The Best Reverse Mortgages

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 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

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

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 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 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