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HUD clarifies: Non-recourse really means non-recourse for everyone

Something just didn’t smell right.  We all learned that a non-recourse loan means that the lender has no recourse to demand repayment for a loan above and beyond the value of the home used as collateral.  “The house alone stands for the loan.”   It was always inferred that, because a borrower paid mortgage insurance for the non-recourse feature, that he could pay off the debt... [Read more]

FINANCIAL SECURITY IN 2010

A Reverse Mortgage can be a great way to establish financial security.   There are lots of people – and I’ve met quite a few of them – who own a home free and clear yet they worry about money every month if not every day. Think of your home as a great big piggy bank that youv’e been putting spare change into for years.  You put in a whole bunch when you bought it, put in... [Read more]

TIS THE SEASON TO CONSIDER A REVERSE MORTGAGE

4 Questions to ask yourself if you are undecided about whether a Reverse Mortgage is for you: Question 1:  How long do I plan to stay in my home? If your answer is “forever” or at least the next two to three years minimum, then a Reverse Mortgage may make sense. Question 2:  Would more money improve my quality of life? Are you struggling to pay heating bills and buy food?  Have you stopped... [Read more]

Consumer Reports Investigative Report on Reverse Mortgages, Hardly Balanced

from Reverse Mortgage Daily August 17, 2009 Consumer Reports is back and they’ve decided to jump on the Claire McCaskill bandwagon attacking reverse mortgages in their September 2009 edition. Consumer Reports calls Reversals of fortunes an “investigative” report on reverse mortgages but it’s nothing more than a one sided argument against the product. The article is perfectly crafted to ensure... [Read more]