Comments on: AARP Pushing For 625K HECM Loan Limit?

By: Reverse Mortgage Uses | Seniors Finance Issues

Reverse Mortgage Uses | Seniors Finance Issues — Fri, 23 Jan 2009 20:26:22 +0000

[...] AARP Pushing For 625K HECM Loan Limit [...]

By: Larry Batch

Larry Batch — Fri, 16 Jan 2009 13:15:17 +0000

to David and Russell. Russell first for your information England we could say did reverse mortgages but diffrent then today. a women in england in around 1940 bought property but instead of paying for it upfront she allowedn them to stay in the property and use the rent money to buy down the sale price.They say she did 5 properties that way some over again. could say she was the first real esate investor.
To David: Wher is NRMLA they sold us out. we got a 417,000 kimit which has not helped me because of homes prices droping. secondly we did n’t get the cap removed we lost much of our commission , we don’t have the purchase program yet which we told oubout in november.Banks are coming in and wille making money with a 2.75 margin.Easer condo requrements same with manufactured homes, co-op. Only thing i see is our income whent down. And it must be great for banks as I see more and more coming into the market. Who is kidding who. NRMLA is for lenders and the name says. Were are we?????????????????????

By: David Bernstein

David Bernstein — Thu, 15 Jan 2009 01:30:43 +0000

To all;

Sure a new program to hide!
We presently have in place a product that can change the quality of life for many of our senior homeowners.
(Not all, but many.)

It is Federally Insured
It is FHA Approved
It is controlled by HUD

With seniors and their loved ones educated by professional Reverse Mortgage Specialists, why hasn’t one (1) public official yelled “hey senior homeowners and loved ones learn the pros and cons this misubderstood product……

Our government could and should inform all that it is possible to move forwad in Revese

By: david

david — Wed, 14 Jan 2009 20:18:40 +0000

Where is NRMLA? Are they doing anything to get the limit increased to 625K?

By: dduck

dduck — Wed, 14 Jan 2009 20:06:02 +0000

I would encourage all you people in the RM industry and their friends to email your congress people. I Googled my senators and my House Representative’s email address and pasted the AARP remark and my own personal message to them.
It can’t hurt, the squeaky wheel gets the oil.
Oh, I also hope the “predators”, the real ones don’t pop out of the wood work with higher limits.

By: Ray

Ray — Wed, 14 Jan 2009 18:51:34 +0000

To Ray Fry,
If $2000 is all that lenders can charge upfront, you will see the back end go up (bad for consumers). HUD has many guidelines that lender have us do (cost!!!!!), and if sales people only make $1000 per loan, the type of people that stay in this line of work will go DOWN. The next type that comes in will have to PUSH quantity over quality.

I am always amazed how folks want other people income cut, but what theirs to go up. Always remember how people with low paying jobs treat you.

By: Shlim

Shlim — Wed, 14 Jan 2009 18:46:10 +0000

You are very welcome, Russell, from UK. I am glad the info I gave you was enlightening. Good luck on your
endeavors. Don’t hesitate to ask more questions.
Note to Ray Fry…I agree with you 100%, Ray, about
the colossal MIP amount and to limit the origination
fee to $2000.- or max. flat $2500.- for any amount of normal or Jumbo Loan amounts. Many deals you make are scuttled and lost due to the high closing costs. So lets hope that some higher-ups will take note of this and make life easier not only for the Senior Citizens
that we strive to serve, but for all of us in the RM business.
Shlim Youkhana
Tempe, Arizona, USA

By: Ray

Ray — Wed, 14 Jan 2009 18:44:43 +0000

Lets stop AARP from hijacking this. Show the senior and the public how their ideas have lead to higher margins. Also, MAKE them show AMERICA the senior that us foreclosed that had a reverse mortgage. It can’t happen if the borrowers are leaving up to the terms of the loan. Also, the industry needs to inform congress we will not due the loans with the current fee structure, but origination and mip fees. Also, who are these predatory lenders, if AARP are calling business that send out mail and run ads predatory, AARP is a predatory insurance company.

Next item, if AARP had not been so against reverse mortgage over the last 10 years, more senior homeowners would be in a save and secure reverse mortgage now during these difficult times.

Yes we all know the closing cost, but not having to worry about making a house payment or not worring about money lost on Wall Street is not a problem for all the wonderful folks who decidied to have a reverse mortgage.

AARP should be ashamed of their tactics!!!!!