Archive for January, 2009

House Passes Stimulus Bill with Loan Limit Increase

Thursday, January 29th, 2009
We are pleased to report that the economic recovery bill passed by the U.S. House of Representatives last night includes the provision we reported to you last week that would set the single national loan limit for the HECM program at 150% of the Freddie Mac loan limit. Currently, the Freddie Mac limit is $417,000, so this bill would establish the HECM limit at $625,500.
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Top Reverse Mortgage Markets Are in Florida

Tuesday, January 27th, 2009

Three of the top 10 markets in the country for reverse mortgages are located in Florida, according to an analysis of government data conducted by Reverse Market Insight. (more…)

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HECM Loan Limit Increase Included in Stimulus Plan

Tuesday, January 27th, 2009

We are pleased to announce that the draft of the economic recovery bill released by the House of Representatives late yesterday contains a provision, inserted in response to a request that came jointly from NRMLA and AARP, that would set the single national loan limit for HECM at a higher level than $417,000–for the balance of 2009.

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Social Security Administration Promoting Online Retirement Tool

Monday, January 26th, 2009

The Social Security Administration just announced a new application that allows qualified individuals to register for Social Security benefits online in as little as 15 minutes.

The SSA will be hosting a free demonstration–Retire Online. It’s So Easy!–on January 29 at 2 p.m.

To RSVP, please visit http://www.socialsecurity.gov/survey/retireonlinersvp.htm. Be sure to invite your clients and colleagues to tune in as well.

Thanks to NRMLA for the notification

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Face to Face Meeting or Not

Monday, January 26th, 2009

Michael Borba (President Borba Investments, Inc. dba MLS Reverse Mortgage)

Some companies would like you to believe that these specialized loans are so intricate and confusing that Seniors can’t decide what to do without having their hands held. What am I referring to?

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FHA Authorizes HECM for Home Purchase

Monday, January 26th, 2009
Written by: Michael Borba (Owner/Broker, MLS Reverse Mortgage, Auburn, Ca)
 
Beginning January 1, 2009 FHA will began insuring reverse mortgage loans for Seniors to purchase homes. Reverse mortgages have traditionally been available for refinance loans in the past, provided the Senior resided in the home.
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