Comments on: Reverse Mortgages Booming in New York http://reversemortgagedaily.com/2009/09/04/reverse-mortgages-booming-in-new-york/ Reverse Mortgage News and Information Fri, 10 Feb 2012 19:11:00 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Hamilton Smith http://reversemortgagedaily.com/2009/09/04/reverse-mortgages-booming-in-new-york/comment-page-1/#comment-39341 Hamilton Smith Tue, 08 Sep 2009 18:39:00 +0000 http://reversemortgagedaily.com/2009/09/04/reverse-mortgages-booming-in-new-york/#comment-39341 To Critic,rnI was told AARP and NRMLA are activly attempting to get this to be a permanent change to 625500. I do not have anything to back this statement. It very well may be just a pie in the sky statement? Although, next year is going to be terrible for all if our limits drop back to 417K (in my opinion). To Critic,rnI was told AARP and NRMLA are activly attempting to get this to be a permanent change to 625500. I do not have anything to back this statement. It very well may be just a pie in the sky statement? Although, next year is going to be terrible for all if our limits drop back to 417K (in my opinion).

]]> By: Hamilton Smith http://reversemortgagedaily.com/2009/09/04/reverse-mortgages-booming-in-new-york/comment-page-1/#comment-33843 Hamilton Smith Tue, 08 Sep 2009 16:39:22 +0000 http://reversemortgagedaily.com/2009/09/04/reverse-mortgages-booming-in-new-york/#comment-33843 To Critic,<br>I was told AARP and NRMLA are activly attempting to get this to be a permanent change to 625500. I do not have anything to back this statement. It very well may be just a pie in the sky statement? Although, next year is going to be terrible for all if our limits drop back to 417K (in my opinion). To Critic,
I was told AARP and NRMLA are activly attempting to get this to be a permanent change to 625500. I do not have anything to back this statement. It very well may be just a pie in the sky statement? Although, next year is going to be terrible for all if our limits drop back to 417K (in my opinion).

]]> By: The_Critic http://reversemortgagedaily.com/2009/09/04/reverse-mortgages-booming-in-new-york/comment-page-1/#comment-33819 The_Critic Sat, 05 Sep 2009 02:50:13 +0000 http://reversemortgagedaily.com/2009/09/04/reverse-mortgages-booming-in-new-york/#comment-33819 Mr. Smith,<br><br>There is no credible bill in Congress that would permanently raise the limit to $625,500. Which industry leaders are you referring to? <br><br>You can look at both appropriation bills on the Library of Congress website. The House which passed the bill in July extends the higher limit until 9/30/2010. The Senate version deletes the extension but the full Senate has not considered the bill.<br><br>September (or October) should be a crucial legislative month for the future of HECMs. Mr. Smith,

There is no credible bill in Congress that would permanently raise the limit to $625,500. Which industry leaders are you referring to?

You can look at both appropriation bills on the Library of Congress website. The House which passed the bill in July extends the higher limit until 9/30/2010. The Senate version deletes the extension but the full Senate has not considered the bill.

September (or October) should be a crucial legislative month for the future of HECMs.

]]> By: Hamilton Smith http://reversemortgagedaily.com/2009/09/04/reverse-mortgages-booming-in-new-york/comment-page-1/#comment-33818 Hamilton Smith Fri, 04 Sep 2009 21:17:10 +0000 http://reversemortgagedaily.com/2009/09/04/reverse-mortgages-booming-in-new-york/#comment-33818 Our industries volume will be less this year than last. In 2008 there was a huge boost in Oct because of the increase in lending limits to 417K. We will not have another boom toward year end as last year. 2010 volume will be much lower than 2009 especially if our limits drop from 625K to 417K. Its going to be a very difficult year if we drop to 417K...has anyone heard any news on this? I know our industry leaders are attempting to get this to be a permanent change to the 625 limit but no updates?? Our industries volume will be less this year than last. In 2008 there was a huge boost in Oct because of the increase in lending limits to 417K. We will not have another boom toward year end as last year. 2010 volume will be much lower than 2009 especially if our limits drop from 625K to 417K. Its going to be a very difficult year if we drop to 417K…has anyone heard any news on this? I know our industry leaders are attempting to get this to be a permanent change to the 625 limit but no updates??

]]> By: The_Critic http://reversemortgagedaily.com/2009/09/04/reverse-mortgages-booming-in-new-york/comment-page-1/#comment-33813 The_Critic Fri, 04 Sep 2009 19:00:49 +0000 http://reversemortgagedaily.com/2009/09/04/reverse-mortgages-booming-in-new-york/#comment-33813 We need to point out again and again, HECMs are not escalating in number the way many reporters claim. Endorsements which may be more backlogged this year over last have plateaued. This claim is either intended to instill fear of an out of control industry (the usual implication) or that "every one is doing it." Neither of these perceptions is true. We need to point out again and again, HECMs are not escalating in number the way many reporters claim. Endorsements which may be more backlogged this year over last have plateaued. This claim is either intended to instill fear of an out of control industry (the usual implication) or that “every one is doing it.” Neither of these perceptions is true.

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