Items Tagged with 'reverse mortgages'

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  • HECM professionals to gather in Texas for Reverse Mortgage Day

    Annual conference will focus on origination strategies
    As the reverse mortgage industry navigates a market in distress, HECM professionals will gather at the 19th annual Reverse Mortgage Day. Set in Austin next month, this year’s event will address issues affecting the industry and explore ways originators can succeed in this challenging climate.
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  • Most seniors want to age in place

    And reverse mortgages are uniquely positioned to help make it happen
    Nearly 90% of homeowners approaching retirement want to stay in their homes as they age, according to AARP. And that massive statistic is the single best marketing tool a reverse mortgage professional can use. The aging-in-place movement is upon us, and it is huge.
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  • One Reverse Mortgage launches proprietary product

    Say hello to HELO
    One Reverse Mortgage, a subsidiary of Quicken Loans, has joined the growing number of lenders with private reverse mortgage offerings. Its new HELO product provides borrowers access to up to $4 million of their equity and comes with fewer restrictions than the FHA product.
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  • The Funding Longevity Task Force wants YOU… to know about reverse mortgages

    And they’ve just added two new members to help spread the word
    Most financial advisors are uninformed and misinformed when it comes to the importance of reverse mortgages, and it’s time for this to change. This is the founding principal of the Funding Longevity Task Force, a team of financial planning experts and academics who are committed to promoting research about the various ways reverse mortgages can be used to improve one’s financial outcome in retirement.
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  • Most Americans want to own a home in retirement

    Survey reveals 85% want to own, and most don’t plan on having a mortgage
    For many, retirement goals include travel, leisure and, apparently, homeownership, as a survey reveals 85% of non-retirees want to own a home when they're in retirement. But the grim reality is that a good number of Americans may still carry mortgages into retirement, and that’s why some experts say reverse mortgages deserve a second look.
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  • NY Daily News: Reevaluating Reverse Mortgages in a Down Economy

    Suggesting that will all the news about the economy and government dysfunction, NY Daily News money columnist Jean Chatzky writes that readers may have missed changes to the reverse mortgage program.   In her article, "Reverse mortgages in a down economy require some reevaluation, should act as last resort," Chatzky highlights a couple of changes and then falls back on a common refrain. She discusses how Bank of American and Wells Fargo left the reverse mortgage market, stating that, "Clearly it wasn't a profit center."  This is certainly a supposition on her part without basis or fact checking.  Neither
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  • Reverse Mortgages and Long-Term Care

    Acknowledging that reverse mortgages are increasing becoming a subject for discussions when families are struggling to deal with long-term care expenses, elder law attorney, Janet Colliton warns that reverse mortgages are not the best option, especially when nursing home care is considered.  Writing as a guest columnist in the Daily Local News, serving Chester County, PA, Colliton points to the due and payable provisions in reverse mortgages should a borrower permanently leave a home to reside in a nursing home.  However, she does not that "a more appropriate use for reverse mortgages" is for cases where a senior is intent
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  • Bell Addresses Reverse Mortgages As Last Resort

    Responding to an article in the Napa Valley Register that portrayed reverse mortgages as a loan of last result, NRMLA President Peter Bell wrote an OpEd column calling the concept a "outmoded perspective that needs re-evaluation."   Bell points to the importance for seniors to look beyond traditional methods of financing retirement and explore all available options to meet their financial needs.  This is especially important, he notes, during the current environment of a protracted recession. The full text of his response follows: When to use reverse mortgages Source:  Napa Valley Register A July 24 Napa Valley Register column,
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  • Florida Fraud Scheme Targets Reverse Mortgages

    In what is a rare event involving reverse mortgages, four people have been indicted in a mortgage fraud scheme involving 14 reverse mortgages totaling $2.5 million dollar. Although such cases are rare, the report comes at a time when the industry is already fending off negative reports about tax and insurance defaults and the exits of major banks, Bank of America and Wells Fargo.  According to reports, the indictment is the first case of its cased to be filed in federal Southern District Court. This type of fraud is not about problems with reverse mortgages or the HECM product. It
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