Reverse Mortgage Information

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This could be the best time to consider a Reverse Mortgage

 

 

I've been pleased for my clients that most of the big lenders, my employer included, have reduced or eliminated the lender fees for clients in obtaining reverse mortgages.  With interest rates low, now may be the best time.  Skip Frenzel (www.AgapeLongTermCare.com) from Agape Long Term Care, forwarded this to me, Please take a look at this article from the WSJ

Article Link:  http://bit.ly/9qjVC2

Two of my clients this week saved over $10,000 in upfront costs and life of loan expenses!  And one client who is purchasing with a reverse will be able to buy for less cash up front. 

Nice!

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Before you start talking to lenders, consider consulting a HUD-certified reverse-mortgage counselor to learn more about the options and mechanics. Until the end of April, the National Council on Aging and other nonprofit groups are offering free counseling to homeowners regardless of their income.

You can find a directory of reverse-mortgage counselors at www.hud.gov.

Click on "Talk to a Housing Counselor," link & then "Search online for a housing counseling agency near you."  The counseling is essential in preparing a senior homeowner or homebuyer in making an informed decision. 

There are links to great free information sources here on my blog page too. Help yourself - knowledge is power.

 

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By Deborah Nance

NMLS#202003

Your Local Southern California Reverse Mortgage Professional

How Much Do You Qualify For?

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Equal Housing Lender

iReverse Home Loans, LLC, NMLS#810502 originates reverse mortgages in Alabama, Alaska, Arizona (MB-0919584), California, Colorado, Connecticut, Florida, Illinois, Indiana, Iowa, Kansas, Louisiana, Maryland, Massachusetts, Minnesota, Mississippi, Missouri, Nevada, New Jersey, New Mexico, Ohio, Oregon (ML-5378), Pennsylvania, South Dakota, Tennessee, Texas, Utah, Vermont (1164-MB), Virginia, Washington and Wisconsin. 

Important Information: Reverse Mortgages are neither "endorsed" nor "approved" by the Federal Government. The FHA (Federal Housing Administration) provides certain insurance benefits for lenders and borrowers in connection with the lender’s HECM loans; the FHA does not make or originate loans. The owner(s) retain title to the property that is the subject of the reverse mortgage until the person sells or transfers the property and is therefore responsible for paying property taxes, insurance, maintenance and related taxes. Failing to pay these amounts or failure to maintain the condition of your property may cause the reverse mortgage loan to become due immediately. A reverse mortgage is a complex loan secured by your home. Whether such mortgage makes sense for you depends on your financial situation and needs. For these reasons, we strongly recommend that you consult with a qualified independent housing counselor, family members and other trusted advisers before making this decision. This website is not from HUD or FHA and was not approved by HUD or any government agency.

Comment balloon 4 commentsDeborah Nance • April 17 2010 12:10PM

Comments

Thanks for sharing. Best wishes for continued success. Many still do not understand that a reverse mortgage may be used for the purchase of a more suitable primary residence.

 Spring in Maryland

Posted by Roy Kelley, Roy and Dolores Kelley Photographs (Realty Group Referrals) over 8 years ago

Hi Deborah,

Thanks for the info on this, I heard a little something about it the other day. Do you know if this is temporary?

Posted by Lynda Eisenmann, Broker-Owner,CRS,CDPE,GRI,SRES, Brea,CA, Orange Co (Preferred Home Brokers) over 8 years ago

Linda,  I do think it is temporary, but I really don't have a feel for when it will end.  I read today some interesting information that FHA is considering increasing the monthly MIP premium AND another reduction in principal limits.  This could further reduce the amount of funds a senior could access from their equity.  Here's a link to an article about it.  http://bit.ly/dgyT9B

Thanks!

 

Posted by Deborah Nance, Southern California , Reverse Mortgage Specialist (Orange County, Corona, Riverside, Los Angeles) over 8 years ago

Great Blog. Its unfortunate elders are sometimes forced into a RAM. Thank you for helping those with this need. Good Luck!

Posted by Michael Collins, CDPE, SFR , Wisconsin Short Sale Specialist Realto (*ROCK REALTY|Broker|Realtor|Real Estate|WI Short Sale Agent*) over 8 years ago

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