Moving Forward in Reverse

By
Mortgage and Lending - Reverse Mortgage Consultant
This Blog brings you insight and the latest information on reverse mortgages or the HECM (Home Equity Conversion Mortgage).
RECENT BLOG POSTS
What exactly is a reverse mortgage? (Technically known as a HECM - Home Equity Conversion Mortgage). It is simply a loan against a home, just like a "forward" mortgage, in many respects.  Let's say you buy a home and get a mortgage from Moneybags Lending for $200,000.  Now Moneybags Lending has a...
02/01/2011
A HECM for Purchase is the FHA insured reverse mortgage that allows seniors, age 62 or older, to purchase a new principal residence using loan proceeds from the reverse mortgage.  The  program became effective January 1, 2009.  Previously, if a senior wanted to use a reverse mortgage to purchase ...
01/31/2011
It wasn't too long ago that the lending limit on the reverse mortgage (HECM) was increased to one national limit of $417,000 instead of lower limits that varied by county. The increase was part of HR3221, the FHA Modernization Act, passed in July, 2008. It wasn't until November, 2008, that HUD al...
03/15/2009
It wasn't too long ago that the lending limit on the reverse mortgage (HECM) was increased to one national limit of $417,000 instead of lower limits that varied by county.  The increase was part of HR3221, the FHA Modernization Act, passed in July, 2008.  It wasn't until November, 2008, that HUD ...
02/15/2009
A HECM for Purchase is the FHA insured reverse mortgage that allows seniors, age 62 or older, to purchase a new principal residence using loan proceeds from the reverse mortgage.  This is a new program that became effective January 1, 2009.  Previously, if a senior wanted to use a reverse mortgag...
01/05/2009
Has anyone had the experience of submitting a loan with one appraised value and then the underwriter reduces the value??? I am in shock at what happened to one of my loans. We submitted an appraisal with a value of $300K which actually seemed low to me (and the borrower). The property is in Calif...
12/05/2008
"Should I wait to do a reverse mortgage"?  I get this question all the time from senior homeowners considering a reverse mortgage.  The answer is: "It depends..." I then ask the borrower, do you need it now?  If the answer is "yes", then waiting may not be to your advantage.  Yet convincing these...
10/18/2008
Announcing Reverse Mortgage Training Solutions I am thrilled to announce that my new company, Reverse Mortgage Training Solutions (RMTS) is now available to train anyone who wants to become a reverse mortgage originator.  Good quality training is sorely lacking and RMTS will fill that void. Rever...
08/20/2008
I got an email asking me about the HECM limits and I thought my response might be helpful to some of you: Sylvia - Do you have any idea when the national loan max is going to be applied to Reverses? Also, do you have any info on the applicable percentage that will be applied against this amount b...
08/07/2008
My, My.  I guess I stirred things up a bit.  I made a comment in my Blog Post Breaking News! One National HECM (Reverse Mortgage) Lending Limit passed by the Senate! about the cross selling of financial products to seniors. Here is what I said in regards to a provision in the legislation HR3221: ...
07/29/2008
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Information, Insight, and Education on the reverse mortgage program. Be sure to subscribe so you can catch posts! Moving Forward in Reverse with Sylvia Williams