Coalition Launches Reverse Mortgage Counseling Association

Source : NCOA
April 23, 2008

A coalition of reverse mortgage counseling agencies and elder care experts has launched the National Housing Counseling Association (NHCA) to support agencies that deliver reverse mortgage counseling services.

NHCA's goal is to support education initiatives and provide resources to nonprofit reverse mortgage counseling programs that have been approved by the U.S. Department of Housing & Urban Development (HUD), meet HUD Home Equity Conversion Mortgage counseling network standards, and abide by the NHCA code of ethics. More …

Homeowners Need Reverse Mortgage Loans to Pay For Everyday Expenses

Amid the loan market crisis, more seniors are turning to reverse mortgages.

Source :PR Newswire
April 3, 2008

The survey was conducted in January by Consumer Credit Counseling Service of Greater Atlanta, Inc., a credit counseling agency that provides reverse mortgage counseling. The homeowners average 74 years old and have lived in their homes an average of 18.5 years. The average purchase price of their homes was $95,554 and the respondents said that the current value of their homes was approximately $221,997. More …

Reverse mortgages provide more seniors with a safety net

By Patrick S. Duffy
Special to The Times
February 24, 2008

IMAGINE a scenario in which, instead of struggling to come up with the money for a mortgage payment that's resetting to a higher level, you could tap the unused equity in your home not only to pay off that loan but also to have money for living expenses, remodeling, traveling or even investing in a vacation home. For seniors, there is such an option: the reverse mortgage. More …

 

2007 FannieMae National Loan Limits will remain at $417,000. Please contact your ARM Advisor for additional information.

Through April 30, 2008, more than 410,782 Senior Americans have taken advantage of an FHA Home Equity Conversion Mortgage (HECM). Stay tuned for next month's total!

History:

The Reverse Mortgage became a valuable and safe tool for Senior Americans when the United States Congress authorized the Department of Housing and Urban Development (HUD) through the Federal Housing Administration (FHA) Home Equity Conversion Mortgage (HECM).

1) The United States Congress passes FHA Reverse Mortgage Legislation, the Housing and Community Development Act of 1987, (S. 825) on December 22, 1987.

2) President Ronald W. Reagan signs FHA Reverse Mortgage Legislation (S. 825) on February 5, 1988.

3) First FHA Reverse Mortgage made to Marjorie Mason, of Fairway, KS by James B. Nutter & Company on October 19, 1989.

Another program became available in 1996 when the Federal National Mortgage Association (FannieMae) created the Home Keeper.

These two Reverse Mortgages offer the opportunity for virtually all Senior Citizens to utilize the equity in their homes to provide needed financial security. Since 1989, more than 410,782 Seniors have obtained an FHA HECM.

Company Commitment:

Most lenders offer conventional or "forward" mortgages as their primary means of doing business. This may indicate a reduced level of commitment to Reverse Mortgages and therefore a lower level of customer service to the borrower. On the other hand, we devote 100% of our business efforts to providing Reverse Mortgages. All of our staff are specifically trained to provide the best customer care through the entire process.

Company Experience:

Expert knowledge of the product offered by any company is a critically important consideration by every potential customer of that company. Experienced providers can better counsel customers and suggest the appropriate options available utilizing all available programs. We meet this high level of expertise with more Reverse Mortgage experience than anyone else.

Hablamos Español y Falamos Português:

We have several Reverse Mortgage Advisors who are fluent in Creole, Dutch, Farsi, French, German, Korean, Portugese, Russian, Spanish and of course English. Please notify us if you need one of our bi-lingual or tri-lingual Reverse Mortgage Advisors.

Information Sources:

The American Association of Retired Persons (AARP) publishes a book (52 pages) titled "Home Made Money: A Consumers Guide to Reverse Mortgages". It is also available in Spanish, "Dinero Hecho En Casa".

The American Bar Association (ABA) publishes a book (292 pages) titled "Reverse Mortgages - A Lawyer's Guide to Housing and Income Alternatives".

The Federal National Mortgage Association (FannieMae) publishes a book (96 pages) titled "Money From Home - A Guide to Understanding Reverse Mortgages". FannieMae provides a four (4) page "Home Equity Conversion Mortgage (HECM) Consumer Fact Sheet". FannieMae provides a (4) page document titled "Considering a Reverse Mortgage? Review These 5 Steps to See if One is Right for You". FannieMae also has a (4) page "Home Keeper Consumer Factsheet".

The National Council on Aging (NCOA) publishes a study (104 pages) titled, "Use Your Home to Stay at Home", and two new booklets "Use Your Home to Stay at Home: A Planning Guide for Older Consumers" (20 pages) and "Use Your Home to Stay at Home: A Guide for Homeowners Who Need Help Now" (24 pages)

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NO repayment for as long as you occupy the home NO taxes are paid on the cash NO pre-payment penalty You retain the title to your home You may sell your home at any time Cash may be used for any purpose Cash may be received in a variety of ways Social Security and Medicare benefits NOT affected After your estate pays the lender ALL remaining equity is paid to your heirs

All borrowers must be 60 and older Occupy the home as your principal residence Home should be paid in full, or have a mortgage that can be paid from equity

American Reverse Mortgage Corporation is licensed or exempt from licensing as follows: Alabama 925533, Alaska 94971, Arizona, California CFL 603F836, Florida ML 0700230, Georgia 22222, Indiana 2003081200192 / 2003081241537, North Carolina L-139737 and Reverse Mortgage Lender RM-034, North Dakota 101024, Ohio 1396752, Oklahoma 2005108, Pennsylvania 16242.001, Tennessee 477245 and Reverse Mortgage Lender 2745, Utah, Virginia State Corporation Commission License number ML-680.

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