Retirement FAQ: Do You Retire with Forward Mortgage or Get a Reverse Mortgage?
Despite the recent changes, the reverse mortgage program will continue to be a beneficial program for the growing baby boomer generation as well as future borrowers. In fact, the new, consolidated reverse mortgage will bring the program back to basics, providing a secure retirement planning tool for retirees who want to [...]
NewDay Plans to Exit the Reverse Mortgage Industry
The first casualty of the upcoming reverse mortgage changes has been revealed. NewDay USA, a top-15 lender, has decided to completely exit the reverse mortgage industry, after HUD’s official announcement of the upcoming reverse mortgage program changes. According to an article published in Reverse Mortgage Daily, company executives announced on September 7 that [...]
Reverse Mortgage Program Changes Become a Reality
As promised, the new reverse mortgage programs changes, approved in the Reverse Mortgage Stabilization of 2013, came into effect on September 30th. Guidelines for paying mandatory obligations and the financial assessment components will come into effect on January 13 of next year. While not all the components of the new [...]
Why Did the Reverse Mortgage Changes Have to Happen?
It’s a question that has been on my mind for a while. In truth, I don’t think any ONE specific reason can be attributed to the changes that have happened to the reverse mortgage program this past year alone. It was more of a collection of habits and situations that ultimately lead to the [...]
Don’t Let One Bad Apple (Or a Few) Ruin the Whole Bunch
Financial Freedom Strikes Again! An article on KHOU Houston’s website, “Texas senior citizen’s home ownership threatened by reverse mortgage loan,” reports: “Janet Tannehill, in order to ease her financial burdens, took out a reverse mortgage through One West’s now defunct reverse mortgage subsidiary, Financial Freedom. Now, she is in foreclosure because [...]
Will FHA and HUD Be Affected By Government Shutdown?
The government shutdown is in effect for the first time in 17 years but, for the time being, reverse mortgage loan, insured HUD and FHA, will largely remain unaffected. The shutdown came as a rude awakening for many government workers, and tourists who hoped to visit Yosemite National Park during [...]
