Comments on: How Are Lower Home Prices Impacting FHA Reverse Mortgage Insurance? http://www.bestreversemortgage.com/how-are-lower-home-prices-impacting-fha-reverse-mortgage-insurance/ The Unofficial Guide to Reverse Mortgages Mon, 06 Feb 2012 06:43:48 +0000 http://wordpress.org/?v=2.9.1 hourly 1 By: RM Guru http://www.bestreversemortgage.com/how-are-lower-home-prices-impacting-fha-reverse-mortgage-insurance/comment-page-1/#comment-423 RM Guru Tue, 23 Oct 2007 14:30:35 +0000 http://www.bestreversemortgage.com/reverse-mortgage/how-are-lower-home-prices-impacting-fha-reverse-mortgage-insurance/#comment-423 Scary for who? Senior homeowners who did reverse mortgages 2 or 3 years ago are sitting so pretty, especially with the guaranteed growing line of credit feature. And, even now is not a bad time to get one. The reverse mortgage has so many safeguards attached to it, it's only scary to those that don't fully understand it's loan features. Remember, this is a non-recourse loan. The FHA mortgage insurance for reverse mortgages is so massive, that congress has their hands in it using the funds for other spending measures. Of the 350,000 reverse mortgages done since 1989, about 1% actually have reached the maximum claim amount and the MIP was used to purchase the loans from the lenders and servicing was transferred to HUD (Morris Griffin). Ask yourself, if you are 75 years old, does it make more sense to keep putting money into your home, or would it better to have that money in your hands to live just a little more comfortably. Reverse mortgages are no-brainers in my mind. Scary for who? Senior homeowners who did reverse mortgages 2 or 3 years ago are sitting so pretty, especially with the guaranteed growing line of credit feature. And, even now is not a bad time to get one. The reverse mortgage has so many safeguards attached to it, it’s only scary to those that don’t fully understand it’s loan features. Remember, this is a non-recourse loan.

The FHA mortgage insurance for reverse mortgages is so massive, that congress has their hands in it using the funds for other spending measures. Of the 350,000 reverse mortgages done since 1989, about 1% actually have reached the maximum claim amount and the MIP was used to purchase the loans from the lenders and servicing was transferred to HUD (Morris Griffin).

Ask yourself, if you are 75 years old, does it make more sense to keep putting money into your home, or would it better to have that money in your hands to live just a little more comfortably. Reverse mortgages are no-brainers in my mind.

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