I do reverse mortgages full time. They are not for everyone. But a lot seniors are out of money, face it. Cost of living is out of control for them too, and their SS income or lack of is not keeping up with cost of living. Fraud on Wall Street has cut there 401K retirement funds in half, shame, shame. Right now 3 out 10 seniors homeowners that i am working with are behind in house payments or property tax payments. Most Banks turn them down for a loan due to lack of income or credit scores. So a lot of seniors have a 12% loan with companies like American General or others like them. That the real crime. Lets hear you guys talk about that. The cost are more but % wise they have gone down. The loan limit has been raised to 625K, thats because seniors in high dollar markets could not qualify because of low FHA lending limits. Seniors in 500K homes are losing homes too. Ya I guess seniors could sell their homes and move into a trailer park. Most seniors just want to stay in their homes. Instead of giving banks and car companies who have made bad business decision BILLIONS of dollar, maybe we should invest those BILLIONS to increase SS incomes for seniors. In 2008 SS income went up 2.3% or about $14.00 per month for a senior, but medicare went up 3.1% and that is taken out of their SS check before they get it. If a senior doesn't need money, well they probally don't need a reverse mortgage. So for every reason you can give me why a reverse mortgage is bad, I can give you a reason why they are good. Seniors indeed should talk to several different reverse mortgage brokers to get information. I will be happy to straight talk to anyone about reverse mortgages call 1-815-489-3514 Glen
Glen
of IL
@
Apr 04, 2009 00:24:43 AM
Reverse mortgage
I have a bad mortgage which i pay interest only
but may payments is not all the interes. I have
it with wells fargo which took over wachova banks
who i have the loan with. they want 35,000 so i could get a reverse mortgage. I am in a hardship
know. Please help me
THANK YOU FOR YOUR TIME
lois Zaroski
of FL
@
Mar 03, 2009 09:14:39 AM
how does one become a reverse mortgage specialist
Would you be so kind and let me know how to go about learning the reverse mortgage business? If you all ready have a license and work for a mortgage broker is that a problem?
Thank you for your time.
Mary Colby
MARY COLBY
of MD
@
Nov 04, 2008 14:22:43 PM
reverse mortgage
robert wagner reverse mortgage to me over 11.000$ is to much mo731-364-5353ney they are charging me for my house how is worst 150.000$ she dint tell me the truth the lady how is taking care of me,,,
julie landmichael
of TN
@
Oct 28, 2008 22:10:49 PM
Not qualified at age 73 for a reverse mortgage
I am a widowed 73 old woman. I was told by my mortgage lender, Wells Fargo, that I would not qualify since the limit is only $265,000 in my area and my mortgage is $280,000. My house value is $475,000. If they raise the limit will I be able to qualify. I have my own business however with this economy my future looks cloudy. I am attempting to sell my house however the market place proves to be hopeless. I have spent all my reserves on remaining husbands medical bills. I wish there was a way to get out of this situation. Thank you, Nancy
Nancy
of CO
@
Oct 14, 2008 12:52:01 PM
reverse mortgage
I received a reverse mortgage in Jan 2008 from Countrywide who held the original mortgage. Since all of this dishonesty has come to light I want some neutral authoruty to review my reverse mortgage papers and evaluate their legitimacy.
I live in Daytona beach Fl. and would like to contct a local person.
Barbara Silver
Barbara Silver
of FL
@
Oct 11, 2008 16:59:39 PM
Required counseling becoming a hook?
Starting now lenders are referring clients to telephone 'counseling services' which ask for your credit card and anywhere from $75 to $125 up front payment.
One service would only send the 'certificate' to a single lender. Another sends the certificate to me for example and then I could sent it to various potential lenders. But watch out: I was told that some lenders will charge fees as soon as they get the certificate and tack the charges onto the loan. There is an open ended aspect to what charges could appear on the final bill and I think the HUD rules need to address this issue.
John Beasley
of NY
@
Oct 08, 2008 07:44:15 AM
reverse mortgage
I have a question if I'm 65yrs old and my son bought me a home 30 days ago with 30% ltv with a value of 300k do i qualify for a reverse mortgage
ralph quinno
of FL
@
Sep 10, 2008 13:31:41 PM
HUD Counseling Fees
Recently HUD apparently contacted the National Housing Counseling Association (NHCA) and has provided verbal guidance to the counseling agencies that the agencies can require payment for counseling at the time the counseling occurs;
Only in hardship cases is the counseling agency required to provide the borrower the option to waive the fee or to finance the fee into the loan (a hardship could include bankruptcy, foreclosure or hospice care).Effective 9/8/08 the NHCA agencies will begin charging the up front fee of $125!
This means that seniors will have to come up with the up front charge for counseling (usually $125)to even determine if a Reverse Mortgage will work for them and the generally used requirement for an appraisal deposit (varies). This means seniors will need to come up with $400 to $600 up front in order to make application for a Reverse Mortgage.
Many of the applicants are widows over 70 who often earn only $600 to $1200 a month on Social Security. Consequently I fear that the immediate up front Counseling fee will discourage many in need, from even considering a Reverse Mortgage before they can learn how it may help them.
Bill Keiter
of KS
@
Sep 06, 2008 11:50:22 AM
A trap???
The poster from 9/3 who stated that the Reverse Mortgage is a trap not a tool is obviously uneducated in regards to the product. They obviously are not aware that the average 401k balance for individuals 5 years or less from retirement is $150k (est.), they obviously aren't aware that in the state of Georgia the median income for seniors age 75 and greater is $18k per family. They obviously aren't aware that almost 50% of those seniors live in a home paid for. They obviously aren’t aware that many seniors have 50% of their current retirement income going towards making their mortgage payment. Does the poster propose these individuals continue to struggle? Does the poster assume that $4 per gallon gas and rising food costs only apply to those who are gainfully employed? Does the poster know an individual 65 and older retiring today would need over $225K in liquid assets just to cover medical costs thru the remainder of their lives? Obviously this poster has only listened to select media coverage and garnered their opinion from those even less educated. Is the product for everyone? Certainly not. Anyone wishing to utilize a reverse mortgage should thoroughly research the product first. Seniors should have the opportunity to enjoy their golden years, not worry about how they are going to pay for their medical needs. What is the purpose of having a home free and clear and the owner living on the door step of poverty? Sell the home and downsize you say? There are countless individuals trying to do that with no success. Over 50% of the homeowners have been eliminated from refinancing or purchasing in light of the current mortgage market. I would recommend that if the poster thinks the product is a trap he or she should recommend an alternative solution.
Glen of IL @ Apr 04, 2009 00:24:43 AM
lois Zaroski of FL @ Mar 03, 2009 09:14:39 AM
MARY COLBY of MD @ Nov 04, 2008 14:22:43 PM
julie landmichael of TN @ Oct 28, 2008 22:10:49 PM
Nancy of CO @ Oct 14, 2008 12:52:01 PM
Barbara Silver of FL @ Oct 11, 2008 16:59:39 PM
John Beasley of NY @ Oct 08, 2008 07:44:15 AM
ralph quinno of FL @ Sep 10, 2008 13:31:41 PM
Bill Keiter of KS @ Sep 06, 2008 11:50:22 AM
of GA @ Sep 06, 2008 10:22:40 AM
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