Comments on: FHA Commissioner Sees Bright Future For Reverse Mortgages

By: Vince..

Vince.. — Fri, 09 Jan 2009 15:51:26 +0000

In regard to the critics. It never fails to amaze. Here’s the bottom line, if you’ve got a senior who can’t survive and keep up with payments. Who cares if it’s income or cash, they are both accomplishing the same thing. The two examples that where brought up only point to the diversity with this product as to what it can accomplish. As time goes on I’m thrilled to see more creativity with solving so many situations with this program for seniors.As a loan officer that relies on education as a central component of “the process” It remains super important that we surround ourselves with continuing education and police ourselves before the industry as a whole becomes a breeding ground for more government intervention. serve a senior today!

By: Amrapali

Amrapali — Thu, 04 Dec 2008 14:24:12 +0000

I agree with the critic and feel that before taking out a reverse mortgage, one must understand what is a reverse mortgage and the pros and cons of reverse mortgages fully in order to make an informed decision.

By: linda jaikes

linda jaikes — Thu, 04 Dec 2008 03:24:52 +0000

I saw an ad in the Naples paper that they promise the lowest origination fee and well as giving an extra $250
if they can’t beat the price. I would hate to think this business can be prostituted! We are here to do the right thing. Have people forgotten that!
Whats the take on cutting fees to grab a client? and really, what is the true cost. You get what you pay for.

By: R. Novigrod

R. Novigrod — Wed, 03 Dec 2008 17:06:11 +0000

Hey Folks, God Bless All of You This Holiday Season!
The HUGE drop in home values has greatly affected the
number of loans being processed. It was not just the “wait and see” attitude of qualifying owners. The
20 to 30% drop in home values “devoured” the equity we
need to have to write up a HECM. The increased limit to $417,000 was not enough. The incresed limit to $625,000 will be much better. Now would be a GOOD TIME TO PRAY!

By: Harry Gormley

Harry Gormley — Wed, 03 Dec 2008 12:57:01 +0000

The FEES were only capped @ 6000.00 for the FHA origination. It makes it sound like that’s the Total cost to get a reversr mortgage.