Are you over the age of 62 and currently late on your mortgage payment? Here is something that I bet you didn't know -- according to a data provider that I use, there are currently 499 seniors in Arizona who are over the age of 62, have a loan-to-value ratio of 60% or less and they are currently late on their mortgage payment by either 30, 60 or 90 days. When digging a little deeper into the … [Read more...]
Reverse Mortgages: Top 10 Things HUD Wants You To Know
Many seniors are searching for more information about reverse mortgages and with the FHA-insured HECM Reverse Mortgage, FHA has done a nice job of putting some information out on their website about it. Here is an parahprased list of the top 10 things HUD wants seniors to know about the HECM Reverse Mortgage program: Top Ten Things to Know if You're Interested in a Reverse Mortgage 1. … [Read more...]
Arizona FHA Reverse Mortgages – 5 Myths About Reverse Mortgages
For better or worse, there is quite a bit of mis-information about reverse mortgages in general and like it or not, more and more people are asking the question of "is a reverse mortgage right for me?" Here are 5 of the most common myths about reverse mortgages: Top Five Myths About Reverse Mortgages Myth 1. - The bank takes the house OR the borrower can lose the house. With a reverse … [Read more...]
Arizona FHA Reverse Mortgages – Ten Reasons Seniors Choose A Reverse Mortgage
Lately, we have been talking to more and more people who are interested in learning more about the FHA Reverse Mortgage program. With more people turning 62 every day, the number of people who are getting a reverse mortgage is expected to increase substantially over the coming years. What are the top 10 reasons that seniors get a reverse mortgage? According to AARP: Top 10 Reasons Seniors … [Read more...]
Reverse Mortgage Fees To Decrease Starting November 1
For seniors who are interested in getting a reverse mortgage, starting November 1 they will be able to access more money and pay lower fees thanks to housing legislation passed earlier this summer. The vast majority of seniors age 62 or older (90%+) who get a reverse mortgage go through the FHA Home Equity Conversion Mortgage (HECM) program. Prior to November 1, seniors could borrow against … [Read more...]