Reverse Mortgage Information

A recent publication in AARP Bulletin Today, entitled "Tough Times For Retirees," describes the stark reality that many older Americans are facing as they witness their retirement savings being swept away by the financial tsunami that has devastated Wall Street and Main Street.Millions of retired...

OK, so this is not David Letterman's Top Ten List, but it is AARP's Top Ten List for why seniors are deciding to get an FHA insured HECM Reverse Mortgage loan.So, here we go: Top 10 Reasons Seniors Get A Reverse MortgageNumber 10. Investments, annuities, or long-term care insuranceNumber 9. To fi...

The long awaited revisions to the FHA insured HECM reverse mortgage program include the ability for senior borrowers to use a HECM reverse mortgage in order to purchase a home.Until the passage of the new addendum, the only way to purchase a home and still make use of a reverse mortgage was to co...

Social Security benefits will be increased in January 2009 for 50 million people. The increase will be 5.8 percent and will be the largest increase since 1982 when Social Security benefits increased 7.4 percent. The 2009 increase will be more than double the raise that retirees received in 2008, ...

The unprecedented plunge of the U.S. stock market during the past week has unnerved every American regardless of age, or economic status. Anxiety is running high. No one seems to know what shoe will drop next. Each attempt by the Federal Reserve, the Secretary of the Treasury, the Congress, the c...

AARP purchased a random sample of 2.5 million people from the credit reporting agency, Experian. Of that sample, approximately 1 million are age 50 or older. The objective for AARP was to determine the impact of the mortgage crisis on older homeowners. The sample data covered a six month period f...

The long awaited announcement from HUD regarding what the national loan limit will be for federally insured HECM reverse mortgages, was finally announced this morning. The new loan limit will be $417,000. and will be the same throughout the country. Previously, every county was subject to differe...

We are witnessing an historic calamity in our financial markets that is unprecedented since the stock market crash in 1929, which was followed by the great depression. The total affects of this meltdown are completely unknown to us as regular American taxpayers, and even more frightening, they ar...

HECM reverse mortgages, insured by FHA and backed by HUD are the most widely used reverse mortgages in the U.S.  It is estimated that 85 to 90% of all the reverse mortgages originated are HECM reverse mortgages. (Home Equity Conversion Mortgage.)The reasons for the popularity of HECM reverse mort...

You can never be forced from your home or required to sell your home if you have an FHA insured HECM reverse mortgage loan. A question that comes up frequently from folks that are considering a reverse mortgage is: "If I live long enough to use up all the equity in my home, will I be forced to se...