Issues of reverse mortgage fraud, while rare are still an issue. Lawsuits have been filed by Illinois Attorney General Lisa Madigan against two mortgage brokers alleged to have used unfair and deceptive marketing practices in soliciting reverse mortgages to seniors. » Read more: Illinois AG Files Lawsuits Against 2 HECM Brokers
Archive for the ‘Reverse Mortgage News’ category
Illinois AG Files Lawsuits Against 2 HECM Brokers
February 11th, 2010
Reverse Mortgage – Congress Extends $625K Limit
November 2nd, 2009How Do Reverse Mortgages Work: Late last week, the House and Senate passed an extension of the $625,500 loan limit for reverse mortgages through December 31, 2010. The loan limit would have reverted back to $417,000 at year’s end if the extension wasn’t passed for the Home Equity Conversion Mortgage (HECM).
Philadelphia Seniors Considering Reverse Mortgages May Get More Options
October 18th, 2009
Reverse Mortgage Philadelphia: Philly area seniors considering a reverse mortgage may have a wider variety of options in the near future. It seems that HUD is taking a page from Austin Powers and plans to create a ‘Mini Me’ or ‘Mini HECM’.
The consideration for the Mini HECM is due to the $800 million subsidy request to help insure the existing reverse mortgage program. » Read more: Philadelphia Seniors Considering Reverse Mortgages May Get More Options
Seniors Taking Larger Up Front Payments From Reverse Mortgages
August 17th, 2009Recent data has showed a not so surprising trend among seniors who do reverse mortgages. Last week, a popular Oakland, California based lender released data from it’s online calculator that showed senior citizens are increasingly considering larger up front payments as opposed to more substantial monthly payments. In part, these larger payouts are available because of temporarily increased lending limits. The current recession has also likely influenced seniors to seek immediate relief versus betting on longer-term stability. » Read more: Seniors Taking Larger Up Front Payments From Reverse Mortgages
McCaskill Called to Carpet on Reverse Mortgage Crusade
August 11th, 2009Disadvantages of a reverse mortgage: If you listen to Missouri Senator Claire McCaskill you’d think that the federally funded HECM program is riddled with fraud and victimizing older Americans and costing the government billions. Those are not my words but the words of Newsday journalist Saul Friedman, who informing his readers that Reverse Mortgages Are Still Safe. » Read more: McCaskill Called to Carpet on Reverse Mortgage Crusade
Reverse mortgage lenders may be forced to offer less
July 21st, 2009Reverse mortgage lenders may be forced to loan less money. House appropriators have instructed the Federal Housing Administration to cut the proceeds seniors receive when taking out a home equity conversion mortgage in fiscal year 2010 or Oct. 1 in 2010 according to National Mortgage News. This could spell disaster for some seniors. » Read more: Reverse mortgage lenders may be forced to offer less
