June 30, 2022

Pitfalls of FHA Reverse Mortgages – Lenders Get More Time to Foreclose as Shill Fred Thompson Pushes Reverse Mortgages

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 […]

How Much Money Can I Get From A Reverse Mortgage? A Step By Step Procedure

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

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 […]