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Showing posts from December, 2014

U.S. News Recommends a Reverse Mortgage

U.S. News published a recent article titled, "6 Steps to Retirement Happiness", which offers steps to making a smooth transition into retirement.  One of the steps focuses on taking care of the money issue in which a reverse mortgage is one of the solutions.  The author points out that taking cash out with a reverse mortgage can help obtain control over your budget and life. 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

Decrease In The Number of Homeowners Underwater

According to Zillow , the number of U.S. homeowners underwater on their mortgages has decreased by more than 40% since 2012.  This obviously signals good news for the housing market and homeowners looking to refinance and buy homes.  The negative equity rate has been cut in half since 2012 in some of the hardest hit markets such as Miami, Atlanta, Detroit, Riverside, and Las Vegas.  In the reverse mortgage industry, we have seen volume pick up in areas such as Las Vegas now that more homeowners are able to qualify for a reverse mortgage. 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

Where Are Baby Boomers Moving To?

The National Association of Realtors recently published the top metro areas attractive to baby boomer buyers.  Warm weather climate has always been a big draw for boomers, but the article also points out to several other important factors to them such as housing affordability, lower tax rates and a welcoming business environment.  Read the entire article by clicking 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 Tips and Planning

What happens when a reverse mortgage homeowner passes away? Well, the heirs must communicate their plans for the home to the loan servicer.  FHA requires loan servicers to send a letter stating that the balance of the loan is due, and the heirs or estate must respond within 30 days or else foreclosure proceedings may be initiated.  The advice I give to all my clients is that being proactive is the best practice.  First, the heirs should be aware that there is a reverse mortgage in place which requires involvement and communication amongst the family.  Secondly, when the reverse mortgage borrowers have passed, the heirs should contact the servicer as soon as they can to avoid any possible lapse in time or potential miscommunication with the servicer.  The Wall Street Journal recently published an article discussing this exact topic and tips to avoid surprises with your reverse mortgage.  Read the full article here . For more information on reverse mortgages and other related topics