Archive | Reverse Mortgages


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 […]

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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 […]

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Acquiring Date In its fifth year, FHA’s policy of requiring the financial assessment of the borrower’s ability to pay has cut tax and insurance defaults by over three quarters and serious defaults by over two-thirds. This article by New View Advisors quotes Ginnie Mae data, they state, “We grade Financial Assessment’s performance as a solid […]

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Someone the other day asked me “How do I explain these loans to a client?” There is an excellent article a few days old that asks an outstanding question. “Who needs a proprietary reverse mortgage not the usual HECM.” Answer: A homeowner of an expensive home who wants more money out with no payments. Here is […]

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