Reverse Mortgage Guide

The news on the financial front is hardly re-assuring. President Bush went on television last week to inform us that “we’re in the midst of a serious financial crisis, and the federal government is responding with decisive action. We’ve boosted confidence in money market mutual funds, and acted to prevent major investors from intentionally driving down stocks for their own personal gain.”

Huh? Notice that we haven’t prevented major investors from intentionally driving up stocks for their own personal gain. The free market system is on vacation, at least for those 1,000 or so companies favored by the government.

read more

Given the state of the economy — not-so-good, bordering on outright collapse if we are to believe federal officials — you might think that reverse mortgages would be as popular as winning lottery tickets.

To get a reverse mortgage backed with FHA insurance you do not need a particular income, a job or a good relationship with a bank. Instead, you need to be age 62 and above, sentient and the owner of a prime residence which holds real estate equity. What you make per week or per month is irrelevant, a not-so-minor consideration in a year when 9.4 million people are unemployed.

read more

The financial events of the past weeks raise a question: Is now the time for a reverse mortgage? And if not now, when?

Reverse mortgages are not for everyone, but if you have an interest in such financing now may well be one of the best times to consider such a loan.

The reason? Well, several actually.

read more

The word is out: Jumbo reverse mortgages are about as common as unicorn toes.

REX & Co., which offers appreciation-sharing agreements as an alternative to reverse mortgages, says that “for anyone keeping score, the list of mortgage products that have disappeared over the past 24 months is long indeed. That trend has showed few signs of abating in 2008, with jumbo reverse mortgages among the latest casualties to face Wall Street’s waning appetite for mortgage-related products, particularly in high-value states with declining markets like California, Florida, Massachusetts and more.”

read more