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Today's Reverse Mortgage News and
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Housing & Urban Development Information on Reverse Mortgages
Reverse Mortgage News for Seniors
Reverse Mortgages for Senior Citizens Continue to
Grow Despite Mortgage Turmoil; Tampa Leads
New features for 2009: higher loan limit, lower
fees, home purchase component, co-op eligibility and stricter consumer
protection
Jan.
14, 2009 – The regular mortgage market may be suffering but the reverse
mortgages for senior citizens are still growing – and, should benefit
from several new features in 2009. New data released by the Department
of Housing and Urban Development shows that on a calendar year basis,
the number of federally insured reverse mortgages closed in 2008 grew
6.4% to 115,176 loans.
Read more...
Reverse Mortgage Rules Change to Allow Senior
Citizens to Buy a New Home
Purchase Reverse Mortgage Program allows seniors to
purchase a new home, never make a mortgage payment for as long as they
live in the home, may require sizable down payment
By
Cliff Auerswald, All Reverse Mortgage Company
Nov.
14, 2008 - Starting January 1, 2009, FHA will begin to insure reverse
mortgage loans for purchases. What does this mean? Senior
borrowers age 62 and over can now purchase a home using a reverse
mortgage rather than a traditional forward mortgage. This is great news
to seniors who have had a desire to purchase a new home but felt they
could not either due to their credit, their income, they did not want to
have to start making payments again at this stage in their lives or a
myriad of other reasons.
Read more...
Reverse Mortgages Continued Annual Growth in FY2008
but Just Barely
Higher loan limit of $417,000 for reverse mortgages
may start around November 1
Oct. 15, 2008 – Growth in the number of reverse
mortgage loans being made to senior citizens may have slowed,
temporarily, according to the National Reverse Mortgage Lenders
Association, but the 2008 fiscal year ending September 30 closed the
books on another record year of growth for this special loan. Growth,
however, was only 4.3 percent over FY2007.
Read more...
Real Estate Scammers are Using Reverse Mortgage
Program to Flip Depressed Homes
Senior citizen gets a free house, scammers get the
money, but senior can’t afford the home
Oct.
9, 2008 - There is a new scam involving reverse mortgages that everyone
needs to be aware of because it doesn’t affect just senior citizen
borrowers, according to Cliff Auerswald of All Reverse Mortgage Company.
It seems that in their effort to find new ways to beat the system, there
are some who are looking for ways to use senior borrowers and reverse
mortgages to flip properties.
Read
more...
Can Senior Citizens Still Find a Reverse Mortgage
with New Credit Crunch?
The answer is in the basic premise of the reverse
mortgage itself says mortgage company
By
All Reverse Mortgage Company (Special to SeniorJournal.com)
Sept. 18, 2008 - Everyone has heard so much since
Monday about the credit crunch and how it will adversely affect the
ability of people to borrow money. One of the new mantras in the
financial sector is that loans will only be made to borrowers who can
actually afford to repay them (imagine that) and many senior homeowners
are concerned about how this will affect them in their efforts to obtain
a reverse mortgage. The answer is in the basic premise of the reverse
mortgage itself.
Read more...
Finances Taboo Topic for Senior Citizens and Their
Children, Finds Reverse Mortgage Firm
Seniors considering reverse mortgages lowering
their home values, new housing legislation helps older
Americans, says reverse mortgage lender in other studies
Aug.
14,
2008 - Half of all senior citizens participating in a recent survey said
that they have never had an in-depth conversation about their financial
situation with their adult children, according to a survey for Golden
Gateway Financial, a marketer of reverse mortgages to senior
citizens. The company also recently released analysis showing seniors
are lowering their home values and that the new
federal housing legislation benefits seniors.
Read
more...
New Housing Bill Makes Substantial Changes to
Reverse Mortgage Program
Larger loans, smaller fees and more protection for
seniors in bill signed by President - but many still urge caution
Aug.
11, 2008 – Reverse mortgages were not part of the problem in the current
home financing debacle but Congress decided to make some changes, while
they were trying to create a bill to stop the slide of the housing
market and collapse of mortgage companies. The government has, among
other things, raised the allowable limits on these FHA backed reverse
mortgages to $417,000, up from about $362,000.
Read
more...
