By melissa | Published: February 9, 2011
Reverse mortgages allow seniors to use their home equity while staying in their homes – but have been criticized for their high upfront fees, among other things. A new loan has hit the market, however, offering sharply lower start-up costs in exchange for a tighter limit on the amount that can be borrowed. “It opens up new options for people to think about in terms of how they tap their equity as a retirement resource,” said Barbara Stucki, vice president of home equity initiatives at the National Council on Aging
Posted in Reverse Mortgage | Also tagged a-small-amount, a-tighter-limit, a-trade-group, equity, jobs, money, national, recession, reverse mortgage, stucki, traditional
By | Published: February 8, 2011
Days after Bank of America announced it was exiting the reverse mortgage business , there continues to be speculation over why the company made the decision to leave the industry. Despite the bank telling RMD in a statement it’s closing the operation to focus on its core mortgage business and move the operational unit into other critical areas serving customers, some aren’t buying it
Posted in Reverse Mortgage | Also tagged america, bank of america, country, decision, finance, loans, metlife, observer, operation, operational, reverse mortgage, the-operational
By | Published: February 8, 2011
The taxes and insurance guidance issued by the Department of Housing and Urban Development is a good “first giant step” according to Marc Helm, president and chief operating officer of Reverse Mortgage Solutions . Helm told Origination News the mortgagee letter puts some parameters about what HUD wants done in these situations, which until now had been a gray area. An area that concerns Helm is the guidelines for the repayment plan, which puts a 24-month limit on arrears over $5,000
Posted in Reverse Mortgage | Also tagged a-good-starting, a-little-bit, borrowers, fha, guidelines, houses, industry, mortgagee, repayment, reverse mortgage, rms, solid-feedback, whether-or-not
By melissa | Published: February 8, 2011
The Orlando Sentinel recently wrote about how more than 30,000 homeowners are in “technical default” on a reverse mortgage and could end up losing their homes for not paying property taxes and homeowners insurance. Florida has the highest number of defaults at almost 5,300, or 18 percent of the total for the U.S., according to nonprofit credit counselor CredAbility Group.
Posted in Reverse Mortgage | Also tagged a-good-option-, and-homeowners, before-applying, highest-number, loan-guidelines, make-monthly, payments-as-you, reverse loan, reverse mortgage, reverse mortgages, still-possible
By | Published: February 8, 2011
The Orlando Sentinel recently wrote about how more than 30,000 homeowners are in “technical default” on a reverse mortgage and could end up losing their homes for not paying property taxes and homeowners insurance. Florida has the highest number of defaults at almost 5,300, or 18 percent of the total for the U.S., according to nonprofit credit counselor CredAbility Group
Posted in Reverse Mortgage | Also tagged a-good-option-, a-has-the, a-reverse-loan, and-homeowners, highest-number, home-as-long, loan-guidelines, make-monthly, mortgage-lender, property-taxes, reverse mortgages, while-the-risk
By melissa | Published: February 7, 2011
As people have reached a certain age, they tend to produce an impairment of their functions and capabilities. When they are unable to perform their regular duties, often assisted by another person is necessary. If it is necessary to require assistance of another individual, this can be difficult for the older people.
Posted in Elder Care | Also tagged a-certain-level, care, career, daily, dementia, environment, financial, following, goals, healthcare, media, nature, safety, source
By melissa | Published: February 7, 2011
As people have reached a certain age, they tend to produce an impairment of their functions and capabilities. When they are unable to perform their regular duties, often assisted by another person is necessary. If it is necessary to require assistance of another individual, this can be difficult for the older people.
Posted in Elder Care | Also tagged care, career, daily, dating, goals, healthcare, legal, nursing-home, person, safety, security, service, source
By | Published: February 6, 2011
by: Erica Ronchetti It’s estimated there are 24 million individuals living with some form of dementia worldwide-this number is expected to increase to as many as 85 million by the year 2040 if there is no medical breakthrough for age-related memory loss.
By | Published: February 3, 2011
A recent study reveals that many Americans acknowledge their potential need for long-term care, but do not understand their options to afford such care. Many consumers who had overseen the long-term care of a loved one recognize the impact and financial strain long-term care can cause their family, and 36 percent of survey respondents with assets of less than $100,000 fear they will be a burden to their family. Only 39 percent felt confident that they have planned for the costs of long-term care
By melissa | Published: February 2, 2011
The media continues its coverage of the Federal Housing Administration’s HECM Saver, a low cost reverse mortgage that was released in October 2010. The latest comes from Inman News , where Tom Kelly writes “the buzz among reverse mortgage professionals at the recent National Reverse Mortgage Lenders Association annual convention was that the new HECM Saver could soon be dubbed the HECM Savior.” The bottom line was that the FHA had to sharpen its pencil to produce what it thought would be a sustainable reverse mortgage program, given the need to raise mortgage insurance.
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