Everything you ever wanted to know about Reverse Mortgages.
ARCHIVED BLOG POSTS
I only have two words: WOO HOO! This bill will allow so many more people to be helped with a Reverse Mortgage. (I am not a fan of the foreclosure bailout part of the bill,but you have to take the good with bad.) It will probably take at least a month or two for the FHA to work the new law into ac...
If and when the new legislation passes, many existing Reverse Mortgage borrowers will be refinancing their current loans. The main reason for this is that they will now be elligible to receive more money. If they are getting a monthly check, the monthly payment from their lender could rise signi...
The new bill (assuming it stays pretty much as is) will make tremendous changes to the Reverse Mortgage World, all of them positive. For Borrowers, it will mean that the FHA product will now be available for larger loan amounts, purchases, Co-ops (this is a big deal for me in NY, but probably doe...
The Senate passed the foreclosure bill 72-13 yesterday. It included many provisions (see my earlier posts) to expand the FHA Reverse Mortagge product. This is great news. Hopefully, it will get signed by the white house this week. Then the fun starts and we will have to see how long it will take ...
The Housing/Foreclosure bill passed the house yesterday and will probably pass the Senate today. it will then go to the Whote House for approval. It contains many good changes for Reverse Mortgages. I am not sure how the final bill will look but at the very least the follwing things should be inc...
I love John Yedinak's "Reverse Mortgage Daily" Blog. Today he writes a great piece about two state Attorneys General, who don't undertand Reverse Mortgages, but are afraid of them and don't reccomend them. See link below. Attorney Generals Shouldn't Give Financial Advice About Reverse Mortgages
Someone suggested that I post links to the series. Here they are: How do you qualify? http://activerain.com/blogsview/577088/Back-to-Reverse-Mortgage How does the bank make money? http://activerain.com/blogsview/575673/Back-to-Reverse-Mortgage-0 How do you pay it back? http://activerain.com/blogs...
From the many comments I get, it is clear to me that most of the people who casually read this blog have very little understanding about how Reverse Mortgages work, the benefits they provide and why there is nothing like them. I beg of you to read the series of "Reverse Mortgae Basics' that I po...
Revocable trusts are no problem and all products can work for them. Irrevocable are a little trickier, but there are still places to go for them too.
More and more lenders are offering fixed-rate Reverse Mortgages with more options. The fixed rates for the most pouplar loan, the Home Equity Conversion Mortgage (HECM) is very good right now (mid 6's.) The fixed rate for the non-FHA or Jumbo loans are higher (in the 9's.)