New York-based BNY Mortgage Co. has introduced a new product nearly identical to the current FHA insured HECM with a slightly lower interest rate. BNY Mortgage Co. is a joint venture between EverBank and The Bank of New York. It operates as an originator and servicer of reverse-mortgage loans and has wholesale partners [...]
Utah Democrat Jim Matheson has introduced a bill HR391 that would permanently waive the limit on the number of reverse annuity mortgages that the FHA is allowed to insure. It passed the house on a voice vote yesterday and requires senate approval now.
See this press release for more details.
Groups such as AARP strongly support the [...]
My parents and those older (I’m 34 right now) were born and raised to think debt was bad, heck they likely lived through the Great Depression, I guess I would as well then, but back to the story.
I’m writing this post on an example of when a reverse mortgage is the right loan. An [...]
Reverse mortgage ceiling just got higher - The Boston Globe
As with regular loans, reverse mortgage loans have similar loan amount limits. Great article on the new limits for 2006 on reverse mortgages.
