Reverse Home Mortgage

Reverse Home Mortgage

A Reverse Home Mortgage is a loan available to senior citizens that releases the home equity in their property as one lump sum or multiple payments over time. The homeowner’s obligation to repay the loan is deferred until the owner dies, the home is sold, or the owner leaves.Email this to a friend?Tweet This!Share this [...]

Mortgage fraud cost $1.4 billion in 2008, FBI says

July 14, 2009 Mortgage Financing

A new report from the Federal Bureau of Investigation shows that mortgage-related fraud increased sharply in 2008, costing mortgage lenders a total of at least $1.4 billion, an increase of more than 83 percent from 2007.
The FBI said 2008 mortgage fraud Suspicious Activity Reports referred to law enforcement increased 36 percent to 63,713, compared to [...]

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Regulator says reverse mortgages need oversight

June 9, 2009 Mortgage Financing

Comptroller of the currency John C. Dugan, a federal bank regulator, said in a speech Tuesday that officials will need to watch for compliance issues with reverse mortgages to ensure that consumers are protected.
Reverse mortgages provide a source of income or line of credit homeowners over the age of 62 by allowing them to tap [...]

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Reverse mortgage industry seeing slower growth

May 15, 2009 Mortgage Financing

The growth in number of reverse mortgages slowed down in 2008 to 4.3 percent after surging by more than 40 percent in 2007, according to the National Reverse Mortgage Lenders Association (NRMLA).
But new rules in place this year may help more seniors use reverse mortgages to buy another home.
The new rules in place since [...]

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Realtors help elderly and disabled with home chores

May 8, 2009 Reverse Mortgages

The Santa Clara County Association of Realtors (SCCAOR) this week has volunteers helping elderly and disabled community members with household chores.
Ninety-five SCCSAOR members and real estate industry affiliates lent a hand at 70 homes in Santa Clara County on tasks such as flipping mattresses, replacing light bulbs and washing windows, the group said.
Volunteers are [...]

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WSFS Financial ranked top Delaware reverse mortgage lender

April 1, 2009 FHA Mortgages

WSFS Financial Corporation was the top reverse mortgage lender in the state of Delaware in March, according to data published by the U.S. Department of Housing and Urban Development. WSFS has been the leader in reverse mortgage lending in Delaware for the past 13 of 14 months, based on monthly data from loan originators in [...]

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NCOA recognized for reverse mortgage counseling

April 13, 2009 FHA Mortgages

The National Council on Aging (NCOA) announced last week that it has been named as one of five national counseling intermediaries for seniors interested in reverse mortgages by the U.S. Department of Housing and Urban Development (HUD).NCOA said it offers counseling by telephone to clients nationwide through its reverse mortgage counseling services network. Seniors receiving [...]

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