Comments on: Senate Appropriators Include HECM Subsidy in HUD Budget

By: T Zayas4

T Zayas4 — Thu, 29 Jul 2010 04:13:00 +0000

Reverse mortgage is a very good idea for all of us 62 years and older, but the thing is that even though we won’t have to pay a monthly mortgage, if you are on a fixed income, the property taxes and homeowners insurance are so high, that if you don’t pay it because your fixed income doesn’t allow you to spend that much money, then you loose your house anyway. I live in South Florida, and the property taxes and insurace down here are getting higher and higher, very difficult to afford!!!

By: T Zayas4

T Zayas4 — Thu, 29 Jul 2010 02:13:20 +0000

Reverse mortgage is a very good idea for all of us 62 years and older, but the thing is that even though we won't have to pay a monthly mortgage, if you are on a fixed income, the property taxes and homeowners insurance are so high, that if you don't pay it because your fixed income doesn't allow you to spend that much money, then you loose your house anyway. I live in South Florida, and the property taxes and insurace down here are getting higher and higher, very difficult to afford!!!

By: Carolyn Gemmill

Carolyn Gemmill — Wed, 28 Jul 2010 18:40:25 +0000

I am not sure about all of this all I know is I don`t want to leave my home my husband too. We have worked to long and to hard to lose our home because we can`t afford it when my husband retires. I will support anything that can hep us do that

By: The_Critic

The_Critic — Mon, 26 Jul 2010 23:39:55 +0000

Admin,

Oops — my error. My apologizies to Jeff. Thank you for pointing out my error.

By: Admin

Admin — Mon, 26 Jul 2010 19:42:25 +0000

FYI… Jeff didn't say the PLFs would drop, Commissioner Stevens did.

By: The_Critic

The_Critic — Mon, 26 Jul 2010 18:06:42 +0000

This is a great start. The problem boils down to whether or not a Democratic Congress has the nerve to send any spending bills to the President before off year elections other those considered essential, criticial and crucial. We get the appropriation through Continuing Resolutions but who knows.

I disagree with Jeff. It is highly unlikely that the Principal Limit Factors will drop 23% (a total decrease of 31% from where they were on 9/30/2009, i.e., 90% X 77% = ~69%) from where we are now if we don't get the appropriations. Why it would fall that low is if we do not get both the appropriations and the request for the right to increase ongoing MIP to 1.25%. It is the combination that the FHA Commissioner was addressing, not just the appropriation.