Reverse Mortgages in West Michigan

More on the coming reverse mortgage changes

Michelle Singletary writes about upcoming higher loan limits and lower costs in the Washington Post.

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Hopefully, these new revisions to the law will be in force by the beginning of 2009.  For up to the minute info on changes keep your eyes on this blog, or give me a Toll Free call at 877-308-1489 here in  West Michigan.
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Chicago's Sun Times chimes in on recent improvements to reverse mortgages

In an article on the recent legislative changes affecting reverse mortgages, The Chicago Sun Times' Terry Savage  made a couple of important points.

The fact that proceeds from a reverse mortgage are income tax free was hi lighted.

More importantly, Terry makes clear that reverse mortgages "had nothing to do with the mortgage mess..."

No news to those of us who sell nothing but reverse mortgages, but Kudo's to Terry for bringing this important point about the safety of reverse mortgages to the public's attention.

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I'm always available to answer your questions about reverse mortgages.  Call me toll free at 877-308-1489.
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Senior Homeowners to Receive More Money From Their Homes

Kiplinger.com has a report on the benefits recently enacted legislation will provide senior homeowners interested in a reverse mortgage.

Higher limits and lower costs are always good news!

Kiplinger didn't mention that receipt of these new benefits awaits action from the bureaucracy - a process that may well take up to an additional three months!

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Questions about a reverse mortgage? Call me toll free at 877-308-1489.
You're always better off with a company that sells only reverse mortgages.
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Only so many are available, you know

Did you know that the total number of reverse mortgages that may be issued each year is limited by law?

Currently only 275,000 are available nationwide, and the FHA is in danger of hitting that number.

The House of Representatives recently passed legislation sponsored by Rep. Matheson (D.) Utah which will eliminate this limitation.

If the Senate ratifies the bill, an artificial barrier to the number of reverse mortgages available to our seniors will be removed.