Archive for May, 2008
McCaskill urges Nixon to go after scam reverse mortgage marketers
McCaskill urges Nixon to go after scam reverse mortgage marketers, U.S. Sen. Claire McCaskill wants more protection for senior citizens who are targeted by unscrupulous mortgage lenders. Specifically, she’s concerned about lenders selling reverse mortgages. McCaskill is frustrated with companies sending misleading marketing materials that aim to rope elderly people into an expensive loan that [...]
When Equity Won’t Land a Reverse Mortgage
What happens when a senior has equity in his home but can’t qualify for a reverse mortgage? A traditional line of credit you may say? But what if you have no real means of paying the HELOC back? Then you share a situation with 64 year old John Thiel. “He didn’t qualify for a reverse [...]
Reverse Mortgage Loan Limits still trail their conventional bretheren
Is it a good idea to raise mortgage limits across the country during the same time when home values are falling? Depends on which side of the financial aisle you live on? While conventional rates have increased, reverse mortgage rates still lag behind. That could be a good thing in that it will afford seniors [...]