By Christopher Beard Seniors seem to be gaining clarity of the purpose for a reverse mortgage with over 72,000 FHA Home Equity Conversion Mortgage loan units completed in 2010 and close to that for 2011 expected, which is low compared to 2006-2009 when the industry peaked. Industry wide changes are on the horizon for senior [...]
By Brittney Parks Reverse mortgages are a popular way for seniors to pay off their home loan, reduce debt, and supplement their income during retirement. The eligibility requirements for these loans are fairly simple. Borrowers must be at least 62 years of age, own an approved property, and have a substantial amount of equity in [...]
By Juhani Tontti It is generally known, that the HUD reverse mortgages claim in their terms, that the borrower has never to use his or her other assets to pay back the reverse loan. That the home selling price and the reverse mortgage insurance will cover the whole loan amount, always. However, there are three [...]
By Amitesh Kumar The latest news concerning real estate is that mortgage lenders have slashed the fees associated with reverse mortgages – one of the options available for home owners to continue to live in their homes and still cash their equity on it. In the present scenario of foreclosure crisis, and home owners forfeiting [...]
By Victoria Belle-Miller More homeowners ages 62 and older are starting to take advantage of the multiple benefits a reverse mortgage has to offer them, including the elimination of monthly mortgage payments and access to their home equity. Unfortunately, as these loans become a more popular form of financing, the ways in which older homeowners [...]
By Tim G Robbins The first major change that took place is the amount charge on the origination fees. Prior to the change the fee was 2% of the appraised value with no cap. Now it has been change to a maximum of $5,950 which relates to 2% of the first $200,000 and 1% of [...]
