Everything you ever wanted to know about Reverse Mortgages.
RECENT BLOG POSTS
I wish every article was as great as this one. http://www.latimes.com/news/columnists/la-fi-perfin1-2009feb01,0,2127142.column
Annually adjusting Home Equity Conversion Mortgages (HECM's) have been around forever, but no one ever used them because the difference between them and monthly adjustables, in how much you got was huge. To be honest, I stopped looking at Annuals a while ago; but recently a few borrowers asked me...
The new stimulus package is going back and forth in the Senate now and there has been discussion to include $65 Billion for foreclosure relief. What will this money do? Some say that it will go to "bail out" homeowners who are in default. The problem with this is that many of these homeowners do ...
Let' s not get started about stimulus packages and if they help or not (readers of my blog know that I am not too keen of thinking we can fix a cyclical economic downturn by throwing money at it). The fact is that we have waited five months to hear from HUD about Reverse Mortgages for Co-ops. I h...
I don't belive it. I guess I should expect it, but it amazes me that so many people still think that Reverse Mortgages are only a "last resort" for "desperate" people or that Reverse Mortgages are "bad" because "if you own your home free and clear, it should stay that way" or because "Reverse Mor...
It's not working too well. The long time subscribers to my blog know that I posted a lot about the Reverse Mortgage limits being raised in October and the tremendous dissapointment I felt when they only went up a little to $417,000. Now there is a chance that the latest economic stimulus plan wil...
I get so many e-mails about the new Home Equity Conversion Mortgage (HECM) for purchase that I forget that many of my blog readers may not know anything about it. Here's how it works: Borrowers (62 or older) qualify for a certain percentage of the price of the home they are buying or $417,000 whi...
I'm going to use today's post as some self-therapy and write about the biggest problems I face in my Reverse Mortgage business. 1) Convicing Referral partners that A - They do not really understand Reverse Mortgages and B -Reverse Mortgages can really help their clients and themselves 2) Convinci...
I had a comment yesterday (and I have posted) about eligibility. In a nutshell the issue is that all lenders have pulled back their eligibility and according to some people, 50% of the eligible borrowers from three years ago cannot qualify for a loan today. Just taking out all of the 80/20 and 10...
After the horrible dissapointment from last year's miniscule raise in the Reverse Mortgage limits from $369,000 to $417,000. I am tryng not to get excited about a provision in the current economic stimulus package that would raise the limits in 2009 to $625,000. I personally think this is a great...