Comments on: FHA Modernization Bill & Reverse Mortgage Update http://reversemortgagedaily.com/2008/04/13/fha-modernization-bill-reverse-mortgage-update/ Reverse Mortgage News and Information Sun, 12 Oct 2008 13:33:00 +0000 http://wordpress.org/?v=2.3.1 By: Rick http://reversemortgagedaily.com/2008/04/13/fha-modernization-bill-reverse-mortgage-update/#comment-4448 Rick Wed, 18 Jun 2008 13:16:14 +0000 http://reversemortgagedaily.com/2008/04/13/fha-modernization-bill-reverse-mortgage-update/#comment-4448 Even if the limit was raised your borrower will still be short. I'd say closer to $44,000 short. Your issue is that the limit for your county is $254,125, so even if its raised to $417K or $550K, your client isn't old enough to get a larger proportion of the equity. In this case they are looking for 67% when his age is currently registering closer to 54% and even with the increase, the actuarial tables won't be changing that much. David, the NRMLA site doesn't publish this info on the site, its usually sent to its members or in this case spoken about directly from the NRMLA Prez himself, Peter Bell. Even if the limit was raised your borrower will still be short. I’d say closer to $44,000 short. Your issue is that the limit for your county is $254,125, so even if its raised to $417K or $550K, your client isn’t old enough to get a larger proportion of the equity. In this case they are looking for 67% when his age is currently registering closer to 54% and even with the increase, the actuarial tables won’t be changing that much.

David, the NRMLA site doesn’t publish this info on the site, its usually sent to its members or in this case spoken about directly from the NRMLA Prez himself, Peter Bell.

]]> By: pfh http://reversemortgagedaily.com/2008/04/13/fha-modernization-bill-reverse-mortgage-update/#comment-4198 pfh Tue, 20 May 2008 20:32:00 +0000 http://reversemortgagedaily.com/2008/04/13/fha-modernization-bill-reverse-mortgage-update/#comment-4198 if the fha modernization bill is passed as is , how would it affect the reverse mortgage amount available. i have a customer who really needs help , age is 62 home is in her name only . house value approx $330,000 owes $223,000 with current lender . zip is 29483. customer is draining an annuity and will be in trouble in near future if cant make mortgage payment go away. trying to determine how short she will be if new bill passes for a reverse mortgage as she has access to some funds now. if the fha modernization bill is passed as is , how would it affect the reverse mortgage amount available.
i have a customer who really needs help , age is 62
home is in her name only . house value approx $330,000
owes $223,000 with current lender . zip is 29483.
customer is draining an annuity and will be in trouble in near future if cant make mortgage payment go away. trying to determine how short she will be if new bill passes for a reverse mortgage as she has access to some funds now.

]]> By: David http://reversemortgagedaily.com/2008/04/13/fha-modernization-bill-reverse-mortgage-update/#comment-3946 David Wed, 16 Apr 2008 23:03:42 +0000 http://reversemortgagedaily.com/2008/04/13/fha-modernization-bill-reverse-mortgage-update/#comment-3946 this is just a blog from an unnamed source. i see nothing on the nrmla web site. if this is fake and it is getting around it will be just another thing to keep the customers in the waiting mode. this is just a blog from an unnamed source. i see nothing on the nrmla web site. if this is fake and it is getting around it will be just another thing to keep the customers in the waiting mode.

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