Reverse Mortgages in West 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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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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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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What do you think of this sales approach?

What would you do if you received an official looking letter headlined "A law was passed to help you in these tough times?"

Chances are you'd open it.

Go ahead ...... look here.

Not quite what you expected, was it?

I think mis-leading come-ons are offered by folks with a fear of being forthright!

You have the right to expect integrity from the first contact when you're thinking of the benefits of a reverse mortgage.

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First Financial Reverse Mortgage offers ONLY reverse mortgages in West Michigan.  Specialization always has it's advantages. I welcome your reverse mortgage questions toll free at 877-308-1489.
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Reverse Mortgages: How Old Do You Have To Be?

Justin McHood lives and works in Phoenix Arizona. But his thoughts apply equally to West Michigan residents.

What he has to say about how a borrower's age can sometimes increase reverse mortgage complexities is worth thinking about.

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Two important things when thinking of a reverse mortgage: consult a qualified sales person specializing ONLY in reverse mortgages; take the time to arrive at a considered conclusion. You can reach me toll free at 877-308-1489. I'm always glad to answer your reverse mortgage questions.
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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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