Jumbo vs HECM It is rather simple. It is a larger Reverse Mortgage than the HECM (FHA-Home Equity Conversion Mortgage) everyone has been talking about. These loans are particularly interesting in California because of our higher median prices on homes. Even I have noticed that. What is different in a jumbo? Larger funding limits, in […]
Someone the other day asked me “How do I explain these loans to a client?” There is an excellent article a few days old that asks an outstanding question. “Who needs a proprietary reverse mortgage not the usual HECM.” Answer: A homeowner of an expensive home who wants more money out with no payments. Here is […]
In Real Estate There Are Certain Birthdays That Have Special Meaning 18- You can sign a contract or become a real estate agent 55- You can move into age-controlled housing 62- You can get a Reverse Mortgage So, Loan Originators You should note any friends, associates, enemies, acquaintances, and others who are hitting the major […]
Moral Of This Story: Buy A Whistle The DOJ and Walter Investment Management doing business as Reverse Mortgage Solutions (RMS) agreed to this settlement. The allegations were that the defendant submitted false claims for debenture interest and for the reimbursement of unlawful referral fees stating that they were sales commission. The transaction involved foreclosed properties, […]
Number One Is By Jason Oliva Published In The Reverse Mortgage Daily Some items that he mentioned from a study by the Funding Longevity Task Force are: Using the Line of Credit rather than using a HECM Reverse Loan as a last resort significantly increases the likelihood of a retirement portfolio’s success The line of […]
Will Miracles Never Cease? I read so many financial planners who badmouth Reverse Mortgages. They cite many reasons, such as excessive cost, less money to leave to heirs, could lose the house if you do not pay taxes and insurance or maintain properly, etc. etc. etc. Obviously, you will have less money to leave to […]
In Our MLO Continuing Education Courses this year, we have a section on Reverse Mortgages I have been talking about all the factors. One aspect is the requirement that the prospects receive detailed counseling from Government Approved Counselors. I believe that the Reverse Mortgage Line of Credit is an excellent tool for financial planning for […]
In this article in Forbes, Ben Carson praises Reverse Mortgages. Thank you Terry Yapp for introducing me to his comments in Alex Spanko’s article below. HUD Secretary Carson Praises Reverse Mortgage Program in Speech Secretary Ben Carson affirmed his commitment to the reverse mortgage program in a Monday speech to a major advocacy group for […]
This Loan Can Just Not Get Any Respect This link came to me from David Gomer, Owner and Founder of Senior Funding. Thank you, son. It is from CFPB. Enough Said. The title is, “Consumer Financial Protection Bureau Warns That Taking Out A Reverse Mortgage Loan Can Be An Expensive Way To Maximize Social Security […]
This information was sent to me by Howard Kirschner, one of our instructors and local RM pundit. Thank you, Howard. In our recent article dated July 26, 2017, we indicated that a new administration in Washington marks a time of uncertainty and uneasiness as people try to guess what the new policies will be. The announcements made […]
