The New Rules on Reverse Mortgages

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Left out in the new laws of reverse mortgage is a fact that there is no longer fixed interest rate and cash up front is limited due to FHA and FNM cash shortage even though they received a hug gov. grant. The new laws do not help the poor or elderly, so much for Obama's help.

helen of NJ 9:05PM April 07, 2013

In response to Kevin comment, the mortgage balance can double on the lump sum in 5-7 years but the home also will appreciate. Not the way it was from 2001-2006 but it will continue to rise at a 2-4% pace per year. Most people that take out the lump sum usually do so because they are paying off a big mortgage. You should take into account all the future payments that you will not be making once you take out a reverse mortgage. That can be hundreds of thousands of dollars. A good site that told me all the truths about reverse mortgages was http://www.reversemortgagelendersdirect.com

Mario Santosa of CA 12:54AM December 15, 2011

My husband & I both became disabled in 2007. He is 57, I am 54. Would we be able to qualify for the reverse mortg.?

Marie Sarnese of NJ 7:47AM October 19, 2010

If there is a judgement on my home would I still be able to qualify for a reverse mortgage?

Trish of FL 4:23AM July 08, 2010

our huse was certified appraised at 250,000.00. I wanted to borrow 142,800 in the equity which it took many years for me to build. All aged people end up in a skilled nursing facility of skilled old peoples home. Since I do not live in my residence (my son does) i am not eligable for a rev.mortgage. This is completely without reason- i need the money (4500/month) so i choose to use my equity in my hose to get a loan to pay for my care. it doesn't matter where I live it could be on the moon - i still have rights to the equity in my house and should get a loan approved so that i can take care of my self.

kevin hillwig of PA 6:27PM February 23, 2010

I do reverse mortgages full time. They are not for everyone. But a lot seniors are out of money, face it. Cost of living is out of control for them too, and their SS income or lack of is not keeping up with cost of living. Fraud on Wall Street has cut there 401K retirement funds in half, shame, shame. Right now 3 out 10 seniors homeowners that i am working with are behind in house payments or property tax payments. Most Banks turn them down for a loan due to lack of income or credit scores. So a lot of seniors have a 12% loan with companies like American General or others like them. That the real crime. Lets hear you guys talk about that. The cost are more but % wise they have gone down. The loan limit has been raised to 625K, thats because seniors in high dollar markets could not qualify because of low FHA lending limits. Seniors in 500K homes are losing homes too. Ya I guess seniors could sell their homes and move into a trailer park. Most seniors just want to stay in their homes. Instead of giving banks and car companies who have made bad business decision BILLIONS of dollar, maybe we should invest those BILLIONS to increase SS incomes for seniors. In 2008 SS income went up 2.3% or about $14.00 per month for a senior, but medicare went up 3.1% and that is taken out of their SS check before they get it. If a senior doesn't need money, well they probally don't need a reverse mortgage. So for every reason you can give me why a reverse mortgage is bad, I can give you a reason why they are good. Seniors indeed should talk to several different reverse mortgage brokers to get information. I will be happy to straight talk to anyone about reverse mortgages call 1-815-489-3514 Glen

Glen of IL 12:24AM April 04, 2009

I have a bad mortgage which i pay interest only
but may payments is not all the interes. I have
it with wells fargo which took over wachova banks
who i have the loan with. they want 35,000 so i could get a reverse mortgage. I am in a hardship
know. Please help me
THANK YOU FOR YOUR TIME

lois Zaroski of FL 9:14AM March 03, 2009

Would you be so kind and let me know how to go about learning the reverse mortgage business? If you all ready have a license and work for a mortgage broker is that a problem?
Thank you for your time.
Mary Colby

MARY COLBY of MD 2:22PM November 04, 2008

robert wagner reverse mortgage to me over 11.000$ is to much mo731-364-5353ney they are charging me for my house how is worst 150.000$ she dint tell me the truth the lady how is taking care of me,,,

julie landmichael of TN 10:10PM October 28, 2008

I am a widowed 73 old woman. I was told by my mortgage lender, Wells Fargo, that I would not qualify since the limit is only $265,000 in my area and my mortgage is $280,000. My house value is $475,000. If they raise the limit will I be able to qualify. I have my own business however with this economy my future looks cloudy. I am attempting to sell my house however the market place proves to be hopeless. I have spent all my reserves on remaining husbands medical bills. I wish there was a way to get out of this situation. Thank you, Nancy

Nancy of CO 12:52PM October 14, 2008