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Showing posts from November, 2014

In-House Reverse Mortgage Consultations

Find out everything you need to know about reverse mortgages from the comforts of your home.  We have representatives on call nationwide who will meet with senior homeowners in person to help them better understand the reverse mortgage process.  Homeowners age 62 or older who have equity in their homes and occupy the property may qualify for FHA's Home Equity Conversion Mortgage (HECM).  The HECM reverse mortgage is the most common and will allow a senior to withdraw cash from their home in the form of a lump sum, line of credit, or a fixed monthly amount or a combination of any of the three.  The HECM for Purchase program will allow a senior to purchase a primary residence with cash on hand or from a recent sale that will cover the difference between the HECM proceeds and the sales price plus any closings costs.  This program can help seniors not only better qualify for their desired home, but also help them retain more assets for retirement use. For more information on revers

Adult Children and Reverse Mortgages

Senior homeowners who want to get a reverse mortgage may want to consider including their adult children.  Typically more communication between the family is better.  However, different family dynamics and the family's financial culture will also play a role in whether the children should be part of the discussions.  The general rule of thumb is to include the children so that everyone is on the same page and there are no surprises later.   Bankrate.com recently published an article on this topic which you can read 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

Another Use for a Reverse Mortgage

Eliminate credit card debt and avoid building new credit debt. 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 Financial Assessment Will Take Effect

The Department of Housing and Urban Development (HUD) released Mortgagee Letter 2014-22 on November 10, 2014 to announce the implementation of financial assessment.  The financial assessment for reverse mortgages will take effect for all case numbers issued on or after March 2, 2015.  According to HUD, "the mortgagee must evaluate the mortgagor's willingness and capacity to timely meet his or her financial obligations."  The idea from HUD's standpoint is to make the HECM a safer product.  However, many have raised the question whether HUD is considering the impact these changes will have on low to moderate income level households.  There is concern in the reverse mortgage industry that many senior homeowners will not qualify and will be held back from an opportunity to improve their lives.   The original intent of the HECM was to help our seniors improve their financial situation, and it seems that these changes will take away from the spirit.  Stay tuned and keep

Emerging Opportunity for Senior Housing Market and Reverse Mortgage Purchase Program

Builder confidence in the 55+ housing market has never been greater than what was reported in the third quarter for 2014, according to data from the National Association of Home Builders ( NAHB ).  This has been largely attributed to the rise in home equity which is providing consumers with the option of now selling their homes to relocate to more desirable areas.  In addition, many are also motivated to downsize their homes and simplify their living in low maintenance communities.  "Demand for 55+ housing has never been higher, and this quarter's index clearly demonstrates that," said Steve Bomberger, chariman of NAHB's 55+ Housing Council.  "Consumers in this market are looking for a home that caters toward their specific needs, and 55+ builders and developers are able to create homes and communities that address these needs."  With this increase demand, the Reverse Mortgage Purchase program (aka HECM for Purchase ) should help fuel the success of this ma

Use a Reverse Mortgage to Improve Your Mobility

Stay active and use a reverse mortgage to pay for an Uber or Lyft account and improve your mobility to keep your appointments and social activities ongoing. 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

Real Estate Purchase Market Expected to Receive a Boom

According to the latest research from The Demand Institute , baby boomers are expected to upsize their living spaces and take out new mortgages to do so.  The expectation is that they will spend $1.9 Trillion on home purchases over the next 5 years.  Historically, senior homeowners prefer to pay cash on their home purchases to avoid the burden of a mortgage payment during their retirement years. However, their cash can be put to better use by utilizing a HECM for Purchase as a retirement planning tool. The HECM Purchase program (aka Reverse Mortgage Purchase) can help a senior homeowner retain more of their cash assets without requiring a monthly payment in return.  The program will  finance over fifty percent of the purchase price (in most cases) which will strengthen a seniors cash position and give them greater financial flexibility and security. We are a leading lender in the Reverse Mortgage Industry, and we are licensed nationwide to offer the HECM for Purchase program and ot

RIS Media: Use A Reverse Mortgage To Purchase A Home

The HECM For Purchase Program (aka Reverse Mortgage Purchase Program) has not been well known among realtors and senior homebuyers until recently.  There has been more media attention surrounding this program than ever before.  This could be in part to the increase in home sales over the past two years which has brought added interest in the program.  It is now being considered a viable option to purchase a home and save more assets for retirement.  Read the entire article here and learn more about the Reverse Mortgage Purchase program 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