Archive for July, 2007
One year suspension of Reverse Mortgage Caps
Senate appropriators have approved a Department of Housing and Urban Development spending bill that includes $100 million for foreclosure prevention counseling. Sen. Charles E. Schumer, D-N.Y., said the $100 million will go to nonprofit counseling agencies that work with borrowers who are trapped in unaffordable subprime loans. “The current situation in the subprime mortgage market [...]
Linking Reverse Mortgages and Long-Term Care Insurance
A great study from the Brookings Institute entitled, Linking Reverse Mortgages and Long-Term Care Insurance was released and is a great read for understanding general relationships between two of the most talked about topics in the baby boomer community. Snapshot: As the retirement of the baby boom generation approaches, policy makers are considering ways to [...]
Reverse Mortgage Survival Rates
Ever wondered about the “gamble” of the reverse mortgage? You know many reverse mortgage lenders are trained to tell their clients that their equity payments will last their “entire” life time. The Department of Housing and Urban Development has compiled a report and above are some of the survival stats for the HECM loan. See [...]