Top Ten Things Seniors Should Know if Considering a
Reverse Mortgage
Department of Housing and Urban Development (HUD)
explains program
March 28, 2009 - Reverse Mortgages – the government
insured program that allows older Americans to use their home equity -
are becoming increasingly popular. The Department of Housing and Urban
Development (HUD), which insures these loans through its Federal Housing
Administration, has issued a list of ten key things older Americans
should know about this program.
Read
more...
Reverse Mortgages Coming Under Media Fire for
Actions by Some Lenders
SeniorJournal.com columnist and New York Times cite
examples
By Tucker Sutherland, editor
March 3, 2008 – Reverse Mortgages, designed to help
older people use the equity in their homes to finance their retirement,
have enjoyed mostly praise in these first few years of the program
designed by the government and featuring a government guarantee. Now,
however, senior citizens and financial experts are beginning to see
serious problems – at least with how some lenders are handling the
loans.
Read more...
Guarding Your Wealth for Senior Citizens
Should Senior
Citizens Use Reverse Mortgages? Columnist Has An Answer
Every month you go further and further into debt and
have less wealth
By Jeffrey D. Voudrie, CFP
Feb. 22, 2008 - Some of the most popular products
being pitched to seniors today are reverse mortgages. Everywhere you
turn there are free seminars, free reports and free DVDs, all touting
the amazing benefits these loans offer. Are reverse mortgages the
answer to seniors’ prayers, or are they too good to be true?
Read
more...
Reverse Mortgage News for Seniors
Reverse Mortgage
Law Has Unhappy Birthday at
Senate Aging Hearing
Aging Committee hears horror story, Sen. McCaskill to
offer legislation to assure senior citizens are protected
Dec. 13, 2007 – Yesterday was the twentieth
anniversary of the law establishing the reverse mortgage program, which
allows Americans age 62 or older to transfer their home equity into a
monthly income. The birthday celebration at the Senate Special Committee
on Aging hearing, however, was not a happy one. One witness told how her
mother suffered financial losses and mental stress from taking out a
reverse mortgage.
Read more...
Reverse Mortgages to Get Critical Look from Senate
Committee on Aging
Sen. McCaskill leads investigation of ‘pressing
need to strengthen consumer protections for seniors as they consider
this type of loan’
Dec. 10, 2007 – The reverse mortgage program, which
has boomed in recent years as a way for senior citizens to draw from the
equity in their homes but continue to live in them, is in for some
unusual scrutiny on Wednesday. A news release from the Senate’ Special
Committee on Aging says Sen. Claire McCaskill (D-MO) will hold a hearing
to highlight the “pressing need to strengthen consumer protections for
seniors as they consider this type of loan.”
Read more...
Reverse Mortgage Market Sees Value of Senior
Citizens’ Homes Climb, Equity Decline
Senior home values hit $5.09 trillion in the second
quarter; equity declined to $4.28 trillion
Oct. 16, 2007 - The value of homes owned by
Americans who are old enough to qualify for a Reverse Mortgage, age 62
and over, increased slightly during the second quarter of 2007, but
senior home equity declined slightly, according to the Reverse Mortgage
Market Index.
Read more...
More Senior Citizens Looking to Their Homes to Help
Fund Their Retirement
Survey finds older Americans carrying surprising
amount of debt
Sept. 10, 2007 – If you have your eye on your
parent's home and assume you will inherit it someday, you may be
counting your chickens before they hatch. Fewer senior citizens today
plan to pass their homes on to their children and it appears it is
because they plan on using their home as part of their retirement
funding, according to the newest Senior Sentiment Survey by Financial
Freedom.
Read
more...
Top Ten Myths About Reverse Mortgages Debunked for
Senior Citizens
Most older Americans know about reverse
mortgages but misconceptions abound
August 9, 2007 – Reverse mortgages continue to grow
in popularity and in a recent survey senior citizens said they
understood reverse mortgages better than they did any other home-loan
product. But, there are still myths and misinformation about these
unique loans, according to Financial Freedom Senior Funding Corporation,
a major player in the reverse mortgage industry.
Read more...
Senior Citizens Could See Reverse Mortgage Limit
Jump to $600,000
Two million more senior citizens could use program if
Congress acts on HUD proposal
July 19, 2007 - Two million older Americans could
tap into the equity they have built up in their homes by obtaining
reverse mortgages, if Congress passes legislation to raise the cap on
obtaining an FHA-backed reverse mortgage, according to a Department of
Housing and Urban Development estimate released Tuesday. The current
cap is $362.790 and HUD wants it bumped up to $600,000.
