Comments on: New Reverse Mortgage Loan Limits Update http://reversemortgagedaily.com/2008/10/02/new-reverse-mortgage-loan-limits-update/ Reverse Mortgage News and Information Thu, 24 May 2012 20:46:00 +0000 hourly 1 http://wordpress.org/?v=3.3.2 By: The Great American Philosopher http://reversemortgagedaily.com/2008/10/02/new-reverse-mortgage-loan-limits-update/comment-page-1/#comment-9381 The Great American Philosopher Tue, 07 Oct 2008 20:28:36 +0000 http://reversemortgagedaily.com/2008/10/02/new-reverse-mortgage-loan-limits-update/#comment-9381 ike, You are right, this outrages and inexcusable. I feel it was just a stall tactic to delay the increase to go into effect November 01,2008. Now I have to wonder if it will really go into effect on the first? Mike, you have a good evening. Best personal regards, The Great American Philosopher www.thegreatamericanphilosopher.com SPONSORED BY: John A. Smaldone ike,

You are right, this outrages and inexcusable. I feel it was just a stall tactic to delay the increase to go into effect November 01,2008. Now I have to wonder if it will really go into effect on the first? Mike, you have a good evening.

Best personal regards,

The Great American Philosopher

http://www.thegreatamericanphilosopher.com

SPONSORED BY: John A. Smaldone

]]> By: Michael Pinter http://reversemortgagedaily.com/2008/10/02/new-reverse-mortgage-loan-limits-update/comment-page-1/#comment-9314 Michael Pinter Mon, 06 Oct 2008 19:46:05 +0000 http://reversemortgagedaily.com/2008/10/02/new-reverse-mortgage-loan-limits-update/#comment-9314 I can't believe that there is not more outrage amongst the Reverse Mortgage community. NRMLA had been saying that they didn't want a quick response of a $417,000 national limit and they were working with HUD to get a better deal. We ended up with the worst possible interpretation and we waited two months for the bad news. It is absurd. I can’t believe that there is not more outrage amongst the Reverse Mortgage community. NRMLA had been saying that they didn’t want a quick response of a $417,000 national limit and they were working with HUD to get a better deal. We ended up with the worst possible interpretation and we waited two months for the bad news. It is absurd.

]]> By: MH in Maine http://reversemortgagedaily.com/2008/10/02/new-reverse-mortgage-loan-limits-update/comment-page-1/#comment-9153 MH in Maine Fri, 03 Oct 2008 20:48:49 +0000 http://reversemortgagedaily.com/2008/10/02/new-reverse-mortgage-loan-limits-update/#comment-9153 That's just NRMLA being NRMLA. Cancel your membership; maybe then and only then, will it lobby for the better ineterests of the senior population and not its board members, as stated above by Mr. King on 10/3/08 at 12:57PM. That’s just NRMLA being NRMLA. Cancel your membership; maybe then and only then, will it lobby for the better ineterests of the senior population and not its board members, as stated above by Mr. King on 10/3/08 at 12:57PM.

]]> By: Frank King http://reversemortgagedaily.com/2008/10/02/new-reverse-mortgage-loan-limits-update/comment-page-1/#comment-9149 Frank King Fri, 03 Oct 2008 18:57:31 +0000 http://reversemortgagedaily.com/2008/10/02/new-reverse-mortgage-loan-limits-update/#comment-9149 I am disappointed the Department chose to wait more than two months after the legislation was signed by President Bush to announce the new HECM limit. Apparently, it will not take effect until three full months after the date on which the legislation was to take effect immediately. Either NRMLA was impotent in its efforts to secure the timely implementation of the higher, nationwide HECM limit, or it sought to serve the interests of a handful of large, HECM servicers who dominate its board of directors, who fear the portfolio runoff that will result from its implementation. I am further disappointed the Department has not yet published mortgagee letters implementing HECMs for purchase and financing for co-ops. Hopefully, the next Administration will implement the higher HECM limits that were passed by Congress. I am disappointed the Department chose to wait more than two months after the legislation was signed by President Bush to announce the new HECM limit. Apparently, it will not take effect until three full months after the date on which the legislation was to take effect immediately. Either NRMLA was impotent in its efforts to secure the timely implementation of the higher, nationwide HECM limit, or it sought to serve the interests of a handful of large, HECM servicers who dominate its board of directors, who fear the portfolio runoff that will result from its implementation. I am further disappointed the Department has not yet published mortgagee letters implementing HECMs for purchase and financing for co-ops. Hopefully, the next Administration will implement the higher HECM limits that were passed by Congress.

]]> By: Chrys Barnes http://reversemortgagedaily.com/2008/10/02/new-reverse-mortgage-loan-limits-update/comment-page-1/#comment-9146 Chrys Barnes Fri, 03 Oct 2008 18:29:08 +0000 http://reversemortgagedaily.com/2008/10/02/new-reverse-mortgage-loan-limits-update/#comment-9146 Where exactly are all these private sector jumbo loan options for borrowers in high cost areas like California? I could see this argument if these options were out there. Yet the jumbo market is all but dead with NO signs of life on the horizon. The problem is, many seniors in CA have traditional mortgages too large to fit the formula when the loan limit is $417k. These are not frivolous people. Just average folks trying to find any way they can to retire their debt so they can keep up with health care costs as their income and savings shrink. A very bad decision on the part of HUD and whoever was lobbying them. Chrys Barnes Where exactly are all these private sector jumbo loan options for borrowers in high cost areas like California? I could see this argument if these options were out there. Yet the jumbo market is all but dead with NO signs of life on the horizon. The problem is, many seniors in CA have traditional mortgages too large to fit the formula when the loan limit is $417k. These are not frivolous people. Just average folks trying to find any way they can to retire their debt so they can keep up with health care costs as their income and savings shrink.

A very bad decision on the part of HUD and whoever was lobbying them.

Chrys Barnes

]]> By: Michael Fullam http://reversemortgagedaily.com/2008/10/02/new-reverse-mortgage-loan-limits-update/comment-page-1/#comment-9140 Michael Fullam Fri, 03 Oct 2008 16:41:26 +0000 http://reversemortgagedaily.com/2008/10/02/new-reverse-mortgage-loan-limits-update/#comment-9140 I am very disappointed in Brian's decision to not help our seniors. 1/2 of the clients that were waiting for the LL increase, will not be able to be helped. I am not surprised by Brian's decision however. When he made us all employee on 3-1-07, he was taking IRS's job away from them and making the decision all on his own, so why wouldn't he not listen to Congress and just interpret the Housing Bill as he saw fit. NRMLA was no help whatsoever in the negotiations, despite their bold advertising email today promoting themselves and explaining what a HECM is and the different ways you can take a distribution???? I am very disappointed in Brian’s decision to not help our seniors. 1/2 of the clients that were waiting for the LL increase, will not be able to be helped. I am not surprised by Brian’s decision however. When he made us all employee on 3-1-07, he was taking IRS’s job away from them and making the decision all on his own, so why wouldn’t he not listen to Congress and just interpret the Housing Bill as he saw fit. NRMLA was no help whatsoever in the negotiations, despite their bold advertising email today promoting themselves and explaining what a HECM is and the different ways you can take a distribution????

]]> By: The Great American Philosopher http://reversemortgagedaily.com/2008/10/02/new-reverse-mortgage-loan-limits-update/comment-page-1/#comment-9132 The Great American Philosopher Fri, 03 Oct 2008 14:17:09 +0000 http://reversemortgagedaily.com/2008/10/02/new-reverse-mortgage-loan-limits-update/#comment-9132 Good day, This is HUD for you! I agree with you mike all the way and I agree with Rick. It is sad that we have people like we have at the Helm. Lets see what else they come up with or when they are going to change thier mind next? Best regards, The Great American Philosopher www.thegreatamericanphilosopher.com SPONSORED BY: John A. Smaldone Good day,

This is HUD for you! I agree with you mike all the way and I agree with Rick. It is sad that we have people like we have at the Helm. Lets see what else they come up with or when they are going to change thier mind next?

Best regards,

The Great American Philosopher

http://www.thegreatamericanphilosopher.com

SPONSORED BY: John A. Smaldone

]]> By: Michael Pinter http://reversemortgagedaily.com/2008/10/02/new-reverse-mortgage-loan-limits-update/comment-page-1/#comment-9129 Michael Pinter Fri, 03 Oct 2008 13:28:27 +0000 http://reversemortgagedaily.com/2008/10/02/new-reverse-mortgage-loan-limits-update/#comment-9129 I am shocked at the limit. I cannot believe they made us wait two months for something that is absurdly simple and ridiculously unhelpful in any high-cost area where the limit was aleady $362,790. I am terribly dissapointed. I am shocked at the limit. I cannot believe they made us wait two months for something that is absurdly simple and ridiculously unhelpful in any high-cost area where the limit was aleady $362,790. I am terribly dissapointed.

]]>