http://reversemortgagedaily.com/2008/08/28/gold-reverse-suspends-jumbo-reverse-mortgage-product/ Reverse Mortgage News and Information Thu, 24 May 2012 20:12:00 +0000 hourly 1 http://wordpress.org/?v=3.3.2 http://reversemortgagedaily.com/2008/08/28/gold-reverse-suspends-jumbo-reverse-mortgage-product/comment-page-1/#comment-6347 RickM Fri, 29 Aug 2008 13:34:12 +0000 http://reversemortgagedaily.com/2008/08/28/gold-reverse-suspends-jumbo-reverse-mortgage-product/#comment-6347 NRMLA held a conference call with Meg Burns from HUD and they broke down some of the timelines and it probably not going to happen until Jan 1. NRMLA suggested moving to $417,000 in interim and HUD's response was they should do it all at the same time. Sounds like attorney's at HUD are the ones holding things up but there are so many other factors as well. Its certainly important for folks that don't yet qualify with lower limits but some folks need the money now and their loan officers are telling them to wait. There are no guarantees other than right now. NRMLA held a conference call with Meg Burns from HUD and they broke down some of the timelines and it probably not going to happen until Jan 1. NRMLA suggested moving to $417,000 in interim and HUD’s response was they should do it all at the same time. Sounds like attorney’s at HUD are the ones holding things up but there are so many other factors as well. Its certainly important for folks that don’t yet qualify with lower limits but some folks need the money now and their loan officers are telling them to wait. There are no guarantees other than right now.

]]> http://reversemortgagedaily.com/2008/08/28/gold-reverse-suspends-jumbo-reverse-mortgage-product/comment-page-1/#comment-6341 Bob Fri, 29 Aug 2008 10:23:06 +0000 http://reversemortgagedaily.com/2008/08/28/gold-reverse-suspends-jumbo-reverse-mortgage-product/#comment-6341 If we need to rely upon the "new" FHA loan limits to help offset some of the need for jumbo products we are in far deeper trouble than imagined. It has been weeks since the bill was passed yet HUD lawyers can't decide what the limits are nor when they will be implemented. Combine this Washington impotence with continuing falling property valuations and we soon will not need a jumbo product at all. Meanwhile, please remind me exactly what is NRMLA doing for us these days? Don't they at least know what they "negotiated" away on our behalf? If we need to rely upon the “new” FHA loan limits to help offset some of the need for jumbo products we are in far deeper trouble than imagined. It has been weeks since the bill was passed yet HUD lawyers can’t decide what the limits are nor when they will be implemented. Combine this Washington impotence with continuing falling property valuations and we soon will not need a jumbo product at all. Meanwhile, please remind me exactly what is NRMLA doing for us these days? Don’t they at least know what they “negotiated” away on our behalf?

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