Reverse Mortgages in West Michigan

New Higher Limits fr Reverse Mortgages

Here is  an article in the Everett, Washington HeraldNet which accurately sums up the advantages of the up-coming higher HECM nationwide loan limits.

Particularly interesting is the passing comment on the possibilities of refinancing existing reverse mortgages.

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For accurate and free information on reverse mortgages in West Michigan, I'm a phone call away. Toll free (in Michigan) at 877-308-1489.
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Barbara Quirk is a columnist for the "Capital Times" over in Madison Wisconsin.

Yesterday she wrote about a 90 year old woman in Akron, Ohio who shot herself before she could be removed from her foreclosed home.

The woman was facing a problem all to common to seniors living on a fixed income:  not enough money!

Quirk quotes from a study conducted by the Urban Institute:

 "How much could reverse mortgages contribute to retirement incomes?" The study concludes that retirees who want to stay in their homes can tap into home equity through a reverse annuity mortgage (RAM), which will pay them a tax-free monthly amount. This method can provide a significant boost in retirement income, particularly for low-income homeowners with significant equity. However, recent declines in home prices raise uncertainties about the potential for using a RAM as a retirement income booster.

What should homeowners watch out for when relying on retirement income through RAMs? This study suggests that for many older adults, home equity represents their single largest financial asset. Traditionally, older adults have not tapped into their home equity unless some adverse event, such as the death of a spouse, forces a sale. With the loss of retirement savings, more retirees may be increasingly tempted to turn to their home to help make ends meet.

She concludes by reminding her readers how important it is to get the facts about a reverse mortgage from a legitimate specialist before making any decision.

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For free, no obligation information on West Michigan reverse mortgages, call toll free (in Michigan): 877-308-1489.

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The new "Home Equity" loan

Kenneth R. Arney, writing in the Washington Post , introduces us to a new type of "home equity" loan apparently being offered by some investors.

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Interested in a reverse mortgage?  Did you know that the government protects your safety by requiring third party, independent counseling before they will guarantee it with federal insurance?  For more information call me toll free in Michigan at 877-308-1489.

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FHA Announces $417,000 Reverse Mortgage Loan Limit

Bob Davis, writing in the Ventura (CA) County Star ,has this to say about the new FHA loan limits which will be effective around the first of November:

"FHA Commissioner Brian Montgomery announced today that the new HECM, Home Equity Conversion Mortgage, nationwide loan limit will be $417,000. The target effective date is November 1. This is a target date right now, not a set deadline...

...A majority of counties nationwide have lending limits at the existing loan limit of $200,162 which has drastically reduced the amount of equity that seniors living in higher-valued homes could access.

These new limits will have a significant impact on the quality of life and provide more relief to those seniors who need the help especially in today's turbulent economic environment.

These are all positive developments for the reverse mortgage industry and the older Americans served.

While all of us are awaiting the new, higher limits Bob has it right.  They won't be available until official notification is received.

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Thinking of a reverse mortgage? Give me a toll free call at 877-308-1489 for confidential information on reverse mortgages in West Michigan at no cost.

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