FHA modernization updates, reverse mortgage new articles, seminars and other industry news http://www.reversemortgagesofnevada.com/reverse-mortgage-news.html Want a reference guide on Reverse Mortgages? Know someone who is interested but has lots of questions? Take a look at The Reverse Mortgage Book by Cindy Holcomb featuring Maggie O'Connell as a case study! http://roia.biz/ts/n/2kOVK21VAAAo8mM3ODgAQQACbBFCAABOgw-A/ November 14 2008 10:37 PDT en-us karen@rmnevada.com HUD has now issued the long-awaited Mortgagee Letter making the HIGHER HECM reverse mortgage loan limits official. http://www.hud.gov/offices/adm/hudclips/letters/mortgagee November 6 2008 10:56 PDT en-us karen@rmnevada.com Some lenders have eliminated the principal limit lock. What does this mean to you? If interest rates go up during your loan process, you receive less money! Since we have access to all major reverse mortgage lenders, we still offer the principal limit lock. If you want to secure the amount available to you, call us today! http://www.reversemortgagesofnevada.com/index.html October 20 2008 09:53 PDT en-us karen@rmnevada.com With the implementation of the HR 3221 Housing and Rescue Act 2008 will come new rules and regulations. These will be outlined in further details once HUD issues mortgagee letter on November 1st. We will be listing these ruls on our website and on here so keep watching!! 1. New Origination Fee limits for HECM Reverse Mortgages The origination fee for HECM loans will be the greater of $2,500 or 2% of the maximum claim amount for the first $200,000 and 1% of any portion in excess of $200,000, up to a maximum amount of $6,000. http://www.reversemortgagesofnevada.com/reverse-mortgage-news.html#newrules October 15 2008 10:28 PDT en-us karen@rmnevada.com On October 2nd, HUD announced that the loan limits will increase to $417,000 with a target date of November 1st. A mortgagee letter will explain other details regarding bill HR 3221, Housing and Rescue Act of 2008 signed into law on July, 30th. While it’s good to know the date of the lending limit increase and the amount, we’re still left in the dark on details of the bill such as HECM for purchase, co-ops, new standards for manufactured homes and lower origination fees until the mortgagee letter is issued. We expect the letter to come out near November 1st. Reverse Mortgages are all we do – we know and understand the changing marketplace and will keep you updated on changes. We provide accurate answers to all of your questions and are fully committed to helping our clients live the life they CAN afford.  http://www.reversemortgagesofnevada.com/reverse-mortgage-news.html October 14 2008 13:01 PDT en-us karen@rmnevada.com At the Mortgage Bankers Conference in Miami, Brian Montgomery announced that the new HECM loan limit is $417,000. A mortgagee letter will be issued soon and will become effective November 1st. Learn more about this increase on our site and on this feed! http://www.reversemortgagesofnevada.com/reverse-mortgage-news.html October 10 2008 15:01 PDT en-us karen@rmnevada.com Maggie's Nevada Reverse Mortgage Blog http://maggieo1.activerain.com/ Sep 16 2008 09:50 PDT en-us karen@rmnevada.com Fannie Mae announces the discontinuation of the HomeKeeper reverse mortgage effective December 31, 2008. Fannie Mae credits the passage of the Housing and Recovery act of 2008 (HERA) with increasing lending limits and home purchase option for FHA - HECM Reverse Mortgages. The HomeKeeper reverse mortgage has played an important part in the development of reverse mortgages for over a decade. To learn more about how reverse mortgages work go to www.ReverseMortgageStore.com (for California Reverse Mortgages) and www.ReverseMortgagesofNevada.com (for Nevada Reverse Mortgages) http://www.reversemortgagesofnevada.com Sep, 3 2008 14:05 PDT en-us karen@rmnevada.com The housing and credit crisis of 2008 doesn’t limit its impact to speculators and risk takers. Senior homeowners have also been impacted. Home equity represents a large portion of net worth for the older set. Often, people sell their family home and downsize after retirement. But, in many areas of California and Nevada with home prices realizing dramatic reduction as we enter the fall of 2008, selling a home at this time may not be a good option or may not be an option at all! That’s where the reverse mortgage comes in. You can stay in your home, pull cash out and you don’t have to make payments (but you can if you want). We’re all waiting in anxious anticipation for HUD to announce exactly when, where, how and what the new lending limits will be. We do know there are exciting advances with reverse mortgages that will help more people get more money and enjoy more financial security. We do know the lending limits will increase soon. Many people with existing reverse mortgages will be able to refinance and have more money available, especially if they live in an area that had reduced lending limits up to now. Stay tuned to see what the new limits will be. Up to now, you could only get a reverse mortgage if you already had title to the home. With the new bill, people will be able to purchase a home using a reverse mortgage for financing. A larger down payment that standard financing is required (because no payments are required over the life of the loan). Since we are in a buyer’s market, this is a great opportunity for older people to purchase a new home. Reverse mortgage financing will also be available on Co-ops. The bill puts a cap on the origination fee a reverse mortgage originator can charge. But with the increasing limits and the 2% HUD charges for mortgage insurance, the loan is still costly in terms of up front fees (but no out of pocket fees). It is worth the cost over the long run when it helps maintain a comfortable lifestyle. I’ve always been adverse to cross selling financial products with reverse mortgages and I’m glad to see it has been addressed in the FHA Modernization Act that is part of this large housing bill, although there seems to be some contradiction on the bill. One paragraph strictly prohibits an individual from cross selling a financial product using HECM proceeds, if they receive financial incentive for the sale of the financial product and the reverse mortgage. However the second paragraph indicates that this maybe permissible if a lender has “safeguards and firewalls.” HUD lawyers are working on this but they way I see it, the reverse mortgage works well on it’s own. If you are interested in other financial products, that’s your business. Get your reverse mortgage through a knowledgeable reverse mortgage specialist (I know a good one if you are in California or Nevada), and get rid of mortgage payments, or get a monthly income or establish a line of credit for the future. And you know it’s safe! http://www.reversemortgagesofnevada.com Aug, 21 2008 16:13 PDT en-us karen@rmnevada.com There are several components of this Bill that will impact the reverse mortgage industry... http://www.reversemortgagesofnevada.com/FHA_Modernization _Bill_Message.pdf Aug, 12 2008 11:25 PDT en-us karen@rmnevada.com