With money running out, he cosiders a reverse mortgage

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 “do your homework.” MLS Reverse Mortgage advises the same. A reverse mortgage is a major …

Stimulus Bill Compromise Includes Higher HECM Loan Limit

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 …

Forclosures Have Met Their Match… Reverse Mortgages

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 …

House Passes Stimulus Bill with Loan Limit Increase

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, …

Social Security Administration Promoting Online Retirement Tool

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 …