In an in an effort to curb government spending and address the US deficit, $88 million in loan counseling funds was eliminated from the Department of Housing and Urban Development’s budget for the 2011 fiscal year. Earlier this month President Obama signed the legislation that helped avert a government shutdown but will also particularly affect seniors seeking counseling on an FHA-insured reverse...
Home Equity Conversion Mortgage and Home Repair
There are several things the savvy consumer needs to know about home repair and home equity conversion mortgages (HECM). In some cases, home repairs may be required in order to obtain a reverse mortgage loan. This is because the home is the collateral for the loan and since many reverse mortgages (known as HECMs) are FHA-insured, a home’s lack of durability can increase the government’s...
Reverse Mortgage Process Steps
Step 1: A Personal and Financial Assessment The first step is in the consumers’ hands. They will need to take stock of their monthly expenses and weigh their options. Getting a reverse mortgage doesn’t necessarily have to be viewed as a last resort but the homeowner should first evaluate if their financial problems can be addressed by reducing costs in the way of lifestyle changes or seeking...
Home Equity Line of Credit and How it Relates to Reverse Mortgages
The financial landscape has changed quite a bit from what it was 20 years ago. People are living longer, exiting the workforce later, and not receiving as much proportionally from Social Security as individuals have in the past. The Centers for Disease Control and Prevention has reported that life expectancy rose to 78.2 years in 2009, an all-time high, based on preliminary data that includes...
Reverse Mortgages For Seniors Can Help Combat Retirement Expenses
TopRetirements.com has just recently produced their list of worst states to retire in. Starting from the worst it’s: IL, CA, NY, RI, NJ, OH, WI, MA, CT, and NV. The retirement community info site compiled a number of criteria in making its determination such as climate, taxes, and fiscal health of the state. Keep in mind that there is not a consensus regarding worst retirement states and consider...