Comments on: California Senator Issues Letter About New Reverse Mortgage Loan Limits

By: Borrowers to Drive Reverse Mortgage Change Through New Letter Campaign | LETTER EXAMPLES

Thu, 20 Oct 2011 08:04:34 +0000

[...] California Senator Issues Letter About New Reverse Mortgage Loan Limits [...]

By: Bill Spencer

Bill Spencer — Wed, 15 Apr 2009 22:09:25 +0000

Where is Frank Sousa? Do you have his phone # ?

By: J. Calvin Peace

J. Calvin Peace — Sun, 28 Sep 2008 02:03:25 +0000

Will someone please contact HUD. There are some Seniors out here like myself and my wife who have been waiting for months for this Reverse bill. All of our Social Security checks go to pay our adjustable mortgage. If we could just get our Reverse completed, we would have $1,500 a month to live on. As it stands now, we are living on whatever funds we can scrape up each week. We were scammed on our mortgage refi about 4 years ago and the man upped our balance by $30,000 and gave us a terrible adjustable on pretense of paying all of our bills off. We got a court judgment against him for $30,000 and he filed bankruptcy. Oh how badly we need this Reverse in N.C. under the new law.

By: John S

John S — Thu, 25 Sep 2008 21:49:47 +0000

I received the same letter from Senator Boxer on the $625,000 loan limits. Right away I knew a staffer wrote the reply to my request for a time frame on the HUD implementation and county limits. As an originator of reverse mortgages I am constantly told not to quote a national loan limit because the bill HR3221 was so poorly written that HUD lawyers will figure out what was actually passed. Why was not one of these capable people from HUD consulted prior to writing the confusing language on loan limits?

By: Effects of Changes in FHA County Loan Limits to Reverse | Reverse Mortgage Answers

Sat, 20 Sep 2008 17:44:37 +0000

[...] September 20, 2008 at 10:44 am California Senator Issues Letter About New Reverse Mortgage Loan Limits According to Senator Boxer, the HECM loan limit has been increased to $625,000. Below is the 1st [...]

By: Larry Evans

Larry Evans — Wed, 17 Sep 2008 17:31:02 +0000

Oh yeah, and another thing … who is so naive to believe for a moment that a U.S. Senator writes his or her own replies to constituent letters?! Folks, these are undergraduate college interns who churn out these fluffy PR bromides!!! Geez …

By: Larry Evans

Larry Evans — Wed, 17 Sep 2008 17:25:12 +0000

I say let’s sic Sarah the Pitbull on Meg Burns, and see
who wins. My guess is that senior members of the legal staff at HUD are very preoccupied with deciding which lucrative offer of private sector employment to accept, as the election draws nearer. This leaves little time for the public’s business, and means that they are short-handed to boot. At this rate, we’ll be lucky if the ML’s are reviewed and approved for issuance by the New Year.

By: Lance Jackson

Lance Jackson — Wed, 17 Sep 2008 16:22:57 +0000

As most of you probably know, the new limit is somewhere between $417,000 and $625,500, so neither Senator is wrong. And with everything on their plates, they certainly don’t have time to make sure their letters agree.

The bill is 700 pages long and quite complicated. There were many parties involved in its creation with differing views, and it was very difficult to come to a consensus. The beauty of our system is that everyone has input, but it can be frustrating.

The invididuals I’ve met in senior positions at HUD are very capable, and I believe that they are working hard to help solve one of the most difficult financial situations in the history of our country. It’s a difficult job, and they deserve our patience.