HUD Mortgagee Letter Raises Arizona Reverse Mortgage Loan Limits Yesterday, HUD published an official Mortgagee Letter (2009-07) that raised Arizona reverse mortgage loan limits to $625,500. This is good news for Arizona seniors! As of yesterday, anyone who is interested in getting an Arizona reverse mortgage can now have access to more money. The old loan limit was $417,000 and the … [Read more...]
FHA HECM for Purchase Program: From The Inbox
We have been getting more than just a few questions lately about the FHA HECM for Purchase program - where seniors can purchase a home using the FHA HECM reverse mortgage program. Here is one recent question that came in from Frank who is thinking about buying a home in Queen Creek using the FHA HECM for Purchase program. Frank's email: Have you actually done a FHA HECM purchase reverse … [Read more...]
Arizona Reverse Mortgages: Can You Get A Reverse Mortgage That Isn’t An FHA HECM Reverse Mortgage?
I got a call today from a very fun 85 year old Roy in Phoenix who currently lives in a mobile home that was built pre-1976 -- which means that his property is not eligible for any of the FHA insured loan programs. He was interested in learning more about reverse mortgage options other than the FHA HECM reverse mortgage option becasue he knew that he couldn't get an FHA insured loan due to the … [Read more...]
How To Buy A House With A Reverse Mortgage: No Down Payment, No Monthly Payments. Ever.
If you are senior who just happens to want to live in Arizona, now is your chance to buy a house with no down payment and make no mortgage payments for as long as you live in the home. Re-read that last part. Buy a home in Arizona, make no down payment and make no mortgage payments for as long as you live in the home? Correct. FHA's newest reverse mortgage program is called the HECM … [Read more...]
FHA HECM for Purchase Program: The Best Loan Ever?
The FHA HECM for Purchase - New as of January 1, 2009 Is the new FHA HECM for Purchase program the best way to buy a house? If you are a senior, it is hard to beat. Imagine the following scenario: You find a house that has an appraised value of $150,000. The seller is willing to sell you the house for $100,000 (not uncommon in today's market). You were born on January 5, 1947 - which … [Read more...]
Seniors In Foreclosure: An FHA Reverse Mortgage May Save You
I was speaking with our data provider a little while ago and she told me that there were currently about 500 people in Arizona who were over the age of 62, had a loan-to-value ratio of 60% or less and were currently late on their mortgage payments. In this month's National Reverse Mortgage Lenders Association magazine, there is a section titled "When A Reverse Mortgage Protects Against … [Read more...]
FHA HECM Reverse Mortgage: Top 10 Regions
In what regions of the US are FHA HECM reverse mortgages becoming more popular? Where are the most FHA reverse mortgages being done? What regions are there the most lenders who provide FHA reverse mortgages? These are just a few of the questions that the statistics put out by Reverse Market Insight answers. FHA reverse mortgages are becoming a more popular option for seniors on a … [Read more...]
FHA Reverse Mortgage Counseling: What To Expect
If you are senior who is thinking about getting an FHA reverse mortgage, you are required to attend a counseling session with a HUD-approved counselor prior to getting a reverse mortgage. The counseling session can be done at your home, in a group setting, or even over the phone and usually lasts between an hour and two hours. Some of the questions that you can expect the reverse mortgage … [Read more...]
Reverse Mortgages: “A Good Idea” FHA Commissioner Says
As some of you know, my grandparents currently have a FHA HECM reverse mortgage and I am currently working with my parents to get an FHA HECM reverse mortgage. Many seniors are concerned whether or not a reverse mortgage is right for their situation, and the truth is "it depends". But with the current downturn in the economy, there are more seniors than ever who are struggling to make their … [Read more...]