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Last Call for Fixed-Rate HECM Standard Reverse Mortgages

March 7, 2013     1 comment

The time frame is running out for the Standard Fixed Rate version of the reverse mortgage program known as the Home Equity Conversion Mortgage (HECM or “Heck-um”). HUD announced that the last day that they will issue Case Numbers for this program is prior to April 1st, however borrowers must be aware that the 2 days leading up to April 1st are Saturday & Easter Sunday, thus making the last available day to return your application and signed counseling certificate Friday March 29th. All loans with assigned case numbers must... Read Full Article

When Reverse Mortgage Counseling Agencies Go Wrong

February 20, 2013     1 comment

Before I even start this article, I want to admit that I have never been through HUD Counselor training and I do not know what the counselors have  been trained to say and what not to say.  I can say that only last week, HUD came out with a reminder to all reverse mortgage lenders and originators that they were not allowed to become involved in any way with the counseling, including assisting with making the appointment to even recommending a counseling agency. The idea behind the mandate is... Read Full Article

Reverse Mortgage Lenders in New Jersey: Saving NJ Seniors Thousands!

February 15, 2013     no comments

As baby boomers begin to reach their senior years in droves, the percentage of seniors in many states is well over 10% and counting. And New Jersey is no exception. The state of New Jersey counts about 1.19 million people aged 65 and older according to the last full Census taken in 2010. That number constitutes 13.5% of the overall state population and is expected to continue growing over the course of the next decade. For many older households approaching retirement or already in retirement, costs are rising as income... Read Full Article

Reverse Mortgage Lenders in Pennsylvania: Saving PA Seniors Thousands!

February 8, 2013     no comments

As the baby boomers head toward retirement age, the United States’ population is becoming decidedly grayer, and that’s especially true in Pennsylvania. The 65+ population in Pennsylvania comprises 15.6% of the overall state population according to 2011 U.S. Census Bureau data—higher than the 13.3% belonging to this age group throughout the country. In the next couple of decades, nearly one in five Americans will be 65 or older, but as the population ages, many seniors are struggling to make ends meet, or are facing the prospect of not having enough... Read Full Article

Reverse Mortgage Lenders in Florida: Saving FL Seniors Thousands!

February 2, 2013     3 comments

Like most states, Florida allows borrowers to get any of the reverse mortgage products available under programs offered by the Federal Housing Administration. Because reverse mortgages are offered only to people who are ages 62 and over, Florida—which counts more than 17% of its population in the 65-plus age group—is one of the most popular states for reverse mortgage loans. Ranking fourth for reverse mortgages behind California, Texas and New York, Florida is known historically as a retirement destination because of its mild climate and also the fact that many... Read Full Article

OFFICIAL: Fixed-Rate Standard Reverse Mortgage Elimination Date

January 30, 2013     2 comments

April 1st Deadline Approaching: Apply Online Now After much anticipation, HUD has finally announced their exact time frames for the elimination of the Fixed Rate Standard Home Equity Conversion Mortgage (HECM or “Heck-um”).  For all new FHA Case numbers issued on or after April 1, 2013, any borrower who still wants a fixed rate loan will be limited to only the Saver Program.  HUD also stated that all fixed rate Standard loans must close on or before July 1, 2013. The Saver Program does not give borrowers access to as... Read Full Article

2013 Update: Reverse Mortgage Purchase in Texas Still Coming…

January 18, 2013     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 President & CEO Peter Bell presented an award to Scott Norman, Vice President at Sente Mortgage, for his efforts to get Proposition 5 passed. Norman indicated in a separate email... Read Full Article

Reverse Mortgage Lenders in California: Saving CA Seniors Thousands!

January 4, 2013     no comments

If you live in California and are looking into getting a reverse mortgage, there are a few specifics to consider based on the state where you live. It’s first important to remember that Home Equity Conversion Mortgages are insured by the Federal Housing Administration on a national level. This means that all borrowers who take out an FHA-insured loan are guaranteed the same protections regardless of the state where they live. But in a few states, including California, there are some additional overlays and differences to consider. Here... Read Full Article

Reverse Mortgages may be Saving the Government BILLIONS.

December 22, 2012     no comments

Reverse mortgages were designed to help senior homeowners age in place. While they accomplish that goal for thousands of people today, there’s also a big picture benefit to the reverse mortgage program as a whole: It saves government money on entitlement programs such as Supplemental Security Income and Medicaid. In fact, by some estimates, reverse mortgages could save as much as $5 billion a year—or more—in Medicaid spending. “In this evolving trend toward fiscal responsibility, it isn’t just that we help seniors,” says John Mitchell, owner and founder of Austin, Texas-based Reverse Mortgage USA. Mitchell published... Read Full Article

2013 Reverse Mortgage Loan Limits – $625,500 Extended

December 7, 2012     no comments

OFFICIAL: FHA Announces Fixed Rate Standard Reverse Mortgage Elimination Date.. On December 6, 2012, HUD issued Mortgagee Letter 12-26 which among other things, announced the extension of the $625,500 maximum limit on the Home Equity Conversion Mortgage (HECM or "Heck-um") program. The lending limit shall remain at 625,500 through December 31, 2013. Excerpts from that Mortgagee Letter appear below: This means that borrowers who own homes valued above $417,000 will continue to be able to realize more of that additional value in their reverse mortgage request. Since the borrowers' eligibility... Read Full Article