Our Reverse Mortgage BlogThis is the www.reverse-mortgage-explained.com reverse mortgage blog.- - - - AUGUST 2011 Reverse Mortgage Blog Entry - - - - Blog Entry: By S. Gabriel at MortgageFit.com Qualifying is easy for a Reverse Mortgages Market Update: Forward Mortgage and Home Refinance interest rates are getting very low these days. The number of home mortgages for newly purchased homes however is declining still across much of the country for a number of factors including difficult loan qualifying requirements. That is why banks and lenders are hoping to compensate for this loss of business by concentrating more on refinancing existing mortgages and lending in the reverse mortgage market. Reasons for continued growth of Reverse Mortgages The US population is aging rapidly and the number of eligible borrowers for reverse mortgages is also increasing sharply. Very few Americans get a pension which is large enough to ensure financial security during their retirement. This is where a reverse mortgage loan comes in. It can help seniors get cash out from their home equity and provide additional income for a more comfortable retirement. The interest rates for reverse mortgages are very attractive now as well. A reverse mortgage does not take income and credit scores into consideration so they are typically much easier to get than traditional forward loans for seniors. Qualification criteria for reverse mortgage: The borrowers must be at least 62 years old need to own a home. The size of the loan totally depends on the value of the home, any amount still owed on the home, the borrowers age and the latest market rates and program fee structure. With a reverse mortgage, there are no monthly payments as long as the borrower lives in the house. The loan is typically paid back when the last borrower on the loan leaves the house. A reverse mortgage can be a good loan for those senior homeowners who want to stay in their homes and do not have family members or other means to financially support them. For more information on qualifying for a Reverse Mortgage please call the folks at www.reverse-mortgage-explained.com at (800) 801-1375 Blog Entry: By S. Gabriel at MortgageFit.com - - - - MARCH 2011 Reverse Mortgage Blog Entry - - - - Blog Entry: By Michael Branson Jr., VP All Reverse Mortgage Company Everyone affiliated with the Mortgage industry (or shopping for a reverse mortgage) should be aware of the upcoming new law that changes Loan Officer Compensation that is set to take effect on April 1, 2011 and the negative impact it will have on the consumer. Simply, the law restricts Loan Originators from earning an Origination Fee and YSP (Yield Spread Premium) on a loan transaction simultaneously. Many people out there will ask; “Why is this an issue?” This is a major issue for the consumer because as of April 1st, the cost of borrowing money will be going up, especially on Reverse Mortgage loans. The last time members of Congress wrote a new law implementing changes to the Mortgage Industry it was called the Appraiser Independence rules. Ask anyone still working in the Mortgage Industry how that has affected consumers. Costs on appraisals went up significantly and the overall quality of the work decreased. The proposed legislation has garnered the attention of many including two highly respected industry organizations. Both NAIHP (National Association of Independent Housing Professionals) and NAMB (National Association of Mortgage Brokers) have filed legal suit against the Federal Reserve regarding Loan Officer Compensation to halt this law from going into effect on April 1, 2011. By Michael Branson Jr., VP All Reverse Mortgage Company
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