The Best Reverse Mortgages

WalletHub compared the real estate market in 25 of the largest metropolitan areas across 10 key metrics.  The overall findings place Boston, MA as the healthiest housing market and Las Vegas, NV as the least healthiest of the group.  Some of the metrics analyzed are equity levels, underwater mortgages, mortgage costs, access to financing and remaining time until financial freedom.  Read the entire article  here . For more information on reverse mortgages and other related topics contact: Rick R. Rodriguez Certified Reverse Mortgage Professional, CRMP NMLS# 473353 Toll Free (877) 500-0454 Local (702) 460-6222

ABC action news in Tampa aired a news segment discussing the recent changes to reverse mortgages as well as the pros and cons.  The couple who was interviewed and recently obtained a reverse mortgage stated, "I would highly recommend it."  They went on to say that "it's like a load off your shoulders, and it's good."  View the entire news segment here . For more information on reverse mortgages and other related topics contact: Rick R. Rodriguez Certified Reverse Mortgage Professional, CRMP NMLS# 473353 Toll Free (877) 500-0454 Local (702) 460-6222

USA Today published a recent article asking if a reverse mortgage is right for homeowners.   The article summarizes some of the highlights of the program and gives advice to the consumer to shop carefully for a good reverse mortgage.  It states that with a Home Equity Conversion Mortgage (HECM) you still own your home and the loans are non-recourse, which means you'll never owe more than the value of your home at its sale regardless of whether the home's value declines.  The writer encourages the reader that when done right a reverse mortgage can increase your chances of a healthy income in your golden years.  Read the entire article here . For more information on reverse mortgages and other related topics contact: Rick R. Rodriguez Certified Reverse Mortgage Professional, CRMP NMLS# 473353 Toll Free (877) 500-0454 Local (702) 460-6222

The National Association of Realtors ( NAR ) just released data showing that June was a very good month for the housing market as existing-home sales rose to their highest pace in over eight years and the national median sales price reached its all-time high at $236,400 for the month.  Lawrence Yun, NAR chief economist, says the solid gains in June are "fueled by a year-plus of steady job growth and an improving economy that's giving more households the financial wherewithal and incentive to buy."  Read more here . For more information on reverse mortgages and other related topics contact: Rick R. Rodriguez Certified Reverse Mortgage Professional, CRMP NMLS# 473353 Toll Free (877) 500-0454 Local (702) 460-6222

The Department of Housing and Urban Development (HUD) recently released a memo to clarify how much counseling agencies may charge for Home Equity Conversion Mortgage (HECM) counseling services.  The memo references Mortgagee Letter ML 2011-09 which states that there is no cap or maximum amount that can be charged for HECM counseling.  It goes on to say that a fess of $125.00 is neither a maximum nor a minimum allowable charge.  HUD requires that counseling agencies must be able to demonstrate how the fee charged to clients was calculated and what considerations contributed to the establishment of the fee.  HUD will conduct Performance Reviews in which agencies will be required to have this information available. For more information on reverse mortgages and other related topics contact: Rick R. Rodriguez Certified Reverse Mortgage Professional, CRMP NMLS# 473353 Toll Free (877) 500-0454 Local (702) 460-6222

Many Americans are not planning for what is to come in the form of long-term care expenses when they get older.  A new report issued by the U.S. Office of the Assistant Secretary for Planning and Evaluation ( ASPE ) states that Americans turning 65 this year can expect on average to pay $138,000 in future long-term care services and supports (LTSS).  "Families will pay about half of the costs themselves out-of-pocket, with the rest covered by public programs and private insurance."  LTSS is not medical care, but rather assistance with everyday activities.  Many Americans mistakenly believe that health insurance will cover LTSS, however health insurance does not and Medicare does not cover most LTSS expenses.  Read the entire report here . For more information on reverse mortgages and other related topics contact: Rick R. Rodriguez Certified Reverse Mortgage Professional, CRMP NMLS# 473353 Toll Free (877) 500-0454 Local (702) 460-6222

Recent data from Gallup-Healthways has ranked the top states for seniors' well-being.  The report titled, " State of American Well-Being:  State Well-Being Rankings for Older Americans ", was released this week in conjunction with the Massachusetts Institute of Technology (MIT) Age Lab, and it examines the well-being of Americans age 55 and older.  The state with the highest well-being is Hawaii, followed by Montana, South Dakota, Alaska, and Iowa.  The state with the lowest well-being is West Virginia, followed by Kentucky, Oklahoma, Ohio and Indiana.  You can read more about the rankings report here . For more information on reverse mortgages and other related topics contact: Rick R. Rodriguez Certified Reverse Mortgage Professional, CRMP NMLS# 473353 Toll Free (877) 500-0454 Local (702) 460-6222

Reverse Mortgage Daily (RMD) recently interviewed Peter Bell, President of the National Reverse Mortgage Lenders Association (NRMLA), to discuss the direction and health of the reverse mortgage industry.  The questions ranged from recent guideline changes to the perception of the program and how it's being utilized by homeowners and other professionals.  In short, the reverse mortgage program has eliminated some of its problematic issues and has already begun to shed its reputation of being a "Loan of Last Resort".  As it has been stated in past posts, reverse mortgages are viewed more as a sophisticated financial retirement tool. Read the entire article here . For more information on reverse mortgages and other related topics contact: Rick R. Rodriguez Certified Reverse Mortgage Professional, CRMP NMLS# 473353 Toll Free (877) 500-0454 Local (702) 460-6222

There is no doubt that with America's aging population there will be a huge demand for senior care services.  However, long-term care insurance may not be affordable for many in their later years due to extraordinarily high premiums and the lower likelihood to medically qualify.  A recent article in Financial Advisor Magazine states that, "Clients over age 60 may have missed the window to purchase affordable long-term care insurance."  The article does recommend that a reverse mortgage should be considered as an alternative option, and it highlights the Home Equity Conversion Mortgage (HECM) line of credit feature.  As the article states, "A unique feature of the HECM reverse mortgage many are surprised to learn about is its growing credit line.  As the borrower ages, the reverse mortgage line of credit continues to grow, providing access to significantly more funds.  This makes reverse mortgages a superior funding tool versus a traditional HELOC, which doesn't