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Reverse Mortgage Group Home About Reverse Mortgage Group Reverse Mortgages Pros vs Cons Fixed Rate vs Adjustable Rate How You Can Use the Money Reverse Mortgage Glossary Frequently Asked Questions Reverse Mortgage HECM Application Reverse Mortgage Articles Contact Reverse Mortgage … Continue reading
Top 5 Factors for Applying Reverse Mortgage Loans
Senior citizens are always afraid to apply for loans to maintain their lifestyle and way of living. They are always in fear that the lender will take away their home in return of the loan or they will be burdened … Continue reading
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Poor 401(k) Performance Causes Increase in Reverse Mortgages Issued
Let’s face it. The current economic atmosphere is almost absent of 401(k) gains. The massive losses taken in the 401(k) arena is leaving senior homeowners struggling financially. Home Equity Conversion Mortgages, or HECMs, have been around for over 20 years. … Continue reading
Posted in Reverse Mortgage Loans
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Reverse Mortgages in California, Florida, and Arizona
Now that homes are upside down in the states of California, Florida, and Arizona, the regions hit hardest by the economic collapse, seniors are looking for ways to supplement their income to keep their home and memories. Seniors that took … Continue reading
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Home Equity Conversion Mortgage (HECM) Saver
HECM Saver is a new Reverse Mortgage product that was just release by HUD (Department of Housing and Urban Development). With an extremely low MIP (mortgage insurance premium) of only .01% of the property’s value, the costs of a HECM … Continue reading
RMG NEWS : Origination Volume Up 25% in FY 2009
Volume of the FHA’s Home Equity Conversion Mortgage (HECM) grew to $30.2 billion in Fiscal Year 2009 according to budget documents released earlier this week. Despite only a slight increase in endorsed units, max claim volume grew 25% compared to … Continue reading
RMG NEWS : Legislation Update
Senator Chris Dodd (D-CT) and President Obama met face-to-face on Tuesday. Reports suggest that Dodd may drop the proposed Consumer Financial Protection Agency from the emerging Senate Financial Services Bill, in order to gain the support of some Republicans and … Continue reading
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
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
Posted in General, Questions About Reverse Mortgage, RMG News
Tagged CCOA, Credit Counseling, HECM, HUD, reverse mortgages
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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
Posted in General, RMG News, Reverse Mortgage Loans
Tagged FHA, HUD, reverse mortgages
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