What Makes a Reverse Mortgage Delinquent?

When a senior homeowner attains a reverse mortgage they agree to maintain their home, pay their property taxes and keep adequate amounts of homeowners insurance as part of their contract. If a reverse mortgage borrower fails to meet these obligations, they are technically in default of their loan. Participation in Reverse Mortgage Counseling is a…

Details

Tool to Check Drug Costs

I read an article in the Wall Street Journal. It talked about an online drug comparison tool. Consumers can research a drugs cost, including less expensive alternatives, and any tension side effects.  This website lists generic alternatives for brand-name drugs and estimates with monthly cost would be for each option. This tool, also provides independent information…

Details

Great news! The higher lending limit for reverse mortgages has been extended!

Image via Wikipedia Great news! The Department of Housing and Urban Development released mortgagee letter 10 – 40 which extends the higher lending limit for reverse mortgages until September 30, 2011. The credit limit of $625,500 was set to expire on December 31, 2010. This change in extension of the lending limits will help seniors…

Details

FHA Consumer Fact Sheet for Home Equity Conversion Mortgages (HECM)

Reverse mortgages are becoming popular in America. HUD’s Federal Housing Administration (FHA) created one of the first, the HOME Equity Conversion Mortgage (HECM). A HECM (also known as a reverse mortgage) is a federally insured loan that enables you to withdraw some of the equity in your home or use the loan proceeds to buy…

Details

Working with Elder Parents in Planning Financially for their Long Term Care

Image by Getty Images via @daylife You may be taking care of elderly parents now or looking at that possibility in the near future. According to a report from USATODAY/ABCNews/Gallup Poll, 41% of baby boomers are helping take care of elderly parents by providing personal help or financial assistance or both. If financial planning and…

Details

Reverse mortgages can help American 62 years old and older with today’s economic challenges

Image via Wikipedia The challenged stock market, declining housing prices, rising healthcare costs and smaller pensions have forced millions of older Americans to assess their long-term financial situations. Over 94 million Americans over the age of 50 have been impacted by our challenged economy. In the last year, retirement accounts are lost over 18% of…

Details

Avoid choosing the wrong reverse mortgage program — Questions to contemplate

Reverse mortgage borrowers are much more sophisticated in comparison to five years ago. The popularity of the programs and the Internet has contributed to a vast amount of information available to consumers. Nine times out of 10 when I talk to a client, they have already done their research on how a reverse mortgage works.…

Details