If you are over the age of 62 and have equity in your home, you may be eligible for a reverse mortgage. While it is a ‘mortgage’ since you borrow money from the bank, it’s not your traditional mortgage. In other words, you don’t make monthly payments to the bank to pay the loan down. Instead, you Read more
Senior Homeowners Gain $121 Billion in Home Equity in Q3 2017
As 2017 is drawing to a close, homeowners aged 62 and above may be able to draw more from their home equity. They were $121 billion in home equity richer during the third quarter of 2017 per Reverse Mortgage Market Index (RMMI) by the National Reverse Mortgage Lenders Association and Read more
Will Alternative Proprietary Products Change the Face of Reverse Mortgage?
Proprietary reverse mortgage loan products will one day enter the housing market. When this time comes, will these Home Equity Conversion Mortgage alternatives change the reverse mortgage landscape? During the National Reverse Mortgage Lenders Association 2017 Annual Meeting & Expo Read more
HUD Improves HECM Program; Insurance Premiums, Loan Limits Modified
“We’re taking needed and prudent steps to put the HECM program on a more sustainable footing so that it can remain a resource for senior borrowers, “ said HUD Secretary Ben Carson as tweeted by FHA.gov.The Housing and Urban Development announced on August 29, improvements to its reverse mortgage Read more
Taking out a Reverse Mortgage? You Might Want to Read CFPB’s Warning.
The Consumer Financial Protection Bureau (CFPB) gave a warning to consumers aged 62 and older who are considering a reverse mortgage to delay dipping into their Social Security benefits.In a 26-page issue brief dated August 2017, the Bureau determined that: (i) the costs of using a reverse Read more
