Welcome to Mortgage Guide
Refinance Home Mortgage Article
. For a permanent link to this article, or to bookmark it for further reading, click here.
HECM Loans - New Lending Limits for Reverse Mortgages
from: Troy ShellhammerReverse Mortgages can now give you more funds than ever before
with a nationwide lending limit elevation on January 1st of
2006. Now borrowers can utilize more of their home's equity
without the burden or risk of making monthly payments, and still
leave enough value in the home for your heir's legacy.
The Reverse Mortgage is a product that will usually make
available around 30-60% of the homes appraised value in the form
of a lump sum, a monthly disbursement, a line of credit, or a
combination of the three. There are only six Reverse Mortgage
variants across the nation, a
href="http://www.reversemortgagenation.com/">Reverse Mortgage
Lender can do comparisons. Each of these products are
designed to perform for different home values or dispersement
options. The most common Reverse Mortgage product, the FHA Home
Equity Conversion Mortgage (HECM) is the Reverse Mortgage that
is being updated with these new lending limits. This is the
Reverse Mortgage that is most commonly used because is designed
to provide the most funds possible while still using the
formulas that are used with all Reverse Mortgages in generating
a dollar figure in accordance with the available equity. These
variables include the age of the borrower, the value of the
home, the interest rate, the county the home is in, and the
lending limit.
The minimum lending limit prior to January 1st, 2006 for almost
75% of the country, was around $172,000, while the maximum for
any FHA HECM was $312,000. This meant that for most HECM
applicants, no matter how much the home was valued over
$172,000, the Reverse Mortgage generated an amount based on
30-60% of the that limit. Now that the limits have been looked
at and viewed as obsolete and unsuitable, the Reverse Mortgage
lending limits to a minimum of $200,160 and a maximum of
$362,790. In most cases of individuals applying for a Reverse
Mortgage, these increases will add up to and above $25-30,000
dollars more to your Reverse Mortgage estimate. Many individuals
who currently have a large mortgage on their home and have
looked into doing a Reverse Mortgage, but were unable to
efficiently pursue one due to the low lending limits, can now do
a re-assessment with a Reverse Mortgage Calculator and have the
opportunity to pay off their current mortgage in full.
This also means that for every person applying for a Reverse
Mortgage, the amount of tax-free funds available are 10-20%
percent higher. That will mean thousands of payment free dollars
to be used for retirement, medical bills, and investments. Most
senior's largest asset is their home, and the Reverse Mortgage
was created to allow seniors a safe way to activate that
investment without having to sell their home and move. As of
January 1st, the Reverse Mortgage will now be a much more
effective way to do that.
About the author:
Troy Shellhammer is a Reverse Mortgage specialist with Next
Generation Financial Services, a division of 1st Mariner Bank.
He advises seniors on the Reverse Mortgage process and produces
Reverse Mortgage loans nationwide. Please visit the Reverse
Mortgage Nation website at http://www.reversemortgagenation.com/
or call 1-888-9 REVERSE for any questions, information, or an
estimate on what you or your friends and relatives may receive
with a Reverse Mortgage.
Refinance Home Mortgage News
Nationwide Bank Mortgage Rates: 30 Year Mortgage Rates 4.375% - MonitorBankRates.com
 Washington Post | Nationwide Bank Mortgage Rates: 30 Year Mortgage Rates 4.375% MonitorBankRates.com Current 5 year refinance home mortgage rates are also down averaging 3.57 percent. 7 year conventional adjustable mortgage rates are averaging 3.90 percent ... What You Need To Know When Applying For FHA Home Mortgage Refinance Home Mortgage And Mortgage Refinance Interest Rates Lowered To Help Housing Crisis Cheapest Home Mortgage Rates |
Homeowners With An Underwater Mortgage Have Refinancing Opportunities For A ... - Red, White, and Blue Press (blog)
 All You Can Read Business (blog) | Homeowners With An Underwater Mortgage Have Refinancing Opportunities For A ... Red, White, and Blue Press (blog) The Home Affordable Refinance Program has helped many homeowners with an underwater mortgage obtain a more affordable home loan payment, but his program ... Government Home Loan Modification Program to be Promoted on TV with Ad Council Obama Mortgage Assistance For Unemployed Homeowners And Refinancing For ... Housing and Urban Development and Department of Treasury Create National PSA ... |
What to do with a reverse mortgage if you remarry - MarketWatch
What to do with a reverse mortgage if you remarry MarketWatch Cindy Meyers, a reverse mortgage specialist with Wells Fargo in Winter Park, Fla., said that if a refinance is not in the cards, your buddy should contact ... |
Bad Credit Mortgage Refinance Loan, Are They Easily Available? - Mortgage11
 New York Daily News | Bad Credit Mortgage Refinance Loan, Are They Easily Available? Mortgage11 To refinance home mortgage loan one has to first compare the different loan companies, by this he can get different quotes from different lenders and ... Refinance Home Mortgage Loan Application Process Home Mortgage Rates Increase 7/24: Current 30 Year Mortgage Interest Rates at ... A cash-in refinance can cut mortgage costs |
Narula's Hedge Fund Sees Risk in Mortgage Bonds After Recording 28% Gain - Bloomberg
 France