When a borrower defaults on an FHA insured reverse mortgage the mortgagee bank that made the loan has to follow strict Department of Housing and Urban Development (HUD) guidelines to ensure that losses will be covered by FHA insurance. When an FHA borrower defaults on a loan, HUD requires that mortgagees (lenders) follow a foreclosure […]
Pitfalls of FHA Reverse Mortgages – Lenders Get More Time to Foreclose as Shill Fred Thompson Pushes Reverse Mortgages
April 23, 2014 Filed Under: FHA HECM, FHA Home Equity Conversion Mortgage, FHA loan, FHA reverse mortgage
Reverse Mortgages – A Visual Explanation
October 29, 2012 Filed Under: FHA Eligibility Requirements, FHA HECM, FHA Home Equity Conversion Mortgage, FHA loan, FHA reverse mortgage
Reverse mortgages have been receiving a lot of bad press lately due to multiple news reports on elderly citizens with reverse mortgages being foreclosed out of their homes. This situation was noted in a post done earlier this year in which the details of the pitfalls of reverse mortgages were examined. The nonstop ads on […]
States Move To Protect Seniors Considering A Reverse Mortgage With Face-To-Face Interviews
August 15, 2012 Filed Under: FHA Eligibility Requirements, FHA Home Equity Conversion Mortgage, FHA loan, FHA mortgage, FHA reverse mortgage
The nonstop ads on cable television make it sound like reverse mortgages are the magical solution to every financial problem faced by the elderly. Reverse mortgages are, in fact, the most complex mortgage product out there. Most seniors probably don’t fully comprehend what they are getting into with a reverse mortgage unless they possess a […]
How Much Money Can I Get From A Reverse Mortgage? A Step By Step Procedure
July 31, 2012 Filed Under: Benefits of FHA Mortgage, FHA HECM, FHA Home Equity Conversion Mortgage, FHA loan, FHA mortgage, FHA Mortgage Basics, FHA reverse mortgage
We have previously discussed the merits and potential drawbacks of the reverse mortgage program. The reverse mortgage is officially known as the Home Equity Conversion Mortgage or HECM. A reverse mortgage is obtained through the FHA and is a relatively small part of their lending business. While the FHA will receive almost two million routine […]
Regulators Warn Elderly To Be Aware Of Reverse Mortgage Scams
February 24, 2012 Filed Under: FHA HECM, FHA Home Equity Conversion Mortgage, FHA loan, FHA mortgage, FHA reverse mortgage
Unfortunately for all of us, there are numerous individuals and companies operating as financial predators against homeowners. Even worse, many criminals operating financial scams prey upon the elderly who are least able to defend themselves against deceptive offers and high pressured sales tactics. The Federal Deposit Insurance Corporation (FDIC) has issued a warning in their […]