Reverse Mortgages in West Michigan

Blog Purpose and Disclosures

This is a blog about reverse mortgages, a specialized mortgage which allows homeowners over age 62 to turn a portion of the equity in their homes into cash - with no repayment required as long as the borrower owns or lives in the home.

I'll be talking about reverse mortgages generally, with specific emphasis on the West Michigan area.

Reverse mortgages always involve folks over 62.

In my opinion, it isn't possible to be involved in the reverse mortgage world without being aware of the many other issues that affect the financial security of mature citizens.

So I'll be talking about those issues here as well.

Finally, you should know that I'm employed by First Financial Mortgage Corporation, Northville, MI as a reverse mortgage consultant. The blog entries on this blog site represent my opinions, and the posts on this blog are my own and do not necessarily represent those of my employer.

You can contact me at j.noonan@comcast.net, or by phone at 877-308-1489. (Toll free in Michigan.)

Higher Limits for Reverse Mortgages might equal more money for you

In a recent post, the folks over at Residential Finance Corporation announced coming higher limits for reverse mortgages. These limits will be effective through the remainder of 2009, and will become effective when announced in a Mortgage letter by FHA.


"Reverse Mortgages – Loan limits on Home Equity Conversion Mortgage (HECM) – or “reverse mortgage” loans will rise to $625,500 until the end of 2009. Current limits, which mirror conforming loan limits, will be raised to open up reverse mortgage options for many seniors who may want to rely on home equity as a stable source of income."

If you own a higher valued home and have considered a reverse mortgage in the past, you might want to stay tuned.

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It's hard to stay on top of the rapidly changing world of reverse mortgages unless they're the only thing you do.  I'm always available to answer your reverse mortgage questions. Toll Free: 877-308-1489.
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Your Social Security Administration enters 2009

The Social Security Administration is becoming better at providing access to it's services to those of us who are on line.

Here's a link to services such as applying for social security, notifying them of change of address, and obtaining help with some Medicaid issues.

http://www.socialsecurity.gov/pubs/10121.html

Just copy the line above into your browser's address bar, press enter, and presto!, you'll be connected.

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Information on reverse mortgages in Western Michigan is even easier to get!  Just call me toll free at 877-308-1489.
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A Wish For You

To all of you:

May you and all you love have a Blessed and joyful Christmas!

A good video explaining reverse mortgages

Maggie O' Connell (God Bless the Irish!) out in California  was interviewed by Rob Black.

Although Maggie lives and works in California, her comments are equally valid here in West Michigan.

Your time investment in her video is about 4 minutes and, in my opinion, is time well spent.

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I'm not a part timer. The only product I sell is reverse mortgages. I'd enjoy discussing their pros and cons with you. Call me toll free at 877-308-1489.
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Do falling home values affect existing reverse mortgages?

Ilyce Glink doesn't think so.

Here are her reasons.

She's right, of course.

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For complete information on reverse mortgages, feel free to give me a toll free call at 877-308-1489.
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The advantages to using a reverse mortgage line of credit

Michael Pinter illustrates the advantages of the reverse mortgage line of credit.

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Reverse Mortgages are enormously flexible. answers to your questions are just a toll free telephone call away. 877-308-1489.
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A new look for reverse mortgages

The Spectrum Online details the "new look" recent legislative changes have given reverse mortgages.

Higher loan limits, "For Purchase"usage,  lower costs, and broadened properties which qualify are all detailed in this article.

A useful link to HUD's web presence is also included.

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Higher limits mean that many higher valued West Michigan properties will qualify for more cash.  Call me for details. 877-308-1489.
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Reverse Mortgages make sense from coast to coast

Elizabeth Rhodes, writing in the Seattle (WA) Times lists many of the points  which make reverse mortgages popular with seniors not only in Washington state, but across the country.

You'll be interested in knowing that the new, higher limits referred to in her article apply equally here in West Michigan.

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Thomas Watson is famous for his quote: "Think."  Like Tom, you should give careful consideration to the pros and cons of a reverse mortgage before deciding.  Call me toll free for unbiased information on the pros and cons of reverse mortgages. 877-308-1489.
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Soon: Use a reverse mortgage to PURCHASE a home

Shortly after the first of next year HUD will introduce a new program designed to allow you to use a reverse mortgage to purchase property.

This is new, and will be of benefit to seniors who may be interested in downsizing, or purchasing property in places warmer than West Michigan during the winter months.

Peter G. Miller explains how to proceed after the new program is introduced.

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Florida or Arizona sounding nice to you in all this snow?  Perhaps by this time next year a purchase reverse mortgage may be worth considering.  For information on all types of reverse mortgages, I'm always available toll free at 877-308-1489.

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Sometimes things aren't as they seem.....

A recent article in the Davis County Clipper sets out to discount the benefits of reverse mortgages.  It's not unique. In fact, it contains many of the usual discouraging comments.

The difference?

This time the author ran into an individual with comprehensive knowledge of reverse mortgage benefits.

Read the article for the usual ill informed remarks on reverse mortgages. Then read Robert Canon's comments.

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Reverse mortgages aren't for everyone. But, maybe one can solve your problems? 

As always, tax implications of reverse mortgages are best discussed with your own tax adviser.  Call toll free - 877-308 - for a discussion of the pros and cons of a reverse mortgage in your own situation.
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