Read
more...
Senior Citizens More Aware of Reverse Mortgage than
other Mortgage Products
But Harris Poll finds only 2% have reverse mortgages
July 17, 2007 – Awareness of the reverse mortgage
is extremely high among older Americans in a demographic grouping of
people age 62 and older, called the "Matures" by the Harris Poll. The
Matures have a greater awareness of the reverse mortgage than they do of
any other mortgage product, says Harris. Yet, only two percent say they
have taken advantage of the product. Adults of all ages are most aware
of the home equity loan.
Read
more...
Reverse Mortgage Market Currently at $4.3 Trillion,
Less than 1% of Potential
New Reverse Mortgage Market Index rises to 205.6, as
a result of a Senior Home Equity Increase of $19 billion in first
quarter
July 9, 2007 – Americans age 62 or older hold an
estimated $4.3 trillion of home equity according to the NRMLA/Hollister
Reverse Mortgage Market Index (RMMI). Although the reverse mortgage
industry has seen tremendous growth in the last five years, only a
little more than 300,000 reverse mortgages have been originated in its
short history, representing less than 1% of market penetration.
Read
more...
Senior Citizens’ Craving for Reverse Mortgages Leads
Bank of America to Acquisition
Reverse Mortgage of America now part of giant
financial institution
July
6, 2007 – As the latest sign of the growing popularity among senior
citizens of reverse mortgages, Bank of America announced last week the
purchase of Reverse Mortgage of America, which was the name used by
Seattle Mortgage Company to market reverse mortgages. Settle Mortgage is
an indirect subsidiary of Settle Financial Group.
Read
more...
Senior Citizens Using HUD Reverse Mortgages Passes
300,000
Tenfold increase in HUD HECMs over the last six
years
June 22, 2007 - More seniors than ever before are
reaping the benefits of reverse mortgages to enjoy their golden years,
according to the U.S. Housing and Urban Development. New data from HUD
reveals that more than 300,000 seniors have used the federally-insured
Home Equity Conversion Mortgage (HECM) loan program to convert the
equity in their home into cash without having to move.
Read
more...
Study of Reverse Mortgage Patterns Will Help Ginnie
Mae Market New Securities
Borrowers are more likely to be single females who
terminate slowly
May 18, 2007 – A study of the timing of reverse
mortgage terminations has been completed that provides the information
necessary for Ginnie Mae (Government National Mortgage Association) to
issue its first HECM Mortgage-Backed Security (HMBS) this year. The
Ginnie Mae HMBS will allow approved issuers to securitize and sell
FHA-insured reverse mortgages in the form of a Ginnie Mae security.
Read
more...
Fixed-Rate Jumbo Reverse Mortgage Introduced for
High Value Homes
Available throughout the country in coming
weeks: BNY Mortgage
May 16, 2007 – A new reverse mortgage product,
Prime Advantage, has been designed to suit the needs of older Americans
with higher-value homes who want access to more cash than a traditional
reverse mortgage provides and the added financial certainty of a fixed
interest rate for the life of the loan, according to BNY Mortgage.
Read
more...
Reverse Mortgages Jump by 77 Percent over Last
Fiscal Year
More senior citizens cashing in home equity with
special mortgages
October 29, 2006 – The number of federally insured
reverse mortgages made in the U.S. in the government's 2006 fiscal year
has increased by 77 percent. Rising home values, larger sales forces,
and increased consumer acceptance of these loans designed for senior
citizens has fueled the growth, according to the National Reverse
Mortgage Lenders Association.
Read
more...
New Ginnie Mae Security Could Lower Costs of Reverse
Mortgages for Seniors
October 18, 2006 – In a move that is expected to
expand the reverse mortgage business and provide lower rates for senior
citizens, Ginnie Mae, the government owned mortgage-funding company,
said yesterday it is creating a new security - a Home Equity Conversion
Mortgage Mortgage-Backed Security (HECM MBS) - that will allow Federal
Housing Administration (FHA) insured home equity conversion mortgage
loans in the form of a Ginnie Mae MBS.
