Archive for the 'Reverse Mortgage' Category
Reverse mortgage do’s and don’ts
Reverse loans allow seniors to convert home equity to cash. that can be a good thing in some cases, or a catastrophe in others. Before applying to borrow money, remember some of the following things you should and should not do.
Do seek out a knowledgeable housing counselor who can discuss reverse …
Reverse Mortgage HECM SAVER Myth Spreads Online
“The Federal Housing Administration (FHA) announced today that it intends to manufacture modifications to its Home Equity Conversion Mortgage (HECM) product, a reverse mortgage loan insured by the federal government, to invent it more appealing and cost effective for older home owners seeking …
Have you planned for retirement?
When do you plan to retire? Have you saved decent for your golden years or explored options for funding retirement, such as reverse mortgages or postponing retirement? About 46% of folks polled by the Retirement Readiness Index said they will delay their planned retirement age. The survey, conducted…
More seniors are filing for bankruptcy
The percentage of Americans aged 55 and up who filed for bankruptcy rose 61% from 2002 to 2007, according to a recent study released in the ABI Journal. Baby boomers born within 1946 and 1964 made up 42% of all society who filed for bankruptcy in 2007.
Boomers lower home equity
“The recent hou…
HUD Makes Changes to HECM Program
The branch of Housing and Urban Developmen t(HUD) plans to modify the Home Equity Conversion Mortgage (HECM) to lower the cost for senior citizens. Homeowners can expect to lower the upfront cost of getting a reverse loan with the “HECM Saver” considering it greatly reduceds the Mortgage…
Oregon wants reverse mortgage lender to stop misleading mailings
Oregon has asked a reverse mortgage lender to stop sending misleading mailings about reverse loans to residents of the state. The Oregon Division of Finances and Corporate Securities said mailings about reverse mortgages that were sent by EquiPoint Financial Network Inc. of San Diego do not comply w…
Social safety measure Debate Heats Up
For those who are reaching the age when Social safety measure matters, generally age 65, 66 and above, the latest arguments about the program are hardly re-assuring.
In basic terms there are several debates going on at once.
First there’s the question of when benefits should occur; that is, wh…
