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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Deborah Nance

Your Local Southern California Reverse Mortgage Professional

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4 comments • Deborah Nance - Reverse Mortgage Consultant in Southern California • 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, Montgomery County, MD Homes For Sale (Roy Kelley and RE/MAX Realty Group) almost 2 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 Orange Co. Real Estate~Lynda Eisenmann, Broker-Owner, CRS,GRI,SRES, Brea, CA (Preferred Home Brokers) almost 2 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 - Reverse Mortgage Consultant in Southern California (Serving Corona, Riverside and All of Southern California) almost 2 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 *ROCK REALTY|Broker|Realtor|Real Estate Agent Janesville WI* almost 2 years ago

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