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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 Mortgage (Home Equity Conversion Mortgage) obtained on the new house, and eliminating the need for conventional mortgage payments. This is key, as many older homeowners who are looking to move... Read Full Article

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 says that other lenders low-ball the interest just to get a client hooked and the industry standard is 5.06%. He says that the interest rate that you quote will be... Read Full Article

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 current limits and if that does take place, HUD will publish another Mortgagee Letter to further define the new limits and dates based on that legislation. The Mortgagee Letter pertains... Read Full Article

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 because I am not 62. As a spouse this concerns me. I would like to keep my name on this important legal document. My husband expects to close on his... Read Full Article

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 balance was greater than the home value. HUD recently changed its rules in this area (Mortgagee Letter 11-16, April 5, 2011), in response to the lawsuit on this issue also... Read Full Article

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 standard reverse mortgage product go as low as 4.50% which is almost a full .50% lower than the previously low rate of 4.99% offered on the Standard fixed rate loans.... Read Full Article

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 fine and we'll be done soon. I called another company and they gave me a quote that was better than Wells Fargo Reverse Mortgage but they had to transfer some... Read Full Article

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 as well as individuals making a living in the mortgage profession. Curiously, each one of these decisions helped big banks, yet every senator and congressman claims to be anti big... Read Full Article

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 is force the Originator to make a choice between YSP and charging an Origination fee on their loans. For those who are unaware of the difference, YSP is paid by... Read Full Article

(Update) AARP-HUD Reverse Mortgage Lawsuit for Underage Spouse

March 8, 2011     2 comments

Update: HUD Prevails in AARP Lawsuit—But Issues Remain Last Friday, HUD won the dismissal, without prejudice, of the case AARP filed against it on behalf of non-borrower HECM loan widowed spouses facing foreclosure. A description of the Court's decision, and an initial analysis, was prepared by NRMLA's counsel, Weiner Brodsky Sidman Kider PC: This past Friday, July 15, HUD won an important victory in the lawsuit the AARP had filed against it, on behalf of several individual HECM loan borrowers, in the United States District Court for the District... Read Full Article