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Reverse Mortgage News from ReverseMortgageNation.com
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New law adds protection to Reverse Mortgages
More consumer protection on reverse mortgages. The new law would ban origination fees on reverse mortgages, which allows borrowers to take an advance against home equity. The law also bans insurance salespeople from originating these products and prohibits originators from requiring homeowners to buy annuities.
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Senate Passes Housing Bill
The Senate passed HR 3221 by a vote of 72-13. We expect the President to sign the bill into law immediately.
Our most current interpretation is that the loan limit will go to $417,000 once HUD issues a Mortgagee Letter, and that the high cost area adjustments to a max of $625,500 will take effect on [...]
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Financial Freedom and Indymac Update
With the collapse of Indymac, many were curious about their reverse mortgage division, Financial Freedom.
Here is what we found…
Reverse Mortgages
These mortgages let people 62 and older borrow money against their home equity and remain in the home. Repayment is deferred until the owner dies, sells the home or enters a nursing home. Borrowers can take [...]
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IndyMac Cutting Half of Workers
However, the articles does stat that they will continue to operate as Reverse Mortgage Lender, we felt it was important to share this article. As you recall, on June 18th, Financial Freedom suspended their Jumbo Reverse Mortgage program, the Cash Account Advantage.
As the leader in Reverse Mortgages, we strive to provide you the highest levels [...]
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Reverse Mortgage Mentor Program
The NGFS Mentor Program* lets you learn the mortgage business from a pro and gauge whether adding reverse mortgages to your portfolio of services makes sense for you. As with any employment opportunity, there are a few procedures to follow. In joining the NGFS Mentor Program as a “Loan Consultant in Training” you will become [...]
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HECM Reverse Mortgage Appraisal
Here is Reverse Mortgage Appraisal and Appraiser information:
General
Section 255: Home Equity Conversion Mortgages (Reverse Mortgages, a.k.a. HECM) allows a borrower aged 62 and older to borrow against the equity in a property that has limited outstanding debt. The subject property under this program must be an existing one-to four-unit dwelling in which the mortgagor occupies [...]
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HECM 200
NGFS is proud to now offer the HECM 200. (HECM stands for Home Equity Conversion Mortgage)
As we have stated previously, rates have dropped rapidly creating scenarios in which the HECM 200 has provided greater financial benefit to the borrower in the form of a higher loan amount. NGFS will continue to compare the HECM 150 [...]
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National HECM Counseling Network
ReverseMortgageNation.com a national Reverse Mortgage Lender strives to provide it’s visitors, clients, and cosumers with up to date Reverse Mortgage News, help and support. Today we are providing a list of HUD HECM Counseling agencies. This is not a full list of counselors but is a good start, also this information is provided directly from [...]
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National HECM Counseling Network
ReverseMortgageNation.com a national Reverse Mortgage Lender strives to provide it’s visitors, clients, and cosumers with up to date Reverse Mortgage News, help and support. Today we are providing a list of HUD HECM Counseling agencies. This is not a full list of counselors but is a good start, also this information is provided directly from [...]
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HECM loan limit not increased
Some consumers were asking about the increase in the HECM loan limit. However as you can see from this release by NRMLA (National Reverse Mortgage Lenders Association) that the HECM increase was not included in the recent Act.
FHA announced on March 6, 2008 a temporary increase in loan limits for all forward mortgages as a [...]
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