Read more...
Money Matters for Seniors
Switching Gears: Reverse Mortgages Offer Unique Way
to Retire with Extra Income
Your home has given you a lot -
with RM, it can give you even more
By Robert Valentine
September
8, 2006 - Dorothy, the main character of the movie, The Wizard of Oz,
once exclaimed, “There’s no place like home!” Even in a world much
different than the one that existed when The Wizard of Oz was filmed,
that old adage still holds true.
Read more...
Reverse Mortgages
Reverse Mortgage Program May Get New Enhancements
House bill would
allow seniors to access greater equity amount
April 30, 2006 – The Reverse Mortgage Program,
already popular with senior citizens, may get even better. The U.S.
House of Representatives is considering legislation that would make
substantial improvements to the federal reverse mortgage program,
including a plan that would allow older homeowners to access greater
amounts of equity from their homes, according to the National Reverse
Mortgage Lenders Association.
Read
more...
Texas Seniors Now Have Full-Fledged Reverse
Mortgages
March 23, 2006 - Texas senior citizens now have the same
options as seniors in the rest of the nation to convert a portion of
their equity in their homes into tax-free income with a reverse
mortgage. Read
more...
Larger Reverse Mortgages Available to Seniors In
2006
Dec. 15, 2005 - Older homeowners will be able to
convert a greater portion of the equity in their homes into tax-free
income using a reverse mortgage starting next year because of new,
higher loan limits, the National Reverse Mortgage Lenders Association
announced today. Read
more...
Reverse Mortgage Limits on HUD Lifted by Congress
Dec. 15, 2005 - The U.S. House of Representatives
passed legislation last night that eliminates the cap on the number of
reverse mortgages that can be insured by the Department of Housing and
Urban Development, the National Reverse Mortgage Lenders Association
announced today. Read
more...
Guarding Your Wealth for Seniors
The Ins and Outs of Reverse Mortgages
By Jeffrey D. Voudrie, CFP
President,
Legacy Planning Group
Sept. 28, 2005 - Reverse mortgages have been around
since 1989, but they are rapidly gaining in popularity. The complexity
of reverse mortgages makes it difficult for the average senior to
separate myth from reality. Let me help you decide if one is right for
you. Read
more...
Texans to Vote on Reverse Mortgage Option Available
in Rest of U.S.
Texas senior citizens, industry pushing for
line-of-credit option
Sept. 22, 2005 - On September 28, mortgage lenders,
brokers, and title companies will convene in Dallas for the fourth
annual Reverse Mortgage Day in Texas, but the real focus will be on the
upcoming election that will allow Texas senior homeowners the same
opportunities enjoyed in every other state in the nation. On November 8,
Texans can vote on Proposition 7 -- a constitutional amendment
authorizing line-of-credit advances under a reverse mortgage.
Read more...
The Basics
Reverse Mortgages: Money From Home for Senior
Citizens
By: ElderLawAnswers.com
Aug.
12, 2005 - Under our “system” of paying for long-term care, you may be
able to qualify for Medicaid to pay for nursing home care, but in most
states there’s little public assistance for home care. Most people want
to stay at home as long as possible, but few can afford the high cost of
home care for very long. One solution, which is growing in popularity,
is to tap into the equity built up in your home.
Read
more...
Reverse Mortgages by HUD Jump 109 Percent for 2004
Industry group says senior citizens better understand
safe guards
Feb.
22, 2005 – The most popular reverse mortgage – a special housing loan
designed for senior citizens - is the Home Equity Conversion Mortgage (HECM)
administered through the U.S. Department of Housing and Urban
Development (HUD). Lenders originated a record 37,829 HECM loans during
the most recent federal fiscal year - a 109 percent increase over the
18,079 loans closed the previous year, because seniors are more aware of
the safeguards, according to the National Reverse
Mortgage Lenders Association.
Read more...
Reverse Mortgage Can Help Seniors Pay for Long Term
Care, Says National Study
Jan. 26, 2005 - A study released today by The
National Council on the Aging shows that reverse mortgages can be used
by over 13 million Americans to pay for long-term care expenses at home,
allowing many to remain as independent and in their homes longer.
Read more...
