A question often asked is, “Are all Reverse Mortgages FHA insured loans?” The answer is, yes the vast majority of Reverse Mortgage Loans in the United States are FHA insured loans, backed by the Department of HUD. They are officially named HECM (Home Equity Conversion Mortgage.) Over 90% of all Reverse Mortgages are FHA insured [...]
President Obama’s State of The Union Address was welcomed by some and bashed by others….as is always the case. What did you think of the Presidents plans for the Nation? Mortgage Trade Groups Back Obama’s Housing Market Goals The National Association of Home Builders (NAHB) has commended President Barack Obama for offering proposals in Tuesday’s [...]
It remains to be seen whether the States Attorneys General will accept the Big Bank’s 25 Billion dollar settlement proposal to make the “robo-signing” foreclosure scandal go away. If it is accepted, it will only apply to privately held mortgages issued between 2008 and 2011, not mortgages held by Fannie Mae or Freddie Mac. Fannie [...]
What happens with a Reverse Mortgage at Death? This question often comes up when we are discussing the ins and outs of Reverse Mortgage Loans with potential borrowers. There seems to be a lot confusion surrounding what happens with a home that is secured by a reverse mortgage at death. Here is how it works. [...]
President Obama used his Executive power to recess-appoint Richard Cordray to head the Consumer Financial Protection Bureau, two long years after the CFPB was initially established as part of the Dodd-Frank Financial Reform Bill. The CFPB is charged with enforcing a variety of financial consumer protection laws. However, the bureau cannot fully enforce its authority [...]
Getting a Reverse Mortgage Requires Substantial Equity On a daily basis we get inquiries from folks that want and need to get a reverse mortgage. However, many people do not know what the first…and most important ingredient is in qualifying for a reverse mortgage loan. That “secret sauce” ingredient is…HOME EQUITY! Many people are confused [...]
Reverse Mortgage for Home Purchase is not a new concept. However, HECM for Purchase as they are called, are finally beginning to show up on the radar screens for more financial industry experts, media publishers, builders, realtors and the public in general. The Washington Post recently said this about Reverse Mortgage for Home Purchase Reverse [...]
AARP is warning seniors about foreclosure scams targeting older homeowners that are behind on mortgage payments and facing foreclosure. DON’T BE ONE OF THEM! According to the AARP bulletin, during the first six months of this year, more than 40 percent of the reported victims of this type of scam were 51 or older. This [...]
