Bill contains valuable updates to FHA's reverse mortgage program

Watch and hope for final passage of the FHA Modernization Bill, for there could be a reverse mortgage in your future, even if you live in a co-op or high-cost areas such as New York , Chicago or the cities of ...

[Truth Seeker]

This is the most informative article on the subject I have read.

[Bob Hopkins]

A very informative article about government working with business to establish a more affordable andhelpful financial product to help the Senior citizen, especially with somewhat of a "watchdog" attitude by such groups as A.A.R.P., the Council on Aging, and the N.R.M.L.A.(National Reverse Mortgage Lenders Association).

[Tom Ryall]

Finally!!! An article in the news about reverse mortgages that has the facts straight!

[VAWidow]

Excellent information! Took me quite awhile to find you, but better info than many other sites pertaining to RMs.
Thank you!

[VAWidow]

Any updates on this bill? Appreciate any info.

[Jim Saeger RMS]

I have been hearing about the increase (to $417000) for some time now and can only hope that it finally goes threw. I have a lot of customers that would benefit greatly by the increase in the limit here in Florida and have been waiting. I still tell them not to hold their breath until the “fat lady sings” and President Bush signs the paper.
Jim Saeger
MyFloridaReverse.com

[John Coe World Alliance]

Getting a Reverse Mortgage early is not necessarily a bad thing. It just depends on how you use the money. Using the USA Today example, and assuming the 62 year old borrower won't need the money until they are 70. Then, that 62 year old borrower's $116,000 line of credit would grow to approximately $185,000 by the time the borrower needed it at age 70. That's a far greater advantage than the $130,000 pulled out if the client waits. If the client were to take a tenure payment (a payment per month for the rest of the client's life in the home) the difference would be waiting eight years to get a gain of only $147/mth.
Remember each client and situation is different. You can't just put everyone into the same bucket.
John A. Coe, CSP
World Alliance Financial
[e-mail]

[mrreverse]

As always all you columnists all seam to get it wrong.
First off where would a senior receive a loan where they were do not make any mortgage payments? second a credit line if not used with banks could go away. also seniors would have to qualify for the loan. and if they could not prove income or good credit forget about it. What would you pay for a loan that you if you could not get enough money to pay it back it's forgiven and no 1099 or familly responsible for debt? What about income for life could enter more than the home is worth. How aout birrowing $260,000 cash from the home and sell it, 3 years later sell it for $210,000 and after deducting real estate commission and seller closing cost which nets to about $197,000 and pay that back to the lender where nothing is said. How much is all that worth??????????
Also by limiting what Mortgage lenders to charge, 1.5% and working on a loan for maybe a month or more.plus forcing lenders to pay the counseling cost will only cause lenders to do only higher priced homes. This will make it impossable for Seniors who own less expense homes to be able to be part of this program!!!!!! I wish people would get facts straight.