Posted by C. Rivera Chicago Notary Services on 11/9/10 5:32am
Msg #360313

Reverse Mortgages...have these loans dwindled a bit?

I know the Feds have passed a new regulation, the HECM Saver which is, in a nut shell, a reg which would lower upfront borrowing costs to seniors (for those that want a smaller loan).

It is presumed then, that because of this new reg, protecting Seniors even further, that there would be an increase in this type of product. However, I've not seen any real increase...has anyone else?

I mean, how can a senior get the loan they want if their main qualifier, their homes equity, doesn't support or justify their loan amount?

Reply by Grammyzoom on 11/9/10 6:14am
Msg #360319

We live in an area that is prime for reverse mortgages and have always had a steady stream of RM signings but you are right. They have dwindled lately but in Arizona most seniors are lucky if they still have any equity left in their homes to borrow on. I miss doing these type of loans.

Reply by Shoshana/AZ on 11/9/10 7:11am
Msg #360322

I actually have one today in Mesa. n/m