Moving Forward in Reverse

I really goofed on my calculations in my last Blog, Breaking News! One National HECM (Reverse Mortgage) Lending Limit passed by the Senate!, and a couple of brokers pointed out my mistake (thanks, guys!). I commented on how my client would benefit from the increase in the lending limit to $417,00...

Today, July 26th, the Senate passed HR 3221, Foreclosure Prevention Act of 2008, also known as the "FHA Modernization Act" and the President is expected to sign it immediately. This bill provides for needed housing reform in general but has direct impact on the HECM (Home Equity Conversion Mortga...

The reverse mortgage industry is sizzling. Each year there is an increase in the number of reverse mortgages originated.  A bulge of some 80 million baby boomers is currently moving through the population heading toward the retirement years. The vast majority of baby boomers are homeowners, many...

There is some confusion regarding the status of the county lending limit increases for HECMs (Home Equity Conversion Mortgages), also know as reverse mortgages.The recent FHA temporary loan limit increases are NOT applicable to HECM's.  The Economic Stimulus bill only created temporary higher lim...

I pride myself on staying in touch with my reverse mortgage clients.   Even years after the loan has closed, clients have ongoing questions and I am always available for them.  They often comment that it is so refreshing to call the same phone number knowing I will be there! My clients also send ...

Here's an interesting article in today's Wall Street Journal about how a reverse mortgage can help seniors who are facing foreclosure to keep their homes.  This is not news to me -- I have pulled many seniors from foreclosure with a reverse mortgage.  But what is new is that with the glut of bank...

I just read an article in the Modesto Bee titled "Reverse mortgages a new threat to seniors" By TONY PUGHMcCLATCHY NEWSPAPERS - last updated: December 22, 2007 http://www.modbee.com/business/story/160490.htmlThe headline is a bit misleading.  The author is basically talking about how unscrupulous...

It's that time of the year again (and I don't mean Christmas!).  It's time to pay the first installment of Property Taxes.I got to thinking that, since my property has declined in value, will I have to pay the full assessed tax?  I found out that there is a process for having property reassessed ...

When I talk with seniors about the reverse mortgage, many of them say they are going to "wait" awhile.   When I ask them WHY?, they say "What if I need the equity in later years and I have used it all up with a reverse mortgage?"First of all, what are "later years"?  The average reverse mortgage ...

I am often asked if a reverse mortgage is safe and is it a good program?  I always answer that, yes, it is very safe and it is a wonderful program. However, I don't think that is necessarily the right question to be asking.  The question anyone who is considering a reverse mortgage should ask is ...