Category Archives: General

Fed Avoids Finalizing Mortgage Reform, CFPB Takes Over

Plans to execute three mortgage proposals under Regulation Z are being put on hold until after the transfer of authority to the Consumer Financial Protection Bureau (CFPB) takes place on Tuesday. The proposals covered a range of topics, including consumer … Continue reading

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More Realtor Education Needed to Increase HECM For Purchase Volume

With the FHA predicting a surge in Home Equity Conversion Mortgages (HECM) for Purchases next year to 3,420, up from 423 in 2009’s fiscal year, it seems a little surprising that the industry isn’t more optimistic about the program. “Everyone … Continue reading

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RMG NEWS : CCOA Announces Free HECM Counseling

Credit Counseling of Arkansas (CCOA) announced that it will be providing free reverse mortgage counseling to customers as of today. An $18,000 federal government grant from the U.S. Department of Housing and Urban Development (HUD) will allow CCOA to provide … Continue reading

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Caregivers Can Be Helped By Reverse Mortgages

A study by the National Alliance for Caregiving and the AARP showed that nearly one third of the US population are caregivers, defined as providing unpaid care to an adult or a child with special needs. These caregivers spend an … Continue reading

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Trading Home Equity for Cash

In this near-frozen credit environment potential borrowers still find most home mortgages tough to get; a major exception is reverse mortgages.  Available for homeowners over 62 years of age, reverse mortgages have been representing a growing market for the past … Continue reading

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RMG NEWS : FHA Developing Mathematical Method to Determine Reverse Mortgage Eligibility

In the coming months the Federal Housing Administration will issue preliminary regulations that will be the first step in developing a method to mathematically determine a borrower’s eligibility for a reverse mortgage, according to Meg Burns, director of Single Family … Continue reading

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Reverse Mortgages and the Softening Housing Market

Well there’s no doubt that the United States’ housing market is softening. And although prices may not continue to drop, and some markets may remain relatively strong, as a whole, the robust gains in real estate value across the country … Continue reading

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Not Enough Equity For a Reverse Mortgage?

Qualifying for a reverse mortgage is based on a number of factors, including your age, the value and location of your home, and the amount owed on your home.  Ultimately, reverse mortgages allow you to access equity in your home; … Continue reading

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Before Signing on the Dotted Line…

…There’s a lot you need to know about reverse mortgages. This Q&A will help clarify how this complex transaction works. What is a reverse mortgage? It’s a loan on your house that lets you tap your home’s equity.  Like a … Continue reading

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How to Choose a Reverse Mortgage Lender

When trying to choose the right reverse mortgage lender, you need to know what type of reverse mortgage you need. Most reverse mortgages are FHA insured Home Equity Conversion Mortgages or HECM loans. HECM reverse mortgages account for over 90% … Continue reading
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