The Best Reverse Mortgages

The Home Equity Conversion Mortgage (HECM), most commonly referred to as a reverse mortgage , has been in place since 1989.  Since that time, it has gone through various changes to continually strengthen the program to protect both consumers and the product.  However, the concept of what a reverse mortgage provides has remained constant since its inception.  That concept is to provide senior homeowners with a financial option to obtain cash from the equity in their home which can be used for any purpose at all.  Perhaps what has changed over the years is people's perception on what a reverse mortgage is designed to do.   Reverse Mortgage Daily published a recent article regarding the shift in perception from a "loan of last resort" to a "viable retirement tool".  At the controls of that shift is the mainstream media and how it continues to portray reverse mortgages.  Unfortunately, since the reverse mortgage industry is relatively small in the mortga...

Reverse Mortgage Daily reports that the reverse mortgage industry as a whole reported volume level highs for the month of August that has not been seen in two years.  The Pacific/Hawaii region showed the largest increase in HECM endorsements for the month with 11 of the major cities that comprise this region showing a respectable increase from July.  On the low end of the growth was Las Vegas with a 25.5% increase, and on the high end was San Diego with a 144% increase which comprised of 188 loans, up from 77 in July.  Other notable cities in this region were Sacramento, Fresno and San Francisco each of which showed increases of over 100%.  In the Northwest/Alaska region, Boise led the charge with 55 loans for the month and a 155% increase from the prior month, and Seattle was also hot with 191 loans closed making for a 109.9% increase.  Read the entire article here . For more information on reverse mortgages and other related topics contact: Rick R. Rodr...

Reverse Mortgage Daily (RMD) recently interviewed Peter Bell, President of the National Reverse Mortgage Lenders Association (NRMLA), to discuss the direction and health of the reverse mortgage industry.  The questions ranged from recent guideline changes to the perception of the program and how it's being utilized by homeowners and other professionals.  In short, the reverse mortgage program has eliminated some of its problematic issues and has already begun to shed its reputation of being a "Loan of Last Resort".  As it has been stated in past posts, reverse mortgages are viewed more as a sophisticated financial retirement tool. 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

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

A recent article published in Reverse Mortgage Daily cites 5 ways that a reverse mortgage can be used as a retirement planning tool.  For the past few years now, we in the industry have been bringing awareness and educating people on the many uses of a reverse mortgage and we are starting to see a shift in how people view the product.  Financial planners, accountants and attorneys are beginning to change their opinions on the HECM (home equity conversion mortgage) program, and they are realizing that it can be utilized to help fund and secure one's retirement.  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