Reverse Mortgage Decisions, Decisions, Decisions

Reverse Mortgage Decisions, Decisions, Decisions

Many people spend months or years thinking about when to do a reverse mortgage.  Many who have done a reverse mortgage wished they had done it much earlier when they realize how it has positively impacted their life.  Without knowing the future of home prices, interest rates, cash needs, and your life expectancy, it is impossible to know when the […]

Reverse Mortgage Consumer Safeguards Protect Senior Homeowners

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 […]

HUD Reverse Mortgage Lending Limits Set To Expire

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 […]