Author Archives: Administrator
We are pleased to now be able to offer the fixed rate HECM at 5.49% without monthly service fees or service fee set-asides. The net benefit to the borrower will be the same as the 5.56% fixed rate at closing, … Continue reading
In an effort to remain competitive in today’s market, we have eliminated our monthly service fee on the fixed rate reverse mortgage. Traditionally, this fee would range from $25 – $30. Related Posts:Reverse Mortgage Pros and Cons5.49% Fixed Rate, No … Continue reading
By NRMLA The continuing resolution (CR) that was passed by Congress yesterday and is now headed for the President’s signature extends the $625,500 national loan limit for HECM through calendar year 2010. Although the CR is a temporary measure providing … Continue reading
Recently I originated a reverse loan for a gentleman, Mr. Smith for the purpose of this article, who at first was very evasive about what he owed on his home. When Mr. Smith applied on my website he input that … Continue reading
Breaking News from Peter Bell, NRMLA President: I [Peter Bell] just got off a phone call with FHA Commissioner David Stevens and HUD Assistant Secretary for Congressional Relations Peter Kovar, who called to tell me that HUD has posted a Mortgagee Letter … Continue reading
We all know that there are only two guarantees in life: death and taxes. Seeing as none of us are going to get out of here alive, it seems appropriate to discuss what happens when the last surviving spouse passes … Continue reading
Fannie Mae announced June 1, 2009 that effective September 1, 2009, they will no longer offer reverse mortgages based on the CMT or Constant Maturity Treasury. They will continue to offer the LIBOR (London Interbank Offered Rate) index. Related Posts:No Related … Continue reading
In our previous article, “My Reverse Mortgage Costs How Much,” we explored all the upfront fees involved in a reverse mortgage. Now, of equal importance, we explore continual costs that are accrued during the life of a reverse mortgage. These … Continue reading
As a short term financing tool, reverse mortgages are an expensive proposition. However when used long-term, those expenses are spread throughout the life of the loan, making a reverse mortgage a viable solution to supplement retirement income, pay off a mortgage and … Continue reading
Picture this… you’re a senior homeowner and nearly every time you go to your mail box, you get 1-5 solicitations for a reverse mortgage. You keep all the postcards and letters handy in case you decide to make a decision to proceed … Continue reading
Mortgagee Letter 2009-07 Raises Limits to $625,500 The U.S. Department of Housing and Urban Development published Mortgagee Letter 2009-07, which officially raises the national limit for Home Equity Conversion Mortgages from $417,000 to $625,500 for the remainder of 2009. Related … Continue reading
Great article from the Wednesday, February 4, 2009 Sacramento Bee. In the article Rashida Lilani recommends as a way to increase options, that seniors go through a broker when obtaining a reverse mortgage versus a bank. She also advises to … Continue reading
The economic stimulus bill signed into law yesterday (2/17/09) by President Obama will raise the single national loan limit for HECMs (Home Equity Conversion Mortgage) to 150% of the Freddie Mac loan limit. That would create a HECM limit of $625,500. Currently, … Continue reading
Mike Borba (President Borba Investments, Inc. dba MLS Reverse Mortgage) First and foremost; the bank does not, nor do they want to own your home. So why do so many people believe this? Prior to FHA getting involved in 1988, the … Continue reading
Josh Borba, Senior Reverse Mortgage Advisor Foreclosure filings were reported on 2.3 million U.S. properties in 2008, an increase of 81 percent from 2007 and up 225 percent from 2006, according to the RealtyTrac U.S. Foreclosure Market Report released January … Continue reading
We are pleased to report that the economic recovery bill passed by the U.S. House of Representatives last night includes the provision we reported to you last week that would set the single national loan limit for the HECM program … Continue reading
