Monthly Archives: December 2009

RMG NEWS : Fannie Mae Updates 1009 Loan Application

Fannie Mae (FNMA) has updated its reverse mortgage loan application (1009). The GSE updated the 1009 to comply with the Federal Housing Finance Agency (FHFA), and the Federal Housing Administration (FHA) requests to capture additional data during the loan origination/application … Continue reading

Posted in Reverse Mortgage Loans | Tagged , , | 4 Comments

Caregivers Can Be Helped By Reverse Mortgages

A study by the National Alliance for Caregiving and the AARP showed that nearly one third of the US population are caregivers, defined as providing unpaid care to an adult or a child with special needs. These caregivers spend an … Continue reading

Posted in General, Questions About Reverse Mortgage, Reverse Mortgage Loans | Tagged , , , | 3 Comments

Trading Home Equity for Cash

In this near-frozen credit environment potential borrowers still find most home mortgages tough to get; a major exception is reverse mortgages.  Available for homeowners over 62 years of age, reverse mortgages have been representing a growing market for the past … Continue reading

Posted in General, Retirement, Reverse Mortgage Loans, Senior Income | Tagged , , | 2 Comments

RMG NEWS : Reverse Mortgage Amendment Passes the House with Overwhelming Support

Financial Services Bill H.R. 4173 passed in the House of Representatives this afternoon by a vote of 223-202.  Included with it was the Reverse Mortgage Amendment proposed by Congresswoman Jan Schakowsky and Congresswoman Dina Titus.  The Amendment passed overwhelmingly by … Continue reading

Posted in RMG News | Tagged , , | Leave a comment

RMG NEWS : FHA Developing Mathematical Method to Determine Reverse Mortgage Eligibility

In the coming months the Federal Housing Administration will issue preliminary regulations that will be the first step in developing a method to mathematically determine a borrower’s eligibility for a reverse mortgage, according to Meg Burns, director of Single Family … Continue reading

Posted in General, Reverse Mortgage Loans, RMG News | Tagged , , | Leave a comment

RMG NEWS : HUD Extends Higher Loan Limit for FHA Reverse Mortgage Program

The US Department of Housing and Urban Development (HUD) officially extended the loan limits for its FHA-insured reverse mortgage program with Mortgagee Letter 2009-50. The changes are effective immediately for loans closed on or after February 24, 2009. According to … Continue reading

Posted in RMG News | Tagged , , | 1 Comment