The non-recourse feature is a very important safety feature for reverse mortgage borrower's and their heirs. Because a reverse mortgage is a rising balance loan and does not need to be repaid until the last borrower leaves the home permanently, there is a chance the mortgage balance could grow to
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10/08/2013
FHA insured Reverse Mortgages are are not impacted by the government shutdown because lenders make their own underwriting decisions on the HECM reverse mortgage and do not rely on the government. There could be some delays if, for example a borrower needs a social security card or printout, or c
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10/03/2013
With the changes to the HECM reverse mortgage recently, applications and counseling appointments are up. Many people need the higher lending amounts to pay off existing mortgages and get rid of monthly payments or want the maximum line of credit or monthly tenure payments so they are filling up
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09/09/2013
Changes to the HECM Program This issue of Weekly Report is devoted to explaining the various reforms to the HECM program announced by the Department of Housing and Urban Development on September 3 in Mortgagee Letter 2013-27. Following is a detailed summary of the various changes: Initial
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09/09/2013
It appears the Standard HECM Reverse Mortgage will be eliminated on October 1st. The full details are still being worked out by HUD but we understand they are planning to create a new reverse mortgage loan program and discontinuing the two programs, the Standard and Saver options. There will be
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08/20/2013
The reverse mortgage purchase market is definitely heating up, especially in California, Nevada, Oregon Purchase your Dream Home with Reverse Mortgage Strategy Washington, Arizona and Florida. Reverse Mortgages have become a popular option for financing a new home since qualification is easy and
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08/07/2013
If you’re planning on purchasing a home using a HECM Reverse Mortgage Purchase Loan there are many things to be aware of before you start shopping for a home, when making the offer and during the transaction. First, make sure you choose the right property. Here are 6 properties that could pose
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08/04/2013
The Libor is also known as the Lindon InterBank Offered Rate. It is an interest rate that serves as the benchmark for the rate banks offer to each other. The Libor rate serves to act as the average interest rate benchmark for short-term loans among the leading banks in London and is the key esti
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07/11/2013
We have been blessed for a long time with low interest rates and for reverse mortgages that translated into maximum funds available to borrowers. Now that interest rates have increased a bit, it has taken the 'expected' rate above the floor affecting the amount of funds available to the borrowe
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07/09/2013
One of the most important parts of the reverse mortgage loan process is the appraisal. The appraisal process is now handled through an appraisal management company (AMC) so that appraiser's remain independent and not influenced by outside sources. The AMC handles the communication that goes on
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06/30/2013
