Archive for December, 2008
Properties Not Eligible for Reverse Mortgages
According to HUD, there are several types of housing units that are not eligible for a HECM or Reverse Mortgages. Primarily older manufactured homes are not eligible with a couple of other types you would not think about on a normal basis. Cooperative units Newly constructed residence where a Certificate of Occupancy or its [...]
Reverse Mortgages Used To Pay For Retirement
As America braces for yet another round of mortgage meltdowns, the equity that many seniors depended on to retire is fast shrinking. But as retirement account values fall, seniors need to find a way to fill in the gap. Even more seniors struggling to pay their bills may consider reverse mortgages next year. A survey [...]
National Reverse Mortgage Counselor Network
These names have been approved by HUD. Increasing demand for HUD’s HECM product by senior citizens, has put pressure on the counseling industry to meet the demand for the required counseling. To make sufficient quality Home Equity Conversion Mortgage (HECM) counseling available, HECM counselors from the below agencies are permitted to provide face-to-face and telephone [...]