The American Recovery and Reinvestment Act (ARRA) of 2009 set our current reverse mortgage lending limits at $625,500. This temporary increase in the HECM loan limits is set to expire September 30, 2011. The loan limits beginning on October 1, 2011 for HECM loans are currently under review by the Federal Housing Administration (FHA). FHA …
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It’s rather fitting to talk about financial independence on the day our beautiful country gained its independence. The Fourth of July has become synonymous with fireworks, parades, barbecues, family, friends and more, but we want to use this day to help senior homeowners find a way to achieve financial independence. In 1988 Ronald Reagan signed …
Wells Fargo, the leading originator of reverse mortgages, announced today that they will discontinue offering Home Equity Conversion Mortgages (HECM). This comes after their March 1, 2011 announcement that they were exiting the wholesale reverse mortgage business. There is a lot of speculation as to why Wells Fargo reverse mortgage would make this move. In …
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The last article we wrote about reverse mortgage pros and cons was in February of 2009. Since then, there have been a lot of changes, both good and bad, that we feel need to be addressed. 2010 was the year of regulation of the mortgage industry coupled by falling home prices. Now we’re half way …
Suze Orman on her CNBC show recently responded to a viewer question by stating that a reverse mortgage is a better option than selling stocks. During the segment, a caller stated that his 85 year old father had been liquidating stocks over the past few years to pay for larger ticket items, including the upkeep …
7/13/12 update: Current rates have changed since the post. below Be sure to check out our reverse mortgage rates page for current rates. 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 …
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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.
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 funding thru 12/18/09 to allow a little more time for the appropriations bills to be …
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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 his home was free and clear.
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 implementing the 10% haircut in principal limit factors, effective for all loans on which applications …