Reverse Mortgages California Blog

Bank of America has announced that it will no longer accept reverse mortgage applications containing a broker advisor agreement in response to the new law called the National Housing Act (HR 3221). I suspect that other reverse mortgage lenders are likely to interpret the new law in the same way a...

Rates are still very low on the government-backed FHA reverse mortgage. FHA Reverse Mortgage - Home Equity Conversion Mortgage (HECM)3.71% based on the One Year CMT index plus a margin of 1.5%.The fixed rate HECM is at 6.18% to 6.85% Jumbo Reverse Mortgages:Variable Rate Jumbo Reverse Mortgage: 5...

Seniors with high value homes may qualify for more money with a Jumbo Reverse Mortgage program. The two main types of reverse mortgages are: FHA conforming and non-conforming, the latter commonly known as a Jumbo Reverse Mortgage. An FHA conforming reverse mortgage carries a loan limit of $362,79...

Here are reverse mortgage interest rates for July 15th, 2008. Jumbo Reverse Mortgages:Variable Rate Jumbo Reverse Mortgage: 5.97%Fixed Rate Jumbo Reverse Mortgage: 8.750% FHA Reverse Mortgage - Home Equity Conversion Mortgage (HECM)3.75% based on the One Year CMT index plus a margin of 1.5%.The f...

Reverse mortgage interest rates are down slightly this week. Here they are for  the most common reverse mortgage programs. Home Equity Conversion Mortgage (HECM) FHA Reverse Mortgage:The HECM rate is down this week to 3.85%. Index is the One Year CMT index plus a margin of 1.5%.The fixed rate HEC...

Happy Tuesday everyone! That means it's time for my weekly reverse mortgage interest rate update. Jumbo Reverse Mortgages (Non-FHA): Variable Rate Jumbo Reverse Mortgage: 5.95% Fixed Rate Jumbo Reverse Mortgage: 8.750% Countrywide or Bank of America Jumbo: Suspended for Brokers Financial Freedom ...

From uninsured medical bills, to prescription drugs, to home maintenance and even at home care, social security income alone often cannot cover all of a seniors' expenses.  Many Southern California seniors have found a solution to affording the high cost of living in our region with a Reverse Mor...

I just faxed the following letter to Diane Feinstein and Barbara Boxer (California State Senators), concerning a senate bill being debated today: "Tens of thousands of senior homeowners in California need the FHA-insured HECMs to help them maintain their ability to continue living independently i...

The following is an interest rate update on reverse mortgage programs. FHA Reverse Mortgages (Home Equity Conversion Mortgage or ‘HECM') The HECM rate is at 4.07%. This is based on the One Year CMT index at 2.57% plus a margin of 1.5%. The fixed rate HECM is at 6.30% to 6.68% (depending on the ba...

First Bank of America pulled their jumbo reverse mortgage product and now it's the 800 pound gorilla of the industry, Financial Freedom. The company, a division of Indy Mac Bank, just announced that the last day they will accept applications for their program called the Cash Account is June 30th....