HUD Proposes to Improve the Reverse Mortgage Program
As new regulations continue for the Home Equity Conversion Program (Reverse Mortgage), the National Reverse Mortgage Lenders Association (NRMLA) voiced their support for the proposed changes because they see the “HUD proposal is a model responsive and responsible governing.” The President and CEO of NRMLA, Peter Bell, had this to say about [...]
Reverse Mortgage FAQ: Can You Refinance a Reverse Mortgage?
Reverse Mortgage FAQ: Can You Refinance a Reverse Mortgage? The housing recovery and the extension of value limits on the reverse mortgage, have created a potentially beneficial environment for seniors looking to refinance their reverse mortgages. Especially, if your original reverse mortgage was done around 2010-2011, when home values were at their lowest. One of [...]
Reverse Mortgages Get a Bad Rep… But the Truth Is Something Else Entirely
A recent article that appeared in the Los Angeles Times, Reverse Mortgages Can Be Hazardous to Seniors’ Financial Health, tells the story of Sarah Havemeyer, who has been contesting the repayment of her late mother’s reverse mortgage loan, which was originated by One West’s reverse mortgage subsidiary, Financial Freedom, in 1997, [...]
Reverse Mortgage Success Story in Miami…
Reverse Mortgage Success Story in Miami… Mimi Planas wanted her mother, Caridad Planas, to have a better quality of life during her retirement. Planas began the reverse mortgage process in December 2009 and PS Financial Services met with them on January 29, 2010. The company that Planas had been using before had not even [...]
PATH Act Continues to Cause Controversy
While the PATH Act passed in the House of Representatives on July 24, it was only by a margin of three votes. If the numbers are any indication, support for the bill is lukewarm at best, with as many people for it as there are against it. In fact, House [...]
The PATH (Act) to Hell is Paved With Good Intentions…
It’s not uncommon for a piece of legislation, which hopes to fix one problem, can create another. The Protecting American Taxpayers and Homeowners Act is just one of the most recent, especially where reverse mortgages are concerned. The PATH Act, introduced by the House Financial Services Committee on July 18, seeks to: Phase [...]
