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 three (3) 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)
![[logo: HUD seal]](modlogos/HUD-Seal-Blue-Ring-V11.jpg)
