There was a story about how reverse mortgages can lead to financial ruin that I found somewhat interesting - especially with the amount of seniors who are looking into getting an Arizona reverse mortgage. Will a reverse mortgage lead to financial ruin? According to Consumer Reports... maybe! From the story: Ads for reverse mortgages sound pretty enticing. Use the equity in your home … [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...]