Larger Reverse Mortgages Available to Seniors In
2005
Announcement Comes In Wake of Record Loan Volume for
2004
Dec. 1, 2004 - Senior citizens will be able to
qualify for larger reverse mortgages beginning January 1, 2005 because
of new, higher loan limits, according to the National Reverse Mortgage
Lenders Association, a national nonprofit trade association.
More...
12/01/04*
Free DVD About Reverse Mortgages Available Online
Nov. 1, 2004 – A free DVD, “Reverse Mortgages:
Making an Educated Decision,” is now available from Financial Freedom,
which claims to be the largest firm in reverse mortgage lending. A
unique feature of the video is that it has senior citizens telling about
these loans – what they are, how they work, etc.
More... 11/01/04*
Steep Fees Burden Reverse Mortgages
By Gail Liberman and Alan Lavine
Aug. 24, 2004 - It might be tempting to consider
getting cash from your mansion through a reverse mortgage program —
particularly since new twists have been making them more attractive.
More... 8/24/04*
Links to Information
Reverse Mortgages Grow in Popularity for Senior
Citizens
Aug. 2, 2004 -
Reverse Mortgages have become popular with senior citizens, because they
allow a homeowner to convert their equity into cash that can be used to
supplement social security, meet unexpected medical expenses, make home
improvements, and meet other financial needs.
More... 8/02/04*
Use Your Home to Stay at Home Program
Reverse Mortgages Can Help with Long-Term Care
Expenses, Study Says
April 15, 2004 - A new study by The National
Council on the Aging (NCOA) shows that using reverse mortgages to pay
for long-term care at home has real potential in addressing what remains
a serious problem for many older Americans and their families.
More... 4/15/04*
Reverse Mortgage Volume Up 112%
from Year Ago
Top 10 Markets All
Show Increase in Originations
April 14, 2004 – The volume of
federally insured reverse mortgages taken out by older homeowners in
recent months has increased by 112% from a year ago, as a blistering
record pace of originations continues, according to the National Reverse
Mortgage Lenders Association.
More... 4/12/04*
HUD Issues New Rule to Reduce Senior's Out-of-Pocket
Costs to Refinance Reverse Mortgages
Interim Rule Implements Other Consumer Protections
March 29, 2004 – Seniors wishing to take advantage
of today's low interest rates by refinancing a reverse mortgage will pay
less fees, and receive other consumer protections, according to a new
regulation issued by the U.S. Department of Housing and Urban
Development, the National Reverse Mortgage Lenders Association announced
today. More...
3/29/04*
Use Your Home to Stay at Home Program Begins:
NCOA Exploring Use of Reverse Mortgages for
Long-Term Care
Nov. 6, 2003 - The National Council on the Aging,
with the support of both the Centers for Medicare and Medicaid Services
(CMS) and the Robert Wood Johnson Foundation, is laying the groundwork
for a powerful public-private partnership to increase the use of reverse
mortgages to help pay for long-term care.
More... 11/06/03*
Free Booklet, Web Site Offer Seniors and Boomers New
Strategies for Aging in Place
Oct. 20, 2003 – The National Reverse Mortgage
Lenders Association, in partnership with the National Advisory Council
on Aging In Place, has introduced a free consumer booklet and Web site
to educate older homeowners on practical steps they can take to modify
their living environments to accommodate lifestyle changes and increase
comfort. More...
10/20/03*
"Aging in Place" Gets Advisory
Council, Website, National Recognition Week
July 31, 2003 –
The National Reverse Mortgage Lenders Association, in partnership with
several other interested organizations, today announced the formation of
the National Advisory Council on Aging In Place to encourage senior
homeowners to be proactive in taking steps to modify their home
environments to make them safe and comfortable as they age.
More... 7/31/03
Seniors
Can
Get
Larger
Reverse
Mortgages
Because
of
Higher
Loan
Limits
Dec.
12,
2001
-
Seniors
will
be
able
to
qualify
for
larger
reverse
mortgages
beginning
in
2002
because
of
new,
higher
loan
limits,
according
to
a
senior
lenders'
organization,
the
National
Reverse
Mortgage
Lenders
Association
(NRMLA).
Click
12/12/1*
Reverse Mortgage Lenders, Related
Professionals
Create New National Trade Association
March
18, 1998 - Financial services companies that make,
service and invest in reverse mortgages have formed a new national trade association based
in Washington, DC. More...
3/18/98*
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