Loan News

Reverse mortgage do’s and don’ts

Wed, 01 Sep 2010 23:00:53 +0000

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

Reverse Mortgage HECM SAVER Myth Spreads Online

Wed, 01 Sep 2010 05:15:36 +0000

“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 …

Reverse Mortgage

Have you planned for retirement?

Wed, 01 Sep 2010 03:06:32 +0000

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…

Reverse Mortgage

More seniors are filing for bankruptcy

Mon, 30 Aug 2010 22:23:46 +0000

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…

Reverse Mortgage

HUD Makes Changes to HECM Program

Fri, 27 Aug 2010 17:49:58 +0000

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…

Reverse Mortgage

Oregon wants reverse mortgage lender to stop misleading mailings

Thu, 26 Aug 2010 17:37:33 +0000

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…

Reverse Mortgage

Social safety measure Debate Heats Up

Wed, 25 Aug 2010 05:55:12 +0000

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…

Reverse Mortgage

More Homeowners Have Reverse Mortgages, Poll Finds

Tue, 24 Aug 2010 17:17:17 +0000

More homeowners by 62 are turning to reverse loans, according to the 2009 American Housing Survey. The number of reverse mortgages in the U.S. rose 59% to 252,000 in 2009 from 159,000 in 2007. The survey is issued every two years by the U.S. Census Bureau and station of Housing and Urban Development…

Reverse Mortgage

3 Things to Consider about Refinancing

Thu, 19 Aug 2010 19:56:37 +0000

Low mortgage rates are enticing more homeowners to apply for a mortgage refinance. Mortgage loan application volume rose 13% for the week ended Aug. 13, 2010, compared with a week earlier, according to the Mortgage Bankers Association (MBA). The MBA’s Refinance Index jumped 17% from the prev…

General Information

Exchanging Home Equity for a Reverse Mortgage

Thu, 19 Aug 2010 19:14:24 +0000

Any decision you produce usually involves some sort of trade-off. With a reverse mortgage that trade-off is giving up some of the equity in your home for the convenience of having cash now. Consider the following reasons why that may or may not be a good notion for your situation.

Owning a home fre…

Reverse Mortgage