http://www.reversemortgagenation.com/news Reverse Mortgage News - Articles about HECM and more! Wed, 17 Sep 2008 12:18:27 +0000 http://backend.userland.com/rss092 en Reverse Mortgages are still being offered and more and more seniors are taking advantage of the product. There is widespread problems in the forward mortgage industry, however Reverse Mortgages are still a strong option for many homeowners. HUD includes protection features in their Reverse Mortgage product: Reverse mortgages also contain a ... http://www.reversemortgagenation.com/news/bank-reverse-mortgage/ This is good information pertaining the counseling required by all individuals who are planning on utilizing a reverse mortgage. The law requires reverse-mortgage borrowers to receive "adequate counseling" from a third party not associated with the lender, and it allows the government to create a new counseling program funded by mortgage ... http://www.reversemortgagenation.com/news/reverse-mortgage-counseling-law-update/ 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 ... http://www.reversemortgagenation.com/news/massachusetts-offers-website-reverse-mortgage/ 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. http://www.reversemortgagenation.com/news/new-law-adds-protection-to-reverse-mortgages/ 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 ... http://www.reversemortgagenation.com/news/senate-passes-housing-bill/ 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 ... http://www.reversemortgagenation.com/news/financial-freedom-and-indymac-update/ 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 ... http://www.reversemortgagenation.com/news/indymac-cutting-half-of-workers/ The NGFS Mentor Program* lets you learn the mortgage business from a pro and gauge whether adding reverse mortgages to your portfolio of services makes sense for you. As with any employment opportunity, there are a few procedures to follow. In joining the NGFS Mentor Program as a "Loan Consultant ... http://www.reversemortgagenation.com/news/reverse-mortgage-mentor-program/ Here is Reverse Mortgage Appraisal and Appraiser information: General Section 255: Home Equity Conversion Mortgages (Reverse Mortgages, a.k.a. HECM) allows a borrower aged 62 and older to borrow against the equity in a property that has limited outstanding debt. The subject property under this program must be an existing one-to four-unit dwelling ... http://www.reversemortgagenation.com/news/hecm-reverse-mortgage-appraisal/ NGFS is proud to now offer the HECM 200. (HECM stands for Home Equity Conversion Mortgage) As we have stated previously, rates have dropped rapidly creating scenarios in which the HECM 200 has provided greater financial benefit to the borrower in the form of a higher loan amount. NGFS will continue ... http://www.reversemortgagenation.com/news/hecm-200/