Below are common myths that are important for you to be aware of as you investigate the benefits of our product! Myth 1: I have heard that I won’t qualify for a reverse mortgage because of my limited income. Most traditional mortgages require income qualifications and a monthly mortgage payment; HECM (Home Equity Conversion Mortgage) reverse mortgages require income … [Read more...] about Reverse Mortgages: Ten Myths Debunked
2017! Does that sound as odd to you as it does to me? Seems like it was only yesterday that HUD finally lifted the county by county limits on the HECM program and we went to a national limit of $417,000 that was raised just a year later to $625,500 and just stayed there but that was actually 2008/2009. Just last week when we were worrying about the Y2K bug, when all the … [Read more...] about Reverse Mortgage Changes 2017
In the last 72 hours I sent an e-mail to all my clients, consumers as well as professionals, in order to alert seniors, specifically those 62 or over, about the NEW FINANCIAL ASSESSMENT RULES for REVERSE MORTGAGES. Everyone has family, friends, neighbors, or associates that may be impacted. The new rules were to take effect March 2, but have been postponed 30-60 days. … [Read more...] about Reverse Mortgage Rules Take Effect March 2nd, 2015
On April 1st FHA is eliminating the popular Fixed Rate Reverse Mortgage. Only those who obtain a counseling certificate and sign an application in time to pull an FHA Case number before April 1st will have the option of obtaining this Fixed rate product. While the HECM Line of Credit will still be available, and the Fixed Saver product (fixed rate with much lower draw … [Read more...] about Reverse Mortgage Fixed Rate Product Being Eliminated
Recently Wells Fargo departed from the Reverse Mortgage Market. This after B of A pulled the plug not too long ago. The facts of the matter are; Reverse Mortgages are still plentiful and will remain available to seniors unless HUD (unlikely) cancels the insurance program. However they may be tweaked in two specific areas. First, the loan limits will most likely drop from … [Read more...] about Shake Up in Reverse Mortgage Lending?