First, let’s review a standard ‘forward’ mortgage. You borrow money and promise to pay it back (typically monthly & amortized over 15 to 30 years). You allow a Deed of Trust to be recorded against your property as a security instrument. The deed of trust allows the lender to foreclose if you d
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08/21/2011
Once you decide you want to get a reverse mortgage, the next important decision is the rate option selection. For people with large mortgages to pay off, it’s a fairly easy choice with the fixed rate lump sum option. But if you need little cash initially and want to use the funds gradually over
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08/20/2011
It’s been almost a year since the HECM Saver came on the reverse mortgage market so I thought it was appropriate to write about my experiences with this program. The HECM Saver is designed for senior borrowers who want to reduce the up front fees and in exchange take a lower line of credit, lu
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08/20/2011
The FHA maximum claim amount for HECM Reverse Mortgages has been $625,500 since President Obama increased it in the stimulus package in 2008. It is schedule to go back to $417,000 on December 31st 2011 unless Congress votes to extend it. In the San Francisco Bay Area, this means many olde
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08/12/2011
I work in the reverse mortgage field because I love what they do for people. Reverse mortgages really makes a difference in their lives. I know because my clients tell me. And I feel it’s important to educate and inform because for some reason, reverse mortgages are a target for misconceptions
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08/12/2011
What is best, keeping hopes and dreams alive that are unrealistic or knowing what is possible and realistic up front? It’s easy to agree that not wasting time, energy, emotions and money on a transaction that is unrealistic is the sensible thing to do. But it happened again…. A couple came to
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07/31/2011
How would you like to increase the number of your potential buyers dramatically? You can if you understand how reverse mortgages for home purchase works. Identify and inform Seniors about this product that doesn't rely on income to qualify and spread the word, you will increase sales! Seniors
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07/21/2011
I see it all the time, a buyer tells their agent they want to make an offer on a home and they plan to use a reverse mortgage for the financing. The agent writes the offer as usual without considering the special requirements for the reverse mortgage. In this most recent example, six weeks went
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06/02/2011
Rate Update on 4-3-11: The Fixed Rate is now 4.5% and the variable margin is 1.75%. These rates carry origination fees. It's pretty hard to believe that you can get a fixed rate reverse mortgage for 4% interest rate but it's true! Now is a great time to get a reverse mortgage, especially if y
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05/24/2011
Maggie O'Connell just helped my wife and I secure a reverse mortgage for her mother. Service was above and beyond anything we could have expected. Our particular situation was very complicated, as the property was in trust and was zoned commercially . Three other brokers had failed to secure a lo
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04/08/2011