The Federal Housing Administration's 2018 audits revealed that losses from real estate reverse mortgages destroyed about a third of the taxpayer-guaranteed insurance reserves. The FHA Mutual Mortgage Insurance Fund on November 15 reported an $ 8 billion profit with a $ 1.26 trillion portfolio of loan guarantees for the fiscal year ending September 30. FHA's […]
Florida Housing Finance Corporation , Fannie Mae and the Florida Department of Elder Affairs , are partnering together on the Elderly Mortgage Assistance Program to assist owners who have reverse mortgages with tax and insurance payments. Homeowners who meet specific qualifications may be eligible for a two-year forgivable loan of up to $ 50,000. Foreclosure […]
Fannie Mae released an update to the Reverse Mortgage Loan Servicing Manual on September 18, 2018, relieving servicers of post-foreclosure sale responsibilities. The new changes are related to the servicer requirement to pay ground rents, co-op fees and assessments, and property taxes on Fannie Mae's REO properties. Foreclosure News
Keri Weishaar lives in a spacious, four-bedroom house near Tampa, Fla., thanks to the easy financing that prevailed during last decade's housing boom. “It was basically nothing to get into this house,” said Weishaar, 48, who bought the house in the spring of 2003 after obtaining a no-money down, adjustable-rate mortgage. Foreclosure News
Keri Weishaar lives in a spacious, four-bedroom house near Tampa, Florida, thanks to the easy financing that prevailed during last decade's housing boom. “It was basically nothing to get into this house,” said Weishaar, 48, who bought the house in the spring of 2003 after obtaining a no-money down, adjustable-rate mortgage. Foreclosure News
Mortgages are safer now than they were 10 years ago. That's the main effect the 2008-09 financial crisis has had on the mortgage market. Foreclosure News
Keri Weishaar lives in a spacious, four-bedroom house near Tampa, Florida, thanks to the easy financing that prevailed during last decade's housing boom. “It was basically nothing to get into this house,” said Weishaar, 48, who bought the house in the spring of 2003 after obtaining a no-money down, adjustable-rate mortgage. Foreclosure News
The impression conveyed by numerous press accounts, including a recent article by Alfred Lubrano in the Philadelphia Enquirer, is that reverse mortgages are unduly risky. Here are the major themes of the article: The obligations of reverse mortgage borrowers are very clear. Foreclosure News
This is the impression conveyed by numerous press accounts, including a recent article by Alfred Lubrano in the Philadelphia Enquirer entitled “Risks of Reverse Mortgages.” The major themes that emerge from that article is that: The obligations of reverse mortgage borrowers are very clear. Foreclosure News
In a commercial hawking reverse mortgages, the TV actor doesn't tell people how they could get into trouble with the product, a special kind of loan that allows borrowers aged 62 and older to convert a portion of their home's equity into cash. While some say reverse mortgages are useful because they allow the elderly […]