Freddie Mac, one of the nation’s largest investors of residential mortgages, produced this two minute video to help educate distressed homeowners to avoid mortgage fraud. If you suspect that you have been a victim of mortgage fraud, you can report it by calling the Mortgage Fraud Hotline: 1-800-437-2838. You can also contact your state’s Attorney […]

Read the rest of this article

We have all heard the expression; “There is no such thing as a free lunch.” Most everyone interprets that phrase to mean that if something is being offered free, it usually has strings attached. Today, more and more people, seniors in particular, are being offered a “free lunch” or sometimes even a “free dinner,” in […]

Read the rest of this article

Conventional wisdom says that during retirement your expenses will be lower than they were while you were raising a family and working. Many financial planners contend that you will only need about 75 to 85% of your pre-retirement income to live comfortably in retirement. The expenses that will no longer be a factor are taxes, […]

Read the rest of this article

The National Reverse Mortgage Lenders Association (NRMLA) is one of the major watchdogs overseeing the reverse mortgage industry. NRMLA was originally established in 1997 to enhance the professionalism of the reverse mortgage business. NRMLA is also an educational resource for seniors seeking information about reverse mortgages. It helps train lenders to be sensitive to senior’s […]

Read the rest of this article

Just two short days after chairing a Senate sub-committee on Aging, Democratic Senator, Claire McCaskill, introduced legislation designed to protect seniors from predatory and aggressive lending practices, when they apply for a reverse mortgage. The Reverse Mortgage Proceeds Protection Act, which is endorsed by AARP, will allow FHA/HUD Mortgage Insurance Premium money to help fund […]

Read the rest of this article

On December 13, 2007 Democratic Senator Claire McCaskill  of Missouri, chaired a senate sub-committee hearing to discuss reverse mortgage industry practices and the potential for abuses within the industry. Specifically the hearings revolved around the U.S. Department of Housing and Urban Development’s federally insured reverse mortgage, the HECM loan (Home Equity Conversion Mortgage). HECM reverse […]

Read the rest of this article

A reverse mortgage, as many consumers are finding out, has many uses and benefits. During these recent months of turmoil in the mortgage market and the decline in home values, some homeowners are literally saving their homes from foreclosure with the use of a reverse mortgage. If a senior homeowner is having difficulty keeping up […]

Read the rest of this article

Because of the current credit crises in the conventional “forward” mortgage market, many loan originators that normally would not be involved with reverse mortgages, are now eyeing the reverse mortgage market as a ripe opportunity to make money. In the past, reverse mortgages were thought to be the “antidote to predatory lending practices,” according the […]

Read the rest of this article