If you are considering an Arizona reverse mortgage, be sure that you ask your loan officer about something called "Loss of Medicaid Eligibility". If he doesn't know what you are talking about, you might want to consider finding another loan officer. It is that important. Loss of Medicaid Eligibility: What Is It? With a reverse mortgage there are multiple ways to get your money. You can … [Read more...]
Arizona Reverse Mortgage: FHA Reverse Mortgage Loan Limits Increase
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...]
The FHA HECM Reverse Mortgage Program: What Is The HECM Reverse Mortgage Program?
HECM. Now there is a funny name for a mortgage program. Whoever names these things should come from a marketing background and be able to use 4 letters to spell something that doesn't sound so... so... weird. HECM stands for the FHA Home Equity Conversion Mortgage and this is the official title for the FHA reverse mortgage program. The FHA HECM program is becoming more popular as the baby … [Read more...]
Arizona FHA Reverse Mortgage: Things To Know
The FHA reverse mortgage program has been gaining popularity with seniors all over the country and Arizona is no exception. More seniors that live in Arizona are looking into the FHA reverse mortgage program than ever before - whether they have recently had financial hardship or are just looking at a reverse mortgage as an estate planning tool. Arizona FHA Reverse Mortgage: What To Know Many … [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...]