Posted by MonicaFL on 6/24/07 4:49pm
Msg #196727

Reverse Morgages - New info

I just thought I would share this with all of you. While reading the paper this morning there was an advertisement for a Reverse mortgage seminar. Here's what it says:

NEW Fixed Interest rates - for the life of the mortgage
NEW New government program - Higher Amounts now available
NEW 2nd Home Reverse Morgages - 2 Homes? Have 2 reverse mortgages!
NEW Home purchases - Purchae Your Home With a Reverse Mortgage.

Am going to the seminar on Thursday to see what this is really all about. Will let you all know the outcome - and the drawbacks.

I also just found out from a loan officer that I am going to close a reverse mortgage for tomorrow, that there are NEW higher amounts available in some areas in Florida. (She stated that this information was released on June 14th). She stated that where I live they have gone up but in the Sarasota area they have really gone up. Thought this was interesting.

Monica

Reply by MsMatilde_FL on 6/24/07 6:42pm
Msg #196730

Hey Monica, thanks for this information..VERY helpful. Thanks for communicating this so that we all can keep up.

Reply by PAW on 6/24/07 6:45pm
Msg #196731

> NEW Fixed Interest rates - for the life of the mortgage - nothing new with this. Just many lenders didn't offer it.

>NEW New government program - Higher Amounts now available - Limits are reviewed frequently by the Fed. Since many private lenders offered reverse mortgages without the federal cap, the fed has raised the limits. But my understanding is that it is still based on HUD community rules.

>NEW 2nd Home Reverse Morgages - 2 Homes? Have 2 reverse mortgages! - This is the first I'm hearing about this, if it is a HUD loan. Private lenders can do this, though I have not heard of any. Please keep us informed about this.

>NEW Home purchases - Purchae Your Home With a Reverse Mortgage. - Homekeeper RM's allow for this. It really isn't new.

These things may be new for this particular lender, but I know three of the above have been available, depending on the lender and program.

Please let us know about the seminar.

Reply by Hugh Nations Signing Agents of Austin on 6/24/07 9:59pm
Msg #196750

PAW...

Everytime I see your acronym, I'm reminded of the Southern ditty we sang as children: "Pickin' up paw-paws, puttin' 'em in my pocket..."

Reverses make up the biggest fraction of my closings, and that percentage is growing since I recently acquired a new client. Of the hundreds I have done, though, I've never handled a reverse mortgage purchase. I'm hard-pressed to envision how it would work.

Would you please amplify?

Reply by Michael/FL on 6/25/07 9:40am
Msg #196776

Yea a purchase that is being done as a reverse mortgage is not very common I've heard, it usually on an already aquired home.

Reply by PAW on 6/25/07 12:27pm
Msg #196811

Fannie Mae explains it a whole lot better than I ...

http://tinyurl.com/yqy4y9

Reply by PAW on 6/25/07 6:22pm
Msg #196892

Where, oh where is dear little Danny?
Where, oh where is dear little Danny?
Where, oh where is dear little Danny?
Way down yonder in the paw-paw patch.

Come on girls, let's go find him,
Come on girls, let's go find him,
Come on girls, let's go find him,
Way down yonder in the paw-paw patch.

Pickin' up paw-paws, put 'em in your pockets,
Pickin' up paw-paws, put 'em in your pockets,
Pickin' up paw-paws, put 'em in your pockets,
Way down yonder in the paw-patch.