10 Things you must know about changes to the Home Equity Conversion Mortgage Program.
Continue readingHECM 3.0. A Prescription for Change
With its recently announced changes HUD has effectively launched HECM 3.0. he programs third reinvention eliminates all present loan programs and effectively gives us a Saver reverse mortgage with a higher and graduated upfront mortgage insurance premium.
Continue readingFHA to Reexamine MMI Fund Projections
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A Second Look at MMI Fund after Program Changes…
BREAKING:Read Mortgagee Letters 2013-27 & 2013-28 for complete details of changes.
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A second look at the Mutual Mortgage Insurance Fund is exactly what FHA plans do to after setting the wheels in motion for historic changes to the reverse mortgage. Yes, after committing to eliminating both the Standard and Saver product in lieu of a new one FHA wants another look. It all began in November 2012 when an Actuarial review of the MMI fund found that the reverse mortgage portion accounted for a negative 2.8 billion dollar economic value. Economic value is a better description than losses for these are projected losses based on actuarial analysis and data. In other words, with home values that fell this percent and projected loan balances and appreciation the fund would pay X dollars. Early figures showed the HECM portion of the fund accounted for 2.8 billion in projected losses of the 16 billion dollar overall future shortfall. Later that figure was revised to show projected losses from reverse mortgages totaling $5.2 billion. The dire numbers were too unsettling to ignore. So why the second look at the fund at this stage?
Everything I Needed to Know I Learned in Kindergarten
Why should you reflect upon kindergarten? Because it calls us back to our core values and a simpler time in life when things were…well let’s say more black and white.
Continue readingOut with the Old, In with the New…
See what FHA’s plans are for the HECM program. From two loans products will come…
Continue readingSuccess in 21 Ways
Success. To often I’ve fallen into the trap to isolate its meaning to my career. How many applications written, loans closed, overall personal income…etc. Those are good measures of our professional & financial achievements but success is so much broader.
Continue readingIt’s About The Money
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Beyond Platitudes, What Retirees Really Want & Need
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Money makes the world go around…well at least for today’s retiree according to a recent study. The National Council on Aging or NCOA’s survey “The United States of Aging” shows 53% are more concerned about outliving their money than their health. Last week we discussed the long term care crisis and the reverse mortgage’s role. Unfortunately money and a retiree’s health and long term care go hand in hand. A popular quote reads..
Digging Up Seeds
Protecting against impatience that can rob us from our ultimate reward.
Continue readingA Clear Solution Already Exists
When it comes to those seeking to solve the issue of senior’s aging in place perhaps on quote should be mentioned. “Sometimes we stare so long at the wrong things, we miss out on the RIGHT thing standing right in front of us”.
Continue readingPowder Your Face with Sunshine
It often seems elusive and often inplacably linked to our circumstances. Here are just a few ways we can stay happy or at least happier as we face monumental changes in the reverse mortgage industry…
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