The Best Reverse Mortgages

There are many reasons to use a HECM (aka reverse mortgage).  For example, pay for short term in-home care or physical therapy following an accident or medical procedure. 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

A recent article in The Augusta Chronicle states that reverse mortgages work best for consumers who are settled in their homes and advises consumers to take the time to understand the product.  The article provides the basic requirements of the program, and the Department of Housing and Urban Development ( HUD ) website to obtain a list of HECM counselors who will provide counseling for free or at a very low cost.  The article goes on to say, "consider all the factors involved, learn what resources are available to make an informed decision, and don't be swayed by celebrity spokespersons until you have all your questions answered".  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 Federal Housing Administration  (FHA) has rescheduled the much anticipated financial assessment for reverse mortgages to a later date due to technical difficulties.  The new date has not been set, but FHA says it could fall between 30 to 60 days of the original March 2 effective date. The reverse mortgage industry and HECM (home equity conversion mortgage) counseling agencies had been experiencing an increase in volume over the past few weeks due to many applicants looking to secure their reverse mortgage before the changes.   HUD stated in its Mortgagee Letter 2014-22 that lenders will be required to evaluate the willingness and capacity of a borrower to timely meet his or her financial obligations including tax and insurance with the property. 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

A recent survey by HSBC reveals that retirement savings is not a main priority for 81% of working age people.  Many people that were surveyed said that paying off other debts prevents them from saving for their retirement.  In fact, 51% stated that paying debts is their main barrier while 25% stated that repaying their mortgage was the main reason.  Read more of HSBC's survey 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 Federal Housing Administration ( FHA ) has recently issued new guidance for the Home Equity Conversion Mortgage ( HECM ) program to allow lenders the option to delay foreclosure of non-borrowing spouses.  This new policy change comes on the heels of a recent change back on August 4, 2014 in which non-borrowing spouses were granted foreclosure protection for all case numbers assigned after August 4th.  The latest change is for all case numbers issued prior to the aforementioned date.  Click here to read more. 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

A reverse mortgage , also known as a HECM (Home Equity Conversion Mortgage), can be used for many reasons to accomplish many purposes.  In my experience, the most common reasons have been to eliminate debt, have extra cash on hand and obtain financial security.  However, I have had clients use a revere mortgage to buy another home, travel and invest in other assets.  As the general public continues to better understand the HECM program and its benefits, we are seeing more reasons for its use.   Huffington Post recently published their best reasons for taking out a reverse mortgage and you can read about it 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