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.
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 …
Continue reading “HECM Loan Limit Increase Included in Stimulus Plan”
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 …
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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?