Reverse Mortgage Consumer Safeguards Protect Senior Homeowners
Written by David Chee on Mar 5th, 2012 in Blog | No Comments
There are numerous safeguards in today’s reverse mortgage programs that protect senior homeowners. “Most people don’t realize that the Home Equity Conversion Mortgage (HECM) was designed by Congress and the U. S. Department of Urban Development (HUD) specifically to help seniors enhance their retirement years. It is a HUD regulated and FHA insured program.” said David Chee, CPA. A reverse [...]
Written by David Chee on Sep 15th, 2011 in Blog | No Comments
The FHA maximum claim amount for HECM reverse mortgages has been $625,500 since 2009. It is scheduled to decrease to $417,000 on December 31, 2011 unless Congress votes to extend it. This means many older home owners in the Bay Area will receive substantially less money if they begin the reverse mortgage process next year. For example, a 75 year old [...]
