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IMPORTANT: Bing News RSS feed has moved!This is wonderful news for borrowers who trying to purchase or refinance in high-cost areas, according to Sue Drawdy, a reverse loan specialist. “This product is ideal for our aging baby boomer generation,” says Sue Drawdy of All California Mortgage ... Read moreCalifornia Mortgage Advisor Sue Drawdy Highlights FHA’s Extension of HECM Loan LimitsGovernment housing officials report that 46,000 reverse-mortgage borrowers under the government's insured loan program were delinquent on their loans as of July. This total is more than 50 percent higher than earlier industry projections and ... Read moreWhy Reverse Mortgage Delinquencies Are ExtensiveAt 72 years old, I'm in good health. I play tennis three times a week and go to the gym. I owe $138,000 on my town house. I have a five-year fixed-rate mortgage with a monthly payment of $845. I also pay $385 monthly in homeowners association ... Read moreTry a Reverse Mortgage or Pay Off Loan?But the reverse mortgage industry is re-focusing on a relatively new lower-cost loan type, which is starting to get traction in the market. They're being marketed as an appropriate backstop resource as part of a broader portfolio of financial ... Read moreHow Reverse Mortgages Can Help Your Older ClientsThe current maximum claim amount of $625,500 for Home Equity Conversion Mortgages (HECMs) has been extended through 2012, according to the Department of Housing and Urban Development (HUD). When President Obama signed the Transportation, Housing ... Read moreBigger is Better: Reverse Mortgage Loan Limits Extended through 2012Moving into an assisted living facility, for instance, can trigger the provision in a reverse mortgage that the loan must be repaid - typically by selling the property. In some cases, an extended illness could be deemed as having vacated the ... Read morePotential Reverse Mortgage PitfallsWith a reverse mortgage, you borrow against the equity in your home (receiving funds each month, in a lump sum, or with a line of credit) and don't repay the loan until you die, sell, or move out for good. A new breed of reverse mortgage might ... Read moreIndustry Pushes Lower-Cost Reverse MortgagesCongress decided to leave the lower loan ceilings for the mortgage giants Fannie Mae and Freddie Mac ... They lobbied vigorously to reverse the lower loan limits. The National Association of Realtors, which opposed lowering the limits, spent ... Read moreHigher Loan Limits, Again, for Pricey MarketsKevin Miller, CEO and president of TexasLending.com, a Texas home loan and mortgage company specializing in Texas refinance loans and Texas reverse mortgages, and his co-hosts will discuss the reasons why home loans do not close on time on the TexasLending ... Read moreFor additional information, please see:
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