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Archive | Reverse Mortgages
REVERSE MORTGAGE UPDATE
We decided to present a short update on Reverse Mortgages. As our authority we selected David Gomer, Broker, Founder and Owner of Senior Funding, Calabasas, CA. He has been specializing in all types of Reverse Mortgages since 1989. He earned the prestigious Certified Reverse Mortgage Professional Designation Awarded by the National Reverse Mortgage Lenders, and a […]
Two Excellent Articles on Reverse Mortgage Lines Of Credit
Number One Is By Jason Oliva Published In the Reverse Mortgage Daily Some items that he mentioned from a study by the Funding Longevity Task Force are: 1. Using the Line of Credit rather than using a HECM Reverse Loan as a last resort significantly increases the likelihood of a retirement portfolio’s success 2. The […]
Reverse Mortgage Guru
Getting To Know Harlan Accola Harlan J. Accola, CRMP, is a respected Reverse Mortgage authority and author of an outstanding book on the subject, entitled, “Home Equity and Reverse Mortgages, The Cinderella of Baby Boomer Retirement”. When he talks about RMs, we should listen. In his book Chapter Five he is explaining some facts to […]
Myths of Reverse Mortgages
Getting the Facts If I get a Reverse Mortgage, the government will own my property and can take it at any time. WRONG. The homeowner continues to own the property. The lender-not the government-lends the money and the government insures the loan. The lender has the homeowner sign a note and a deed of trust […]
New Loan Limits For 2022
2022 Conforming Loan Limits The Fannie Mae and Freddie Mac Conforming Loan Limits for California have a new high of $970,800 for one-units in ten counties. The other 48 counties vary from $647,200 to $897,000 for Napa. Two-unit maximum is $1,243,050, three-unit is $1,502,475 and four-unit is $1,867,275. The highest limit for 2021 was $822,375 […]
New People Qualify for a Reverse Mortgage (Born in 1959)
Celebrities Born in 1959 Magic Johnson, Val Kilmer, Kevin Spacey, Lawrence Taylor, Emma Thompson (NO), Rupert Everett (best scene ever singing, “Say A Little Prayer for You”), Jason Alexander, Danny Bonaduce (yes, we are all getting older), Mike Pence, Simon Cowell, John McEnroe (he was born in Wiesbaden, Germany 3 months after my son David was […]
When Is The Best Time To Get A Reverse Mortgage?
Home Equity Just saw an article by NewRetirement.com that gave their answer to this question. It happens to be an answer with which I agree. However, my answer would be that if your situation would be improved with an RM go NOW. They say when: You Need the MoneyHousing Prices Are HighInterest Rates Are LowYou […]
Dept. of Business Oversight Renamed
The New California Consumer Financial Protection Law A new Assembly Bill 1864 was published on 9/29/2020. It was passed as a trailing bill on the Budget Process so it went through fast. It will go into effect on Jan. 1, 2021. But another little bill was also passed to change the name of the DBO (Department […]
Reverse Mortgages For People Who Do Not Need One Now: High Importance
The Ben Franklin Close Years ago, sales trainers would tell you to use the Ben Franklin close. You say, “Whenever Ben Franklin had to make a decision, he would take a piece of paper and draw two columns. Then, he would list all the advantages of buying the property on the left side and the […]