Should you use a reverse mortgage to delay taking Social Security? Robert Powell, Special for USA TODAY. Financial advisers often suggest that you delay taking Social Security until full or normal retirement age (FRA) if not later — to age 70. And the reasons are many: You’ll get 100% of your primary insurance amount (PIA)…
What HUD’s New Rules Mean for the Reverse Mortgage Industry The Department of Housing and Urban Development on Tuesday shook the reverse mortgage world with new rules regarding mortgage insurance premiums and principal limits. While the industry continues to sort out the exact effects — many of which may not be known until after the…
October Reverse mortgage reforms create stampede among would-be borrowers. HUD raising up-front fees for reverse mortgages starting October 2nd. A rules change that will raise fees and reduce loan amounts for reverse mortgages apparently has created a nationwide rush to get new loans completed before the reforms take effect Monday, October, 2. Agencies providing financial…
HUD Asks Reverse Mortgage Counselors: Any Slots Left? As housing counselors struggle to keep up with demand ahead of the new reverse mortgage rule changes, the Department of Housing and Urban Development is asking for their input and help. HUD’s Office of Housing Counseling on Thursday sent an e-mail, addressed to all approved Home Equity…
Reverse Mortgages That Work A path to provide retirees with financial flexibility and security. brought to you from Kiplinger Magazine and Scott Underwood- Reverse Mortgage Alabama. Many homeowners in or near retirement face a quandary. Their wealth is tied up in their home—two-thirds of the average retiree’s net worth is home equity—yet they’d rather not…
Reverse mortgage is a boon to seniors.Washington Post. editorial “A welcome reversal” The now 30-year-old federal reverse mortgage program enables seniors to use the equity in their homes to supplement retirement savings and support aging in place. In response to concerns that seniors were spending their money too quickly without preserving cash to pay for property taxes…
Get reverse mortgage counseling first is a great idea and will help you make a decision much easier. The FHA/HUD counseling is impartial and will help you decide weather the Reverse Mortgage makes sense for you! Ben Carson, secretary of Housing and Urban Development, has recently put new restrictions on reverse mortgages. ANDREW HARRER reprinting Bloomberg,…
A welcome change of course from the Trump administration from Washington Post Virginia Rayford, 92, is facing foreclosure on her Washington home. (Salwan Georges/The Washington Post) By Editorial Board September 5 at 6:59 PM THERE ARE many good reasons for the federal government to intervene in the economy, but diverting resources from less affluent first-time home buyers…
