Most reverse mortgages are home equity conversion mortgages, or HECMs, which are insured by the federal government. You must be at least 62 years old to qualify. For 2010, the absolute maximum amount that can be borrowed under an HECM is $625,500. However, the actual lending limit depends on the value of your home, your [...]

Updated on Reverse Mortgage Amendment…
As lawmakers continue to file debate the Restoring American Financial Stability Act of 2010 (S. 3917) amendments, Senator Claire McCaskill (D-MO) and Senator Herbert Kohl (D-Wis) have introduced S.A. 3941, an amendment that would give the proposed Consumer Finance Protection Agency the authority to establish strict rules governing the sale of [...]

The US Department of Housing and Urban Development officially extended the loan limits for its FHA insured reverse mortgage program with Mortgagee Letter 2009-50.
The national FHA loan limit for the HECM program in 2010 remains at $625,500 (150 percent of the national conforming limit). In the special exception areas (AK/HI/GU/VI), the maximum claim amount on [...]

Baltimore, MD (PRWEB) November 17, 2009 — Next Generation Financial Services (NGFS) today announced that Robert Cannon has joined NGFS as its Chief Executive Officer. Cannon succeeds acting President Richard Pitbladdo, who will continue with NGFS as its Chief Financial Officer.
As an attorney, Cannon has advised banks, bank regulators and individuals, especially regarding Home Equity [...]

The Government National Mortgage Association (Ginnie Mae) announced that it guaranteed more than $917 million of reverse mortgage MBS (HMBS) in October.
“Ginnie Mae – whose securities carry the full faith and credit of the U.S. government – has been quick to modify and create securitization products that provide additional liquidity to help stabilize the [...]