BOSTON - With the popularity of reverse mortgage loans on the rise among Massachusetts senior citizens, the Office of Consumer Affairs and Business Regulation (OCABR) and the Executive Office of Elder Affairs (EOEA) has launched a new web site, www.mass.gov/reversemortgage, to provide information and guidance to borrowers about these types of products.
Reverse mortgages are loans [...]

More consumer protection on reverse mortgages. The new law would ban origination fees on reverse mortgages, which allows borrowers to take an advance against home equity. The law also bans insurance salespeople from originating these products and prohibits originators from requiring homeowners to buy annuities.

The Senate passed HR 3221 by a vote of 72-13. We expect the President to sign the bill into law immediately.
Our most current interpretation is that the loan limit will go to $417,000 once HUD issues a Mortgagee Letter, and that the high cost area adjustments to a max of $625,500 will take effect on [...]

With the collapse of Indymac, many were curious about their reverse mortgage division, Financial Freedom.
Here is what we found…
Reverse Mortgages
These mortgages let people 62 and older borrow money against their home equity and remain in the home. Repayment is deferred until the owner dies, sells the home or enters a nursing home. Borrowers can take [...]

However, the articles does stat that they will continue to operate as Reverse Mortgage Lender, we felt it was important to share this article. As you recall, on June 18th, Financial Freedom suspended their Jumbo Reverse Mortgage program, the Cash Account Advantage.
As the leader in Reverse Mortgages, we strive to provide you the highest levels [...]