All Posts Tagged With: "Reverse Mortgage"
Guess What? Social Security Has A Profit
You’ve probably heard that Social Security is going broke, not good news for most of those with hopes of a sane and fiscally-secure retirement. The reality is that for most households Social Security is a central source of retirement funding, especially as more employers have moved from defined benefit plans to defined contribution plans. But, [...]
20Oct2011 | Peter G. Miller | 0 comments | Continued
Regulators Offer “Reputation Risk” Advice To Reverse Mortgage Lenders
A gaggle of federal regulators are advising reverse mortgage lenders to avoid “reputation risk” by focusing “on the need to provide adequate information to consumers about reverse mortgage products; to provide qualified independent counseling to consumers considering these products; and to avoid potential conflicts of interest.” Big deal. After all, reverse mortgage borrowers are already [...]
23Aug2010 | Peter G. Miller | 0 comments | Continued
FHA Mortgage Basics
It all started in the 1930s when the government began insuring home mortgages. This was a big deal because it meant that homes could be purchased with little down and with loans that lasted more than five years — the norm at the time. Since the program began in 1934 the government has insured more [...]
9Dec2009 | Peter G. Miller | 1 comment | Continued
Reverse Home Mortgage
With unemployment rising and home values falling it may seem odd that reverse mortgages are so popular. In fact, a reverse mortgage can make a lot of sense for those who have acquired real estate equity over time and now have a a need for cash or income. If you’re at least age 62 and [...]
21Sep2009 | Peter G. Miller | 0 comments | Continued
How Does A Reverse Mortgage Work?
Everyone who finances real estate knows how a “forward” mortgage works so it seems logical that a “reverse” mortgage is just the opposite. That’s somewhat true, but not entirely. A reverse mortgage is a different kind of financial critter, one which requires a little background to understand. With a forward loan you apply for a [...]
21Sep2009 | Peter G. Miller | 0 comments | Continued
Reverse Mortgages Seniors
Some of the most common questions I get concern reverse mortgages — what are they and why are they for seniors? In basic terms, a reverse mortgage is a way to access the equity in your home, the worth built up over the years as you have paid down the original mortgage and as the [...]
21Sep2009 | Peter G. Miller | 0 comments | Continued
Are Reverse Mortgage Premiums Justified?
While most of the mortgage marketplace is in a funk, reverse mortgages are a significant bright spot. HUD says it originated more than 107,000 reverse mortgages in fiscal 2007 — a figure up more than 40 percent from a year earlier. The HUD numbers are important because the FHA is generally said to insure about [...]
19Sep2008 | Peter G. Miller | 0 comments | Continued
$30,000 For A Reverse Mortgage?
HUD presents itself as the borrower’s friend, your buddy when it comes time to get a mortgage. There’s considerable truth to this claim, just look at FHA mortgages in general. While much of the mortgage marketplace is melting down, the latest numbers from HUD show that the FHA program is likely to double in size [...]
18Sep2008 | Peter G. Miller | 0 comments | Continued
The Illusion of Mortgage Protection
With a growing number of foreclosures nationwide, it’s good to know that the federal government has consumer protections in place to defend the public interest. What’s not so good is what those “protections” actually say. Speaking in Chicago, Federal Reserve Board Chairman Ben Bernanke said “the Home Ownership Equity Protection Act (HOEPA) gives the Board [...]
1Sep2008 | Peter G. Miller | 0 comments | Continued
What’s a “reverse” mortgage?
Reverse mortgages are one of the most talked-about financing concepts in recent years. In general terms, instead of taking out a loan secured by a home and making monthly payments, a reverse mortgage provides a monthly income or up-front cash to homeowners aged 62 or above, depending on the program. The real question is how [...]
27Aug2008 | Peter G. Miller | 0 comments | Continued
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