Tag Archives: HECM
Reverse Mortgages: Benefiting Both Parents and Children
For many seniors, the worry behind getting a reversed mortgage is burdening the children. Here are 10 facts about reverse mortgages, and also to address some of the fears behind qualifying for one.
The Reverse Mortgage market will soon be all Libor based
With Fannie Mae’s recent announcement that they will discontinue purchasing CMT based HECMs starting in September, the industry is going to be almost entirely Libor based. What does this mean to you? Well, if you look back at our previous article about the Libor HECM you will see that Retiringwise has long been [...]
What do I need to do if my wife/husband is not age 62 and can I still do a reverse mortgage?
Very often we will see two clients that wish to apply for a Reverse Mortgage but one of them will not be over the age of 62. I would like to address this issue and explain how a Reverse Mortgage can still be obtained in this situation and also what the ramifications of that [...]
$625,500 Reverse Mortgage Lending Limit now a reality
HUD has published Mortgagee Letter 2009-07 which raises the FHA loan limit for HECM’s to $625,500, effective immediately for loans closed on or after February 24, 2009.