To see how much money you can get from a reverse mortgage or to find out what the maximum loan amount will be, it is necessary to contact a licensed FHA-HECM lender for accurate figures. Get the Flash Player to see this content. How Much Money Can I Get From a Reverse Mortgage? The reason [...]
Over the past year or so, financial planners and retirement advisers have been taking note of how beneficial reverse mortgages can be as a tool to preserve retirement assets so that folks don’t run out of money during their lifetime. Last September John Salter, a Texas financial planner and professor at Texas Tech, said “financial [...]
An AARP Reverse Mortgage survey concluded that the majority of senior homeowners that have obtained a reverse mortgage loan are happy with their decision. The AARP survey also said that a reverse mortgage has greatly improved the lives for 93% of the senior borrowers that have tapped into their home equity through the FHA insured [...]
Regardless of your political persuasion, it should be acknowledged that older Americans will be positively impacted by the Supreme Courts decision to uphold the Affordable Care Act. With all the conversation and debate taking place after the Courts’ decision, what no one seems to be talking about are the obvious benefits to the most vulnerable [...]
It’s no secret that the financial crisis has taken an extreme toll on the real estate market and overall home values. The total loss of home equity throughout the U.S. is yet to be tallied. But, rest assured it is in the Trillions of dollars. Evaporated home equity restricts every part of the economy. For [...]
Although Reverse Mortgages have been around for more than 20 years, a recent study conducted by the CFPB (Consumer Financial Protection Bureau) concluded that there is still a lot of confusion among consumers about what reverse mortgages are and how they work. The agency however, also concluded that the loans are a good option for [...]
Using a HECM for home purchase (Home Equity Conversion Mortgage) is available in 49 states, but not in Texas. Although FHA insured HECM reverse mortgages have been offered since 1989, it wasn’t until 1999 that Texas finally allowed its residents to take advantage of this type of home equity loan. Once again, Texas lags behind [...]
AARP spoke out in support of reverse mortgage financial assessment in May at a Congressional hearing, but with this cautionary message to House representatives: “As long as it doesn’t go too far.” HUD announced last year that it is developing mandatory financial assessment to be implemented by all reverse mortgage lenders. However, it is not [...]
