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 …
Continue reading “With money running out, he cosiders a reverse mortgage”
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, this limit is only applicable for loans made during the balance of 2009.
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.
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 …
Continue reading “Stimulus Bill Compromise Includes Higher HECM Loan Limit”
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 …
Continue reading “Myths, Pros and Cons of HECM 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 …
Continue reading “Forclosures Have Met Their Match… Reverse Mortgages”
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?
Seniors today often live with a great deal of financial uncertainty. The retirement they imagined may not be consistent with the reality they face.
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, …
Continue reading “House Passes Stimulus Bill with Loan Limit Increase”
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.