The FHA Reverse Mortgage (Home Equity Conversion Mortgage or ‘HECM’) is now, just about, the only viable reverse mortgage program out there.
First, in April, it was Bank of America’s jumbo reverse mortgage to be suspended; then in June, Financial Freedom stopped funding their Cash Account program; in September Gold Reverse pulled their fixed rate jumbo [...]
Tag Archives: fha reverse mortgage
FHA Reverse Mortgage Now the Only Game in Town
Reverse Mortgages Versus the Cash-Out Loan
Now I’m not one to preach, but this is a topic that can get my blood boiling. I get at least 5 calls a week from seniors who did a cash out loan, often a option ARM, and can no longer afford the payments. Now they are calling me practically begging for a reverse mortgage [...]
Reverse Mortgage Lenders Dropping Like Flies
You might think that reverse mortgage lenders and banks, with their gobs of protective equity, would be immune to the Wall Street mortgage lending crisis. After all, how bad could the default rate on a home loan with no payments and at 40% to 50% LTV be? Tell that to the Wall Street bears.
Since investors [...]
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