Archive for December, 2008
New HUD Rule Allows Reverse Mortgages For Home Purchase
Annapolis, MD — (SBWIRE) — 12/15/2008 — Reverse mortgages have been available for more than two decades for senior homeowners that have significant amount of equity in their homes and want to tap it. With recent HECM guideline changes, the HUD is backing a program to help older homeowners purchase a home with the [...]
Rates are so low, they can’t go lower.
The rates for the 10-year Treasury (CMT based) HECM reverse mortgage are so low they can’t go any lower to affect the amount of money one can get from a reverse mortgage. The amount of equity someone can access from their home is based on age, home value, any mortgage they currently have and the [...]
Golden Gateway Reverse Mortgages Up 21%
Golden Gateway, a reverse mortgage broker has verified that their year over year reverse mortgage applications have jumped nearly 21%. Think about that for a second. This jump is in spite of one of the most dire financial crisis America has ever seen since the Depression. Not to mention that home equity is diving faster [...]