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Reverse Mortgage Volume in Canada Sees Big Boost from Lower Rates
Canada saw fourth quarter origination of reverse mortgage jump to $43 million, according to the HOMEQ Corporation. HomEquityBank, a subsidiary of HOMEQ Corporation, saw an increase of 77% over the same period last year and an increase of 11% over … Continue reading
RMG NEWS : The FHA Steps Up In Times Of Need
Every time the HUD makes a change or looks at its financial stability, the question arises: Should the government really be involved in homes and loans? Some members of Congress would like to see the FHA taken out of the HUD … 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
3 Comments
Reverse Mortgage Group Wishes You a Happy New Year!
To learn more about RMG, why not contact us now? We’d love to answer your questions.
Posted in Reverse Mortgage Loans
1 Comment
RMG NEWS : Fannie Mae Updates 1009 Loan Application
Fannie Mae (FNMA) has updated its reverse mortgage loan application (1009). The GSE updated the 1009 to comply with the Federal Housing Finance Agency (FHFA), and the Federal Housing Administration (FHA) requests to capture additional data during the loan origination/application … Continue reading
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
Posted in General, Questions About Reverse Mortgage, Reverse Mortgage Loans
Tagged AARP, Caregivers, Caregiving, reverse mortgages
3 Comments
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
Posted in General, Retirement, Reverse Mortgage Loans, Senior Income
Tagged FHA, HUD, reverse mortgages
2 Comments
RMG NEWS : Reverse Mortgage Amendment Passes the House with Overwhelming Support
Financial Services Bill H.R. 4173 passed in the House of Representatives this afternoon by a vote of 223-202. Included with it was the Reverse Mortgage Amendment proposed by Congresswoman Jan Schakowsky and Congresswoman Dina Titus. The Amendment passed overwhelmingly by … Continue reading
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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RMG NEWS : HUD Extends Higher Loan Limit for FHA Reverse Mortgage Program
The US Department of Housing and Urban Development (HUD) officially extended the loan limits for its FHA-insured reverse mortgage program with Mortgagee Letter 2009-50. The changes are effective immediately for loans closed on or after February 24, 2009. According to … Continue reading