Reverse Mortgage Financial Assessments Start April 27, 2015

Reverse Mortgage applicants will undergo financial assessments after April 27, 2015. For the first time since the start of reverse mortgages in 1989, reverse mortgage applicants will be asked to show willingness and means to meet their financial obligations. The application process will look like traditional mortgages. Borrowers will be asked to provide income documentation.…

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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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