Alliance Credit Counseling has released a new counseling locator tool that will make the lives of both lenders and borrowers a little easier.  At least when it comes to locating an approved reverse mortgage counselor.

According to their website Reverse Mortgage Counseling Locator helps to easily locate counseling agencies. » Read more: New Reverse Mortgage Counseling Tool Makes Finding a Counselor Easier

Bookmark It

Hide Sites

As of November the number of federally insured reverse mortgages known as HECM’s totaled 103,640 down 1.7% from 2008. Although total endorsements were down the number of active lenders increased by 7.5% year over year to 3,055. » Read more: Reverse Mortgage Endorsements Down November 2009

Bookmark It

Hide Sites

AARP Reverse Mortgage: Despite a barrage of negatively charged (and often inaccurate) media siting reverse mortgage problems, the AARP released an Inside E Street webcast entitled “Reverse Mortgage: Rescue or Trap?” that presents a fair, balanced, and informative discussion of this unique loan.

Unlike most newspaper articles or TV news reports that try to cover this complicated product in a two columns or two minutes, AARP dedicates a full 26 minutes to the key questions of consumer protection and avoiding abuses. » Read more: What The AARP Thinks About Reverse Mortgages

Bookmark It

Hide Sites

Lenders Reverse Mortgage

The number of FHA insured reverse mortgages, HECM’s for short, increased in September. Lenders endorsed 9,473 loans in September, up from 8,933 in August.

Below are the top 10 lenders listed according to year to date volume nationally.  The nations top reverse mortgage lender is Wells Fargo.   » Read more: Lenders Reverse Mortgage

Bookmark It

Hide Sites

Avoiding Reverse Mortgage Pitfalls

Reverse mortgages are becoming popular in America.  Reverse mortgages are a special type of home loan that lets a homeowner convert the equity in his/her home into cash.  They can give older Americans greater financial security to supplement social security, meet unexpected medical expenses, make home improvements, and more.  However seniors need to be aware that there are lenders in the market that are well…let’s say less than honest.

If you are interested in a reverse mortgage, beware of scam artists that charge thousands of dollars for information that you can get for free.  While I advise caution you don’t have to be afraid.  Of the 4 million general complaints to the FTC between 2005 and 2008 only 50 have to do with reverse mortgages.  » Read more: Avoiding Reverse Mortgage Pitfalls

Bookmark It

Hide Sites

What is a reverse mortgage

A reverse mortgage is a special type of home loan that lets you convert a portion of the equity in your home into cash. The equity that built up over years of home mortgage payments can be paid to you. But unlike a traditional home equity loan or second mortgage, no repayment is required until the borrower(s) no longer use the home as their principal residence. FHA’s HECM provides these benefits. You can also use a HECM to purchase a primary residence if you are able to use cash on hand to pay the difference between the HECM proceeds and the sales price plus closing costs for the property you are purchasing. » Read more: What is a reverse mortgage

Bookmark It

Hide Sites

Reverse Mortgage Philadelphia: Supplement Social Security

Reverse mortgages have helped hundreds of thousands of seniors secure their retirement through additional guaranteed income.  While some Social Security recipients are waiting to officially hear if their payments go up or down next year, many have decided to act now.

Beatrice Jones, 71, of Paoli, Pa says she can’t wait.  She’s been in her Chester county home for 30 years and says she’s got to do something now, so she’s considering a reverse mortgage to help supplement her monthly social security income. » Read more: Reverse Mortgage Philadelphia: How to supplement Social Security Income

Bookmark It

Hide Sites