Why is There FHA Mortgage Insurance on Reverse Mortgages?

Mortgage insurance began in the United States in the 1880s but the industry first enjoyed major growth following the implosion of the 1920s real estate bubble. In the 1950s, Milwaukee lawyer Max H. Karl invented the modern form of private mortgage insurance, which helped to put home ownership within reach for millions of families. Private…

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Reverse mortgages for purchase, – still a relatively new idea.

Do you have too much house? Are you considering downsizing but concerned about qualifying for a new mortgage? Perhaps a reverse mortgage for purchase may be a problem solver for you. Since 2008 a little known product called a reverse mortgage for purchase is available for people over 62 who wish to downsize to a…

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MAKE PAYMENTS ON A REVERSE MORTGAGE? It’s not required but some people may want to…

  It’s not commonly done nor is a commonly known that you can make payments on reverse mortgages. It is acceptable to make payments on reverse mortgages and may make sense for you to do so for your future. HOW REVERSE MORTGAGES WORK: Reverse mortgages liquefy a portion of your homes equity creating increased cash…

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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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Congress Members Press FHA on Need for Reverse Mortgage Change

Members of Congress scrutinized the Federal Housing Administration’s reverse mortgage program Thursday with at least two congressmen expressing support for authority sought by the agency to make calculated program changes to shore up its insurance fund. The program has come under heightened attention from Congress following an actuarial report in late 2012 which indicated the…

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