quickly by use of Mortgagee Letters allowing them to more closely monitor the program and make any changes... Read Full Article

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 on a Friday and was in a hurry to get it done. Weeks passed while we kept asking our loan officer about the appraisal. Finally, we gave up and asked... Read Full Article

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 taking one out. In 2013, there are several new considerations that should come into the decision making process, as well. Today we reexamine the reverse mortgage pros cons of 2013.... Read Full Article

How Rising Reverse Mortgage Rates Lower Principle Limit Factors

June 21, 2013     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! -  We have had such low rates for so long that we have all come to take them for granted.  We had borrowers call back on proposals that they received as much as a year prior to their second call in some instances and the numbers had not changed…but that is all changing now!  Interest rates are rising and it started slowly even before the other... Read Full Article

FHA May Soon Discontinue Reverse Mortgage Lump Sum Payout

June 14, 2013     3 comments

Reverse Mortgage Borrowers are about to see some major changes with a possible elimination of the lump sum payout option.  The House of Representatives just passed a Bill (REVERSE MORTGAGE STABILIZATION ACT OF 2013) which allows HUD to make some major changes to the Home Equity Conversion Mortgage (HECM or “Heck-um”) which is better known as the government-insured reverse mortgage. HUD was under pressure from the House and the Senate to explain and minimize losses to the HECM program and this move is being made to allow HUD the authority to make... Read Full Article