Archive for December, 2007
Reverse Mortgages – Only Consider as a Last resort
Reverse Mortgages – Only Consider as a Last resort, Before reverse mortgages, pensioners wishing to tap into home equity were presented with two options: either sell the house or get a home equity loan. But since their humble beginnings in the late ’80s, reverse mortgages provided seniors with an additional tool for accessing home equity. [...]
November HECM Activity Disappoints
November HECM Activity Disappoints, 8,270 HECM reverse mortgages were endorsed during November 2007 according to the most recent HECM activity report released by HUD. November’s HECM production is a 10.6% gain over the 7,478 HECM’s endorsed in November 2006 but a 1.7% decrease from October 2007 when 8,417 HECMs were endorsed. More troubling: November was [...]
Index Highlights Best (and Worst) Areas For Reverse Mortgages
Index Highlights Best (and Worst) Areas For Reverse Mortgages, The days of borrowing against ever-rising home equity and having home price appreciation cancel out the pain of loan interest costs appear to be over. Reverse mortgages are often described as “rising debt, falling equity loans”. Yet, for several years reverse mortgage borrowers in many parts [...]