HighTechLending, Inc.
NMLS #7147
Interested in applying for a reverse mortgage in 2015? A new assessment is coming your way in Spring. The Department of Housing and Urban Development (HUD) has issued an updated financial assessment requirement for reverse mortgage borrowers. Originally due to take effect on March 2, 2015, HUD has revised the deadline to 30-60 days from that date, with more […]
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 […]
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 […]
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 […]
