The Best Reverse Mortgages

The latest report by Harvard University's Joint Center for Housing Studies (JCHS) states that the nation's homeownership rate fell to 64.5% last year.  This erases nearly all of the increase in the previous two decades.  One group that is of concern is seniors because according to the JCHS "they are entering their retirement years with declining incomes."  The study shows that more than a third (38%) of owners ages 65 and over had mortgages in 2013 which is up from a little over a quarter in 2001.  In addition, the median amount of debt they carried doubled over this period and the median equity in 2013 was $125,000, which is lower than any year since 1998.  The JCHS goes on to say that "having less equity and large mortgage payments late in life is a troubling prospect for households on fixed incomes."  The study believes that a large majority of seniors will most likely remain in their homes for the time being, and they will likely spend more money on ho

For the twelfth consecutive quarter, the estimated aggregate value of seniors' home equity has risen.  This is according to the National Reverse Mortgage Lenders Association /Risk Span Reverse Mortgage Market Index (RMMI) as published by ReverseMortgageDaily.com .  The reason behind the increase in equity is attributed to rising home values and declining mortgage debt.  Home equity continues to be a viable resource for seniors to help fund their retirement. 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 Western United States continues to lead the country for the best area to retire.  The top city in the U.S. is Phoenix, and five of the top ten cities are in the West according to Bankrate.  Various factors were considered including cost of living, crime, taxes and weather.  See how your city ranks 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

As previously mentioned, a reverse mortgage can fulfill many needs.  Another use is to convert a room or basement to a living facility for an aging parent, relative or caregiver.  This can help reduce costs for long term care. 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 Reverse Mortgage Daily states that "the Department of Housing and Urban Development (HUD) has extended the implementation date deadline for Home Equity Conversion Mortgages (HECMs) in default due to unpaid property charges."  In HUD's Mortgagee Letter 2015-11 , the Federal Housing Administration (FHA) is permitting the mortgagee to take a one time extension to submit a due and payable request through no later than Oct. 20, 2015 for tax and insurance defaults on or after April 23, 2015.  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