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Jumbo Reverse Mortgages Take Center Stage
With the introduction of the government insured HECM changes that have appeared to rattle the market in October, the Jumbo Private Label Reverse Mortgages may have found their footing. Home values are acceptable significantly above the government insured limits. Two unit owner occupied properties are also acceptable. Significant modifications have also been made to make the Jumbo Reverse attractive. For example, the rates have dropped just under 25% from previous levels. Rate options have also been introduced for higher risk loans whereby homeowners can pay up for ...
November 14th, 2017 | Reverse Mortgage, Jumbo Reverse Mortgage, private label reverse mortgage, HECM Reverse Mortgage, Jumbo Reverse Mortgages Take Center Stage
When It Pays To Shop Your Medicare Coverage
This is a nice short video (click here to see video) that I stumbled across that I found to be very informative for those 65 and above with Medicare. Check your Medicare formulary against your current needs. You may have the opportunity to shop and find a better fit for your needs, and your doctors intentions, regarding your care. As with many types of insurance, I find that my clients simply pay the premium and never really check the coverage. When it comes to your personal health this could be a nice opportunity that will save you some money and certainly buy you some...
October 25th, 2017 | Medicare , Reverse Mortgage, Seniors, When It Pays To Shop Your Medicare Coverage
Understanding Reverse Mortgage Requirements for Occupancy
There are two separate and distinct occupancy requirements for a HECM Reverse Mortgage that often get confused depending on whether you are applying for a new loan or you already have an existing reverse mortgage.The first is general occupancy requirement at application when applying for a new reverse mortgage. The program is only available for a homeowner’s primary residence. There are many items that are required to verify occupancy, such as, voter registration, driver’s licenses, federal tax filings, utility bills, credit reports, etc. It is important to note that th...
October 17th, 2017 | Reverse Mortgage, Retirement Planning, Seniors, HECM Reverse Mortgage, supplemental retirement income, occupancy requirements, Understanding Reverse Mortgage Requirements for Occupancy
Family Success with HECM Reverse Mortgages
This is a Reverse Mortgage success story that repeats itself time and time again. Our parents achieve financial equilibrium by neutralizing debt, like mortgages, and discovering a safe innovative means to access their home equity, either now or when they need it in the future, with a Reverse Mortgage. It’s about releasing the burden of the constant financial worry so there is room for more enjoyment. This equilibrium also allows for our parents to enjoy longevity and take life as it comes rather than always being concerned about financial constraints. It further pr...
October 9th, 2017 | Reverse Mortgage, Retirement security, HECM Reverse Mortgage, Sandwich Generation, Seniors, Family Success with HECM Reverse Mortgages
Program Losses Spur Government Changes
U.S. Department of Housing and Urban Development (HUD) announced Tuesday, August. 29, it will raise up-front fees and tighten limits for the HECM Reverse Mortgage program to avoid having to dip into the U.S. Treasury to cover troubled borrowers. These means radical changes to the HECM Reverse Mortgage program in the very short term. I do not believe the loss estimates that are being made public. This would imply that the program is being run inefficiently. Huge losses would also not be revealed overnight. There would have been indications. For this reason, I belie...
September 6th, 2017 | Eligibility for Reverse Mortgage, HECM Reverse Mortgage, Seniors, Reverse Mortgage, HUD, Program Losses Spur Government Changes
Creating Constructive Options for the Division of Property for Retirees
The words retired, fixed income, and divorce don’t always go that well together. Many retirees live primarily on Social Security and a small amount of investment income. A divorce, no matter how amicable, will often require the division of property. It is not uncommon for people to feel pressured to sell the home, due to current mortgage balances that are unaffordable, with a separation of income during a divorce. In other instances, couples will attempt to leverage up with inexpensive home equity lines of credit as a means of dividing the property. Both of these ...
August 10th, 2017 | Reverse Mortgage, HECM Reverse Mortgage, Seniors, Gray Divorce, Retirement security, Creating Constructive Options for the Division of Property for Retirees
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