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Showing posts from 2013

Healthiest Housing Markets

Zillow.com published a recent analysis on the nation's healthiest housing markets in October.  Of the top- markets, four were in California - San Jose, San Francisco, Los Angeles and San Diego.  The fifth best market belongs to Denver.  Reverse Mortgage Daily provided a summary of the analysis at:   http://reversemortgagedaily.com/2013/12/15/zillow-healthiest-housing-markets-found-out-west/?utm_source=Reverse+Mortgage+Daily&utm_campaign=39d69970bb-rmd_daily_email_12_16_1312_15_2013&utm_medium=email&utm_term=0_48b4357284-39d69970bb-21285 For more information on home values in your area or reverse mortgages , contact Rick Rodriguez, Production Manager at Proficio Mortgage at (877) 576-3783 or rrodriguez@proficiomortgage.com.  You can obtain more at www.reversemortgageproficiobank.com . 

Long Term Care Services Supported by Reverse Mortgages

A recent study by the Centers for Disease Control (CDC) and Prevention's National Center for Health Statistics states that approximately 8 million people received paid long-term care services in 2012 and more than half (56%) of those people used home health services.  Part of the study points out that consumers desire to stay in their own homes, and federal and state policy developments have led to a growth in different types of home and community based resources.  Medicaid finances a majority of long-term care, followed by Medicare, but individuals and families still must pay for some services out of pocket.  In the current state of our economy, finding ways to pay for long-term care services is a growing concern for families and older adults.  The full report can be accessed at:   http://www.cdc.gov/nchs/data/nsltcp/long_term_care_services_2013.pdf We have been actively working with the home health care industry in bringing awareness of the role that reverse mortgages can play

New Day for Reverse Mortgages

Home Equity Conversion Mortgages, commonly referred to as reverse mortgages , are becoming more and more common.  Previously considered as just a needs based program, HECM's are being considered more in retirement planning by seniors, financial planners and many other professionals. The National Mortgage Professional Magazine recently published this article on reverse mortgages gaining more popularity:   http://www.nationalmortgageprofessional.com/news45000/new-day-reverse-mortgages Rick Rodriguez and Proficio Mortgage are committed to being the HECM experts nationwide.  Contact Rick Rodriguez at (877) 576-3783 or rrodriguez@proficiomortgage.com.  You may also visit our website to learn more about us and reverse mortgages at www.reversemortgageproficiobank.com. 

Reverse Mortgages In Texas

Texas has approved the HECM Purchase Program which should be ready for implementation in the first quarter of 2014.  There will be additional disclosures the State is requiring each lender to provide borrowers including a 12 day type of rescission notice at closing to give the borrower time to decide whether to move forward or not. We specialize in the HECM Purchase Program.  Contact us and we can help you in 48 states including Texas. Rick Rodriguez Production Manager Proficio Mortgage, a subsidiary of Proficio Bank (877)576-3783 rrodriguez@proficiomortgage.com www.reversemortgageproficiobank.com Read more:   http://reversemortgagedaily.com/2013/11/25/new-texas-reverse-mortgage-disclosures-take-effect/?utm_source=Reverse+Mortgage+Daily&utm_campaign=cf7f0fea51-rmd_daily_email_11_26_1311_25_2013&utm_medium=email&utm_term=0_48b4357284-cf7f0fea51-21285

New Reverse Mortgage Product

With recent changes to the HECM Reverse Mortgage program , the reverse mortgage community is asking more than ever when will a proprietary product enter the marketplace?  It will take educating the investment community that reverse mortgage securities are sound.  But educating mainstream media about reverse mortgages is nothing new to us:  we have been educating people for numerous years now and everyday we continue to educate.  At the moment, there is talk that 2014 may bring with it a proprietary reverse mortgage product.  Now we just need to wait and see.   Rick Rodriguez Production Manager Proficio Mortgage, a subsidiary of Proficio Bank (877)576-3783 rrodriguez@proficiomortgage.com www.reversemortgageproficiobank.com Read more:   http://reversemortgagedaily.com/2013/11/25/reverse-lenders-say-time-is-now-for-new-proprietary-products/?utm_source=Reverse+Mortgage+Daily&utm_campaign=cf7f0fea51-rmd_daily_email_11_26_1311_25_2013&utm_medium=email&utm_term=0

Reverse Mortgage Purchase Program

The HECM For Purchase Program (aka Reverse Mortgage Purchase Program) is still not widely understood by seniors, realtors and home builders.  This program will help more senior homeowners qualify to purchase a home, while helping to increase their cash flow. We are working with realtors, home builders, financial planners, CPA's, attorneys and other professionals to educate them on reverse mortgages and the HECM For Purchase Program. For more information on this program and other reverse mortgage topics contact Rick Rodriguez at Proficio Mortgage .  He is the Production Manager in the Reverse Mortgage Division and he can be reached at (877) 576-3783 or rrodriguez@proficiomortgage.com.

