Tagdisadvantages

Reverse Mortgage Disadvantage – Federal Funding For Counseling Cut

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...

There’s Enough Reverse Mortgage Lenders To Keep Costs Low

The number of active reverse mortgage lenders has declined and is predicted to shrink another 35% this year according to Reverse Mortgage Daily with, most notably, Bank of America exiting the market, and Wells Fargo exiting wholesale. Even with these significant changes, the outlook for consumers is encouraging. There will still be enough Reverse Mortgage lenders in the market to keep costs to...

HECM Saver Reverse Mortgage

Late last year the FHA rolled out the HECM Saver Reverse Mortgage loan for consumers seeking lower loan closing costs and an alternative to a Home Equity Line of Credit (HELOC). The program is designed for those who would like to borrow a smaller amount than what is currently available with the HECM Standard. The HECM Saver provides two opportunities to save up-front and after obtaining a Reverse...