Archive for the 'Mortgage' Category
Reverse Mortgage a Good view? Q & A
Red Oak, Iowa: Thank you for taking my question. I’m nearing retirement where I will be on a government pension. My house is paid for and by the end of that summer I will be totally debt free, barring something unexpected. I’m thinking about getting a reverse mortgage at 62 instead of collecting social protection at least until I’m 67. One, is a reverse mortgage a good view (I am without with no heirs)? Two, is the banking crisis affecting the future of reverse mortgages?
Michelle Singletary: whether you aren’t going to be desperate for money I wouldn’t get a reverse mortgage. It’s a loan meaning debt. And it doesn’t seem you need the money that poor.
Additionally, reverse mortgages carry heavy fees.
For more data about reverse mortgages go to www.hud.gov
Found here.
Post from: Reverse Mortgage Loan Blog
Reverse Mortgage a Good notion? Q & A
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Reverse Mortgage a Good notion? Q & A
Red Oak, Iowa: Thank you for taking my question. I’m nearing retirement where I will be on a government pension. My house is paid for and by the end of that summer I will be totally debt free, barring something unexpected. I’m thinking about getting a reverse mortgage at 62 instead of collecting social protection at least until I’m 67. One, is a reverse mortgage a good view (I am one with no heirs)? Two, is the banking crisis affecting the future of reverse mortgages?
Michelle Singletary: whether you aren’t going to be desperate for money I wouldn’t get a reverse mortgage. It’s a loan meaning debt. And it doesn’t seem you need the money that poor.
Additionally, reverse mortgages carry heavy fees.
For more info about reverse mortgages go to www.hud.gov
Found here.
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Reverse Mortgage a Good notion? Q & A
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OSFI issues guidance on capital treatment of reverse mortgages [Canada]
The Office of the Superintendent of Financial Institutions is issuing a draft advisory that sets out its view on the capital treatment of reverse mortgages.
OSFI notes that it has been asked to express a view on the capital treatment that would apply to reverse mortgages held by a federally regulated deposit taking institution.
“Reverse mortgages more closely resemble investments in real estate than they do residential mortgages as defined in the Basel Framework,” the regulator says.
Post from: Reverse Mortgage Loan Blog
OSFI issues guidance on capital treatment of reverse mortgages [Canada]
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FACING FORECLOSURE?…A REVERSE MORTGAGE COULD BE THE reply FOR THE “70 YEARS OLD PLUS GENERATION”
With the economy at its lowest point in many years, there’s been a lot written about foreclosures and how hard it has effected the “70 years old plus generation” who are unable to construct their mortgage payments due to a shortage of disposable income.
It’s a sad state of affairs when members of the “70 years old plus generation” who have worked so hard to own a home, but considering of that economic downtown, they can’t afford to compose the mortgage payments, and they stand to loose their home to foreclosure. Well, that could be the reply to their dilemma.
Anyone facing the possibility of foreclosure would be well advised to look into a reverse mortgage to keep them from losing there home.
Post from: Reverse Mortgage Loan Blog
FACING FORECLOSURE?…A REVERSE MORTGAGE COULD BE THE reply FOR THE “70 YEARS OLD PLUS GENERATION”
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Obama stimulus holds benefits for seniors
From a one-time $250 payment to a 50 percent increase in the limits for reverse mortgages, there are some housing-related items in President Barack Obama’s stimulus plan that potentially can help seniors maneuver through difficult economic times.
The current economic upheaval has forced retirees and seniors who are still working to re-evaluate their retirement plans. Americans by 55 are more vulnerable to economic pressures considering they have less instance to recover from financial losses.
The stimulus “will help, but we’re fighting a very vigorous current going the other way,” said David Levy, chairman of the Jerome Levy Forecasting Center in Mount Kisco, NY.
Housing costs are a major issue for seniors, particularly retirees on fixed incomes.
Post from: Reverse Mortgage Loan Blog
Obama stimulus holds benefits for seniors
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A reverse mortgage isn’t a ‘last resort’
We were surprised to see the statement from Consumer Reports on Feb. 17 that a federally insured ”Home Equity Conversion Mortgage” or ”HECM” reverse mortgage should be a ”last resort.” Readers need to understand that reverse mortgages are just mortgage loans with no monthly payments needed until you sell or move out. As such, they have many uses, and are seldom the ”last resort.”
For example, last July Congress amended the law to permit HECM loans to fund the purchase of a home, hardly a last resort. And the National Council on Aging in 2005 initiated a ”Use Your Home to Stay at Home” program which suggests use of reverse mortgage proceeds as a means to pay for home modifications and related expenses that extend the instance seniors can stay in their homes.
There are those for whom a reverse mortgage may be a life-saving last resort, but for many others it is a new financial tool that is frequently the smart choice.
John L. Krajsa
Found here.
Post from: Reverse Mortgage Loan Blog
A reverse mortgage isn’t a ‘last resort’
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A Lifeline for Seniors During Recession
What that does for seniors is give them an opportunity to stay in their home and gives them time… date to wait for a healthier economy to sell their home whether that is their goal; instance to live payment free or with additional income during a very trying duration in that economy without fear of losing their home…
Regardless of which economist you listen to, no one disagrees with the fact that we are in a recession. It seems that the only argument now is how lengthy it will last and what is the best way to get out of it. Millions of American families faced with the uncertainty of the economy and the steps being taken to stimulate it, coupled with the falling stock market, are left drowning in a sea of doubt. Even those who saved their whole lives and thought they were in a good position for retirement are watching their 401K’s and their stock portfolios vanish before their very eyes.
This is troubling suitable to young families, but is particularly difficult for seniors who do not have moment to go back out and earn another retirement or may not be able to re-enter the job market. And those who are physically able to re-enter the job market find themselves in a market with skyrocketing unemployment so they are forced to compete with younger employees for jobs that they once would not have had any problem obtaining…assuming they ever wanted to go back to work at a duration in their lives when they should have been able to enjoy the fruits of their labors anyway.
Post from: Reverse Mortgage Loan Blog
A Lifeline for Seniors During Recession
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