Florida Helps Fund Reverse Mortgages In Default

Florida will soon be helping seniors with reverse mortgages who are struggling to make their property taxes and homeowner's insurance payments.  This will help senior homeowners get caught up with the loan servicing company and avoid foreclosure.  The announcement was recently made in the The Palm Beach Post:   http://blogs.palmbeachpost.com/realtime/2013/11/11/reverse-mortgage-aid-for-fl-seniors-to-be-announced/ For more information on this and other reverse mortgage topics, contact Rick Rodriguez at Proficio Mortgage.  He is the Production Manager in the Reverse Mortgage Division and can be reached at (877) 576-3783 or rrodriguez@proficiomortgage.com.

Texas Approves Reverse Mortgage Purchase Program

The citizens of Texas voted on November 5, 2013, and unanimously approved to have all FHA reverse mortgage products allowed in the state.  This will now allow the HECM For Purchase program (aka reverse mortgage purchase program) to be made available for those seniors looking to purchase a home with a reverse mortgage loan.  The HECM For Purchase is a great way for seniors to qualify to purchase a home and increase their cash flow for retirement. Request a free brochure on the product by contacting Rick Rodriguez, Proficio Mortgage, at (877) 576-3783 or rrodriguez@proficiomortgage.com.

Reverse Mortgage Growth Hasn't Even Scratched The Surface

Industry leaders agree that the reverse mortgage program is still a very untapped product with much potential for future growth.  Reverse Mortgage Daily published an article discussing the future of the product at:  http://reversemortgagedaily.com/2013/11/06/reverse-mortgage-growth-hasnt-even-scratched-the-surface/?utm_source=Reverse+Mortgage+Daily&utm_campaign=76d2e760a0-RMD_Daily_Email_11_7_1311_6_2013&utm_medium=email&utm_term=0_48b4357284-76d2e760a0-21285 For a private consultation, contact: Rick Rodriguez Production Manager Proficio Mortgage 877.576.3783 toll free rrodriguez@proficiomortgage.com  

Reverse Mortgage Changes Postponed

FHA has announced that they will be extending the implementation of the financial assessment changes which were initially set to begin on January 13, 2014.   http://reversemortgagedaily.com/2013/11/04/fha-to-extend-reverse-mortgage-financial-assessment-start-date/?utm_source=Reverse+Mortgage+Daily&utm_campaign=0ec18bbda3-RMD_Daily_Email_11_5_1311_4_2013&utm_medium=email&utm_term=0_48b4357284-0ec18bbda3-21285

Reverse Mortgage Lender in California

Rick Rodriguez  specializes in reverse mortgages and helping seniors with retirement planning.  He has helped thousands of home owning senior Americans understand how reverse mortgages work as well as the pros and cons.  His title is Production Manager, and he is responsible for sales, marketing, and overall day to day branch activities.  He currently works for Proficio Mortgage, a subsidiary of Proficio Bank, and is licensed nationwide to offer reverse mortgages.  Rick is easily accessible and will provide you with an easy to understand and thorough explanation on how reverse mortgages work.  Contact Rick at: Rick Rodriguez NMLS #473353 Proficio Mortgage 2225 Village Walk Dr. #220 Henderson, NV. 89052 rrodriguez@proficiomortgage.com 877.576.3783 ph 702.460.6222 cel

Reverse Mortgage Lender In Henderson, NV

Rick Rodriguez specializes in reverse mortgages and helping seniors with retirement planning.  He has helped thousands of home owning senior Americans understand how reverse mortgages work as well as the pros and cons.  His title is Production Manager, and he is responsible for sales, marketing, and overall day to day branch activities.  He currently works for Proficio Mortgage, a subsidiary of Proficio Bank, and is licensed nationwide to offer reverse mortgages.  Rick is easily accessible and will provide you with an easy to understand and thorough explanation on how reverse mortgages work.  Contact Rick at: Rick Rodriguez NMLS #473353 Proficio Mortgage 2225 Village Walk Dr. #220 Henderson, NV. 89052 rrodriguez@proficiomortgage.com 877.576.3783 ph 702.460.6222 cel

