BlogThe 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, this limit is only applicable for loans made during the balance of 2009. Continue reading
NRMLA (reversemortgage.org)
NRMLA is pleased to report that the compromise package approved by the House-Senate conference committee yesterday does indeed set the HECM loan limit at 150% of the Freddie Mac limit, which would put it at $625,500 — for the balance of 2009. Continue reading
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NRMLA – reversemortgage.org
NRMLA is pleased to announce that we have learned that the compromise package emerging from the House-Senate conference committee includes the House language setting the HECM loan limit at 150% of the Freddie Mac limit, which would put it at $625,500 — for the balance of 2009 only. (Congress would have to act on it again before this year is out to extend it beyond ’09.) Continue reading
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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 lenders would take an equity position in their Borrowers homes. That practice has resulted in unfavorable feelings towards today’s reverse mortgages. The Federal Housing Administration (FHA) has set the new standards and guidelines for HECM reverse mortgage loans and their involvement has produced a safe, well thought out and balanced loan for Seniors. Look below to find some of the pros and cons of reverse mortgages.
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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 15, 2009. The soaring number of foreclosures have sent ripples through the housing and banking industry with the affects being felt by millions. Continue reading
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When you apply for a reverse mortgage, among all the pages of disclosures that you come across, you will find a disclosure called the TALC or Total Annual Loan Costs. Well, what is this form and why is it important?
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Seniors today often live with a great deal of financial uncertainty. The retirement they imagined may not be consistent with the reality they face.
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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 at 150% of the Freddie Mac loan limit. Currently, the Freddie Mac limit is $417,000, so this bill would establish the HECM limit at $625,500.
Continue reading
Continue reading
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Three of the top 10 markets in the country for reverse mortgages are located in Florida, according to an analysis of government data conducted by Reverse Market Insight. Continue reading
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We are pleased to announce that the draft of the economic recovery bill released by the House of Representatives late yesterday contains a provision, inserted in response to a request that came jointly from NRMLA and AARP, that would set the single national loan limit for HECM at a higher level than $417,000–for the balance of 2009.
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The Social Security Administration just announced a new application that allows qualified individuals to register for Social Security benefits online in as little as 15 minutes.
The SSA will be hosting a free demonstration–Retire Online. It’s So Easy!–on January 29 at 2 p.m.
To RSVP, please visit http://www.socialsecurity.gov/survey/retireonlinersvp.htm. Be sure to invite your clients and colleagues to tune in as well.
Thanks to NRMLA for the notification
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Michael Borba (President Borba Investments, Inc. dba MLS Reverse Mortgage)
Some companies would like you to believe that these specialized loans are so intricate and confusing that Seniors can’t decide what to do without having their hands held. What am I referring to?
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Written by: Michael Borba (Owner/Broker, MLS Reverse Mortgage, Auburn, Ca)
Beginning January 1, 2009 FHA will began insuring reverse mortgage loans for Seniors to purchase homes. Reverse mortgages have traditionally been available for refinance loans in the past, provided the Senior resided in the home.
