Reverse Mortgage Blog

The FHA maximum claim amount for HECM Reverse Mortgages has been $625,500 since President Obama increased it in the stimulus package in 2008.  It is schedule to go back to $417,000 on December 31^st 2011 unless Congress votes to extend it.  In the San Francisco Bay Area, this means many older homeowners will not qualify for a reverse mortgage as their existing mortgage to be paid off will be higher than the reverse mortgage will allow.  For example,  72 year old homeowner with a home valued at $600,000 would now get $392,000 or pay off a mortgage up to that amount without bringing in additional cash.  On October 1^st, that same $600,000 home will only provide $272,000. Folks, that’s $120,000 less!  If that isn’t a good enough reason to start your reverse mortgage now, consider this:  fixed rate reverse mortgages are in the mid 4% range (may even go back down to and some fixed rate options have no origination fee. 

Consider a reverse mortgage as part of your smart financial plan.  If you are drawing money from your retirement plan (paying taxes) and paying towards mortgage payments, it’s smart to get a reverse mortgage and get rid of those mortgage payments forever.  Draw less funds, lower your taxes and enjoy life more. 

 Give me a call, Maggie O’Connell and let’s talk.  No sales talk, but good solid information and ideas on how to structure your retirement in a better way utilizing a FHA government insured reverse mortgage. (800) 489-0986 and for more information go to www.ReverseMortgageStore.com

Rate Update on 4-3-11: The Fixed Rate is now 4.5% and the variable margin is 1.75%.  These rates carry origination fees.

It's pretty hard to believe that you can get a fixed rate reverse mortgage for 4% interest rate but it's true!  Now is a great time to get a reverse mortgage, especially if you have a home valued above the fha maximum claim amount becuase the max claim is currently $625,500 and scheduled to go down to $417,000 on October 1st. So with the incredibly low interest rates and high lending limits, make sure you don't miss this opportunity to get the most money available to you.

Maggie O'Connell 800-489-0986 675 Sierra Rose Drive #113 Reno, Nv 89511 1548 Catalina Ct. Livermore, Ca 94550 American Pacific Mortgage #164 & 45747 NMLS #1850 & 279499 DRE# 01215943 & 01151456

ReverseMortgageStore.com    ReverseMortgagesofNevada.com

I will be hosting seminars the first Thursday of every month beginning on July 7th, 2011 and continuing through the year.  Two sessions are scheduled, 10:00 am and 2:00 pm.  Refreshments will be served.

If you own a home you may want to get rid of mortgage payments, or generate monthly payments or a line of credit and free up your cash to make life more comfortable.  Learn how safe and inexpensive a reverse mortgage really is!

This is a great way for seniors interested in purchasing a home using a reverse mortgage in Reno, Sparks, Incline Village or Communities such as  Del Web Somersett, Sierra Canyon, D'Adrea Toscana or Pan American Communities to learn how the FHA - HECM Reverse Mortgage Program works. 

It is very easy to qualify for a reverse purchase loan because there are no income or credit qualifications.  People are taking advantage of the low prices and when they get into their new home they have no mortgage payments to make! 

Realtors are welcome.  It is important to know how to write an offer when a reverse mortgage loan will be the financing option.  You will learn what documents are needed to go along with the purchase contract and get the facts on seller concessions and other tips to make the transaction go smoothly and close quickly.

You don't have to wait until the seminar.  I'll be glad to meet with Agents or Clients anytime. 

Maggie O'Connell  775-770-0870    675 Sierra Rose Drive #113  Reno, Nv  89511

American Pacific Mortgage #164 & 45747  NMLS #1850  & 279499

Pricing has improved on the Fixed Rate HECM Reverse Mortgage and we are now able to offer the 4.99% rate with no origination fee. (request APR) This pricing will not last forever, so if you are a Senior homeowner, at least 62 years of age and interested in getting a reverse mortgage, now is the time! 

Call Maggie O'Connell 800-489-0986  American Pacific Mortgage (Specializing in Reverse Mortgages for 18 years!)

email: maggie@rmstore.net

Cal DRE # 01215943 / 01151456 NMLS # 1850 / 279499 Nevada Lic. # 168 & 45747 Equal Housing Lender

                     www.ReverseMortgageStore.com                 www.ReverseMortgagesofNevada.com

Changes expected for HECM reverse mortgages would negatively impact seniors.

The Administration’s proposed Fiscal Year 2011 budget for HUD would increase the ongoing mortgage insurance premium on HECM's from 0.5 percent to 1.25 and reduce principal limit factors.

If congress approves of the proposal, it will take effect October 1, 2010.

Impact on borrowers will be a higher expected calculating rate resulting in less money in the homeowner's pocket and higher mortgage insurance costs adding to the loan balance. Seniors and concerned family members may want to ask their representatives in congress not to increase mortgage insurance premiums and lower the amount they can receive. It is important that reverse mortgages continue to be a reasonable option for accessing equity and helping seniors maintain their qualify of life.

For further information, contact me !

Spot Condo approval will be accepted until January 22nd. This is the final opportunity for condo owners to get a reverse mortgage! Visit me at Reverse Mortgage Store to learn more!

Loan modifications for senior homeowners are possible if the existing mortgage lender is willing to lower the principal balance to meet the net lending limit of HECM Reverse Mortgages. The borrower cannot modify their existing mortgage to create Subordinate Financing behind the HECM Reverse Mortgage, the balance of the existing mortgage must be paid in full at the time of HECM closing. Read the HUD mortgagee letter on our site!

Follow Maggie on Twitter, and become a Fan of Reverse Mortgage Store on Facebook for further updates!

Big changes in store for FHA appraisals in 2010! Three new mortgagee letters are posted at RMStore.net. Will it impact the quality of reverse mortgage appraisals and ultimately the appraised value? .... Maybe.... Another reason to get your application in before the end of the year.

The Federal Housing Administration, hit by increasing mortgage-related losses, is in danger of seeing its reserves fall below the level demanded by Congress, according to government officials, in a development that could raise concerns about whether the agency needs a taxpayer bailout ( Wall Street Journal 2009 )

Beginning on Oct. 1, 2009, all condo projects will have to go through an extensive approval process in order to qualify for a reverse mortgage. If you are considering a reverse mortgage, it's important you apply and get your counseling certificate prior to the end of August to avoid delays or possibly not qualifying at all! Call Maggie O'Connell at 800-489-0986 or e-mail at maggie@rmstore.net, or read this document for further information.