Reverse Mortgages And Divorce

Forbes recently published an article pointing out that a reverse mortgage may be a useful financial tool for older divorcing couples.  As stated, a reverse mortgage can help divorced individuals from having to sell temporarily depressed investments or draw from retirement investments too early.  The Forbes article is here to read at:   http://www.forbes.com/sites/jefflanders/2013/09/24/how-reverse-mortgages-can-benefit-older-divorcing-women/ For specific information on reverse mortgages, contact Rick Rodriguez, Production Manager at Proficio Mortgage.  Phone:  (877) 576-3783  Email rrodriguez@proficiomortgage.com or Web  www.reversemortgageproficiobank.com

HUD Clarifies Reverse Mortgage Changes

HUD has issued an additional mortgagee letter clarifying the September 30th changes. The mortgagee letter is available for all to read at:  http://portal.hud.gov/hudportal/HUD?src=/program_offices/administration/hudclips/letters/mortgagee Contact Rick Rodriguez at Proficio Mortgage to obtain additional information, as well as an estimate on the different options available. Rick Rodriguez Production Manager Proficio Mortgage, a subsidiary of Proficio Bank 877-576-3783 phone rrodriguez@proficiomortgage.com

Home Equity Rebounds

Millions of homeowners returned to a state of positive equity during the second quarter of 2013 as home prices continued their improvement, according to a CoreLogic equity report, although millions more remain underwater.  Read more at:   http://www.corelogic.com/research/negative-equity/corelogic-q2-2013-equity-report.pdf

Tighter Reverse Mortgage Rules

On October 1, 2013, HUD will be tightening up guidelines on reverse mortgages to help sustain the program for the future for both FHA and consumers.  The goal is to further protect consumers by helping them manage their funds better, and to help FHA get out of an operational deficit with the reverse mortgage program.  Read the entire article:  http://www.nytimes.com/2013/09/07/your-money/tighter-rules-will-make-it-harder-to-get-a-reverse-mortgage.html?_r=1&pagewanted=all&  

HUD Clarifies Revers Mortgage Changes

HUD held an industry wide conference call to go over the upcoming changes to reverse mortgages and open up the line to questions from lenders around the country.  Starting on October 1, 2013, the reverse mortgage program will offer a reduced FHA mortgage insurance of .5% when loan disbursements are limited to 60% of the principal limit or charge a 2.50% FHA mortgage insurance for disbursements that exceed 60%.  For a review of the HUD changes, visit:   http://portal.hud.gov/hudportal/HUD?src=/program_offices/administration/hudclips/letters/mortgagee

HUD Aims To Strengthen Reverse Mortgage Program

HUD recently announced that it will be tightening up guidelines on the HECM (Home Equity Conversion Mortgage) Reverse Mortgage program.  The new guideline changes are set to begin on October 1st, 2013 and will help to strengthen the program for the long term.  Learn about the changes and obtain a reverse mortgage guide on the pros and cons by contacting:  Rick Rodriguez, Production Manager, Proficio Mortgage, (877) 576-3783, rrodriguez@proficiomortgage.com, www.reversemortgageproficiobank.com. The Chicago Tribune recently posted an article regarding the changes at:   http://articles.chicagotribune.com/2013-09-04/business/chi-hud-reverse-mortgages-20130904_1_mortgage-rules-mortgage-insurance-premiums-hecm

Reverse Mortgage Changes

Tighter rules for reverse mortgages are coming soon.  Now that Congress has given FHA the authority the make changes to the program, FHA is implementing new procedures to help strengthen the program for the future.  Read the Wall Street Journal article at:  http://online.wsj.com/article/SB10001424127887323608504579023100143165032.html?KEYWORDS=reverse+mortgage

Home Prices Continue To Climb

Home prices continue to climb in the second quarter of this year.  The National index grew 7.1% in the second quarter and 10.1% compared to the second quarter last year.  Read the entire article at:  http://reversemortgagedaily.com/2013/08/28/home-prices-continue-to-climb-in-june-up-10-in-q2/?utm_source=Reverse+Mortgage+Daily&utm_campaign=05cf4eb49a-RMD_Daily_Email_8_29_138_28_2013&utm_medium=email&utm_term=0_48b4357284-05cf4eb49a-21285  

Home Values Increase

Home values continue to increase each month year over year.  A recent article published by Zillow indicates that July 2013 home prices rose 6% over July 2012 values.  That marks the highest annual gain since 2006. Click here to read the entire article:   http://reversemortgagedaily.com/2013/08/20/july-home-prices-reach-highest-annual-increase-since-2006/?utm_source=Reverse+Mortgage+Daily&utm_medium=email&utm_campaign=a1bc9d870b-RMD_Daily_Email_8_21_138_20_2013&utm_term=0_48b4357284-a1bc9d870b-21285

Retiring Boomers Relocating

A recent article by Fox Business News discusses a new trend for retiring baby boomers and where they are relocating.  Read the entire article here:   http://www.foxbusiness.com/personal-finance/2013/08/19/retiring-to-city-consider-this-first/

Retirement Savings Not Sufficient

A recent survey published by Bankrate, shows that Americans are still not saving enough for retirement.  Read the article here at:  http://reversemortgagedaily.com/2013/08/20/post-recession-americans-still-not-saving-for-retirement/?utm_source=Reverse+Mortgage+Daily&utm_medium=email&utm_campaign=a1bc9d870b-RMD_Daily_Email_8_21_138_20_2013&utm_term=0_48b4357284-a1bc9d870b-21285

Reverse Mortgages and Wall Street Journal

It's great to see that the Wall Street Journal published an objective article on the reverse mortgage program. Far too many times, mainstream media publishes inaccurate and misleading information on reverse mortgages.  The Wall Street Journal gave the reverse mortgage program much needed support.  In addition, it emphasized the importance for CPA's and financial planners to listen up and use the reverse mortgage as a financial retirement tool.  Read the entire article at:   http://reversemortgagedaily.com/2013/08/18/wall-street-journal-reverse-mortgages-can-help-a-wide-array-of-retirees/?utm_source=Reverse+Mortgage+Daily&utm_medium=email&utm_campaign=9e496ba51b-rmd_daily_email_8_19_138_18_2013&utm_term=0_48b4357284-9e496ba51b-21285

Retirement and Paying Off Your Mortgage

Should you pay off your mortgage?  It is a question that many wonder about.  Recently, an article in MarketWatch posed this question and gave its reasons for and against.  The final outcome:  it depends. However, there are some good points that were made for varying situations and you can read the entire article at: http://www.marketwatch.com/story/should-you-pay-off-your-mortgage-2013-08-14?pagenumber=2

Reverse Mortgages and Technology

The reverse mortgage industry and the technology industry are crossing paths more than ever before.  There are several types of products on the market that are aimed at aiding seniors remain in their homes both comfortably and independently.  From home care monitors that help seniors communicate with family and doctors to wristwatches that detect a person's movements, the business of gadgets for seniors is growing.  Reverse mortgages can help both the senior afford these products and help the companies sell more by increasing the senior's cash flow through eliminating monthly debt and supplementing cash on hand.  Read about some of the technological products on the market at:  http://www.boston.com/lifestyle/health/2013/07/10/high-tech-gadgets-monitor-seniors-safety-home/4Lv2hzmPaYSqiq70vuIQiI/story.html

Reverse Mortgage Counseling Fees

There are several reverse mortgage counseling agencies to choose from these days.  Each homeowner is free to choose from any of the multitude of counselors out there.  Some of them will charge a fee for their service ranging from $89 - $125, and some will allow that fee to either be paid up front or financed into the reverse mortgage loan.  Every now and then there is an agency that will offer free counseling by way of Government grants they receive.  Recently the National Council of Aging reduced their counseling fee from $125 to $90.  Read the full explanation at:   http://reversemortgagedaily.com/2013/07/09/ncoa-lowers-fees-for-reverse-mortgage-counseling/?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+ReverseMortgageDaily+%28Reverse+Mortgage+Daily%29

Home Appreciation Bodes Well For Reverse Mortgages

Many homeowners have been waiting for home values to come up to take advantage of the reverse mortgage program.  For the 15th consecutive month, May 2013 is showing big gains in home appreciation.  Read the Core Logic statistical report:   http://www.corelogic.com/research/hpi/corelogic-hpi-may-2013.pdf

Places To Retire: Maryland

Many retirees are discovering the many retirement places that Maryland has to offer.  Maryland is also one of the top states in the country for reverse mortgage holders.  Baltimore is the seventh most active city for reverse mortgage loans.  For more information on Maryland, read the entire article at:  http://www.marketwatch.com/story/dont-let-these-6-surprises-wreck-your-retirement-2013-06-27?pagenumber=2

Reverse Mortgages & Retirement

Reverse mortgages are becoming more widely accepted as a retirement tool by varying professionals.  With the use of the line of credit option, more seniors are realizing that they can accomplish their retirement goals with a reverse mortgage.  Marketwatch put out a recent article on planning for your retirement:   http://www.marketwatch.com/story/dont-let-these-6-surprises-wreck-your-retirement-2013-06-27?pagenumber=2

Reverse Mortgage Marketing

It's no surprise that more and more seniors are using the internet for all their needs, including reverse mortgage information .  A very interesting article tells some of the online habits that seniors have as well as key points when marketing to them.  http://reversemortgagedaily.com/2013/06/23/can-reverse-mortgage-marketing-adapt-to-more-seniors-going-online/?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+ReverseMortgageDaily+%28Reverse+Mortgage+Daily%29

Reverse Mortgages See Volume Rebound 10% in April

Positive signs shown by the reverse mortgage industry in April 2013.  HECM endorsements have increased 10.2% from April 2012 to April 2013.  Read the entire article at:   http://www.rminsight.net/reverseiq-newsletter/2013/06/2294/

Reverse Mortgages As A Financial Tool

Recently, financial planning expert Harold Evensky tells the Journal of Financial Planning that he recommends a reverse mortgage as a financial planning tool.  Like him, more financial planners are realizing that reverse mortgages should be considered by seniors and can be used as a financial tool.  Read the entire article at:  http://www.fpanet.org/docs/assets/CD39A280-E3A4-36A0-74A2636662D9880E/10Q.pdf

HECM Reverse Mortgage Program

AARP has posted an article on the HECM Reverse Mortgage Program.  AARP gives 6 recommendations on making the reverse mortgage program stronger and sustainable:   http://blog.aarp.org/2013/06/24/six-ways-to-improve-the-hecm-reverse-mortgage-program/

Reverse Mortgages and Home Improvements

Reverse Mortgage proceeds can be used to make home improvements.  In fact, using a Reverse Mortgage to make home improvements is one of the most popular uses of the program.  As we age in place so do our homes which require updating and renovations to make the home more functional.  A recent survey conducted by Zillow.com shows that 60% of homeowners plan on making home improvements this summer. Check out the blog at:  http://www.zillowblog.com/2013-06-20/survey-60-percent-of-homeowners-will-make-a-home-improvement-this-summer/

Three Common Misconceptions About Reverse Mortgages

Three common areas that are misunderstood are:  What happens if I outlive my reverse mortgage? What happens to the inheritance for my family? Does the reverse mortgage bank own my home? These are all good questions that are fairly simple to answer, however are very important and have lasting implications. 1.  Can I outlive a reverse mortgage?  The answer is No.  There is no loan maturity date nor an age limit.  The loan must be repaid when the last surviving spouse has passed away or no longer lives in the property.  During that time, there are certain FHA requirements that must be met.  This means that the home must be maintained in good condition and the property taxes and homeowners insurance must be paid on time. As long as these requirements are met, there is no payment required on the loan for as long as the last surviving spouse remains in the home. 2.  What about my family's inheritance?  Upon the passing of the last surviving spouse, the reverse mortgage loan must be

Reverse Mortgage Update

As of April 1, 2013, HECM Reverse Mortgages are offering three products: Standard Libor Saver Fixed Saver Libor These continue to be Government Insured Loans and remain to be one of the safest loan programs available today. Get all the facts from Rick Rodriguez, Production Manager and Experienced Reverse Mortgage Consultant at Proficio Mortgage.  Visit www.proreverse.com/RickRodriguez and call 1-877-576-3783.     www.proreverse.com/rickrodriguez

Rick Rodriguez, Sales Manager

Rick Rodriguez, Sales Manager

Reverse Mortgage Options

The reverse mortgage industry will experience yet another change on April 1, 2013 when the Standard Fixed Rate Product will be eliminated.  This is nothing new to the reverse mortgage professionals who have been in the industry for the past 10 years.  Like the countless of changes before, this upcoming one will be handled with the same grace that we have always demonstrated.  The reverse mortgage program will still be available, and there will be plenty of choices to meet varying needs.  For a complete list of the most current reverse mortgage options available today, contact Rick Rodriguez, Reverse Mortgage Specialist #473353, at 877.576.3783 or www.proreverse.com/RickRodriguez. www.proreverse.com/rickrodriguez  

Rick Rodriguez, Reverse Mortgage Specialist

Rick Rodriguez, Sales Manager Obtain personalized information on reverse mortgages from Rick Rodriguez, Sales Manager at Proficio Mortgage

Reverse Mortgage Changes

HUD announced on January 30, 2013, that the FHA standard fixed rate reverse mortgage program will be eliminated.  The change will take effect on April 1, 2013 for all new FHA case numbers assigned.  For those who have chosen the standard fixed rate option and are able to secure a case number prior to April 1, they will have until July 1, 2013 to complete their loan. If you are interested in obtaining a copy of HUD's Mortgagee Letter or more details on the changes to come,  visit www.proreverse.com/rickrodriguez or contact Rick Rodriguez, Production Sales Manager at Proficio Mortgage at 877-576-3783.