Should I Get a Reverse Mortgage, Downsize or Sell My Home?

Should I Get a Reverse Mortgage, Downsize or Sell My Home? If you are trying to decide between attaining a reverse mortgage, downsizing to a less expensive home or selling your home but are unsure of which direction to go, I recently discovered a publication by The Center for Retirement Research (CRR) at Boston College.…

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2015 HECM Loan Limits remain unchanged ML 2014-25 just announced.

For the period January 1, 2015 through December 31, 2015, the maximum claim amount for FHA-insured HECMs will remain $625,500 (150 percent of Federal Home Loan Mortgage Corporation’s (Freddie Mac) national conforming limit of $417,000). This maximum claim amount of $625,500 is also applicable to Freddie Mac’s special exception areas – Alaska, Hawaii, Guam and…

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Housing Counseling is Savings Homes and Educating Homeowners

Housing counseling has risen over the last few years, and according to a recent study for NeighborWorks America by the Urban Institute it’s working. Homeowners have saved tens of millions of dollars by becoming more educated about their obligations to their lenders, their lenders obligations to them and the mechanics of their current loans or…

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Highlights and Trends from the National Reverse Mortgage Lenders Association 2009.

I have just returned from the national Association meeting on reverse mortgages. It certainly was a whirlwind of information, considering today’s economy and real estate environment. Here are a few highlights from the meeting: 1.    Trends in FHA, by law. FHA must have a positive cash flow. It cannot have a shortfall. Last year,…

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Counsel for National Reverse Mortgage Association had this to say about reverse mortgage law making

According to James Milano, an attorney with the Washington, D.C. firm, Weiner Brodsky Sidman Kider, the urge to regulate may be reactionary. “State regulators may feel responsible for the subprime mortgage meltdown and don’t want to be fooled again,” he posited. Milano cites Washington State, California and Minnesota as having recently introduced bills and says…

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My Letter to my local Assembly woman re: AB329, Reverse Mortgage Elder Protection Act of 2009

Monday, March 09, 2009   Dear Assemblywoman Harkey,   I respect the proposal of AB 329 and the spirit of its creation. My name is Angella Conrard. As a reverse mortgage originator of 4 years with a background in healthcare I can speak from experience. I am also the president of the National Aging in…

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