March 28th, 2011 | by John | published in News, Reverse Mortgage
The Federal Reserve’s loan officer compensation guidelines will have a perverse effect of denying consumers who comparison-shop for mortgages the opportunity to obtain a lower-cost mortgage says the Community Mortgage Banking Project. The group makes its arguments in an amicus brief that challenges the regulations, which are due to take effect April 1.
March 28th, 2011 | by Elizabeth | published in News, Retirement, Reverse Mortgage
A “Target Your Retirement” calculator and other tools in beta testing from the Financial Security Initiative at Boston College allow users to answer simple questions about current assets and behaviors in order to present a projected target monthly income at age 62. Based on an individual’s date of birth, current savings, income and home value, [...]
March 28th, 2011 | by John | published in News, Podcast, Reverse Mortgage
Reverse Fortunes Weekly Podcast Episode #147 The latest podcast dives into Financial Freedom’s exit and some good news related to reverse mortgages. To listen login or become a free member to listen to past & current episodes Talking Points: Financial Freedom exits reverse mortgage industry Good news: RM application up 10% in February NPR interviews [...]
March 28th, 2011 | by Elizabeth | published in News, Reverse Mortgage
The Chicago Tribune reports on the pros and cons of reverse mortgages, stating that the 500,000 homes with reverse mortgages can be seen as a good thing or a bad thing—depending on whom you ask. “To housing advocates, the loans for seniors age 62 and up are little better than those found in the subprime [...]
March 27th, 2011 | by Neil | published in FHA, News, Rates, Reverse Mortgage
Like rivalrous siblings, the forward and reverse mortgage worlds frequently sneak sideways glances at what the other is doing. Escrows? Suitability? Counseling? “Let’s see – what’s he doing now? Should I do that?” Practically speaking the two products are more unalike than similar, yet the comparison game goes on, now with a new question, this [...]
March 27th, 2011 | by Elizabeth | published in News, Reverse Mortgage
The New York Times reported March 24 on a California homeowner, on the verge of bankruptcy, who is considering a reverse mortgage per the advice of a financial adviser. The article, titled “A Homeowner With No Savings, But Some Options,” outlines the situation of an “ideal candidate” for a reverse mortgage. The homeowner, Susanna Wilson, [...]
