Comments on: New Year Brings Higher Reverse Mortgage Margins

By: Larry Batch

Larry Batch — Tue, 13 Jan 2009 22:49:54 +0000

To Larry Conners: Aarp pushing for higher limits of 625,000. but don’t hold your breath till it’s available. But the wiil hit you with a 2% MIP and we stiil still have our cap. Even though we probly will have more work to do with trustand tax loop holes higher home bring with them.

By: Larry Batch

Larry Batch — Tue, 13 Jan 2009 21:57:30 +0000

Mark I know the letter says but Hud has not released a the actual mortgage letter.Nor does lenders have an application package freedom according to Financial freedom, nor Wells Fargo who says don’t expect untill Feb and will not close untill end of Feburay maybe March. Nor does Met life who has ine app but waiting for clearance from. Problem with value or sale price. aslo don’t want builders involved.

By: Larry Conners

Larry Conners — Tue, 13 Jan 2009 18:10:11 +0000

What is the possibility of the reverse mortgage limits, currently at 417m, being raised above 600m ? Apparently, with a home valuation at 575m, and an interest only mortgage of 400m, we do not qualify for this type of mortgage. We are both in our 70’s and have lost over 30% of our IRA income and are barely making ends meet. The home equity we used for improvements was a total wash when home values started down last year. We see a reverse mortgage as the only viable alternative for us to keep our home, otherwise we are going to join the thousands of other homeowners and just walk away.

By: Carl

Carl — Tue, 13 Jan 2009 17:38:04 +0000

uhhh. make that October 20, 2008…

By: Carl

Carl — Tue, 13 Jan 2009 17:36:56 +0000

Larry, if you go to HUD Clips and look up 2008-33, you can read the HECM for Purchase Program issued on October 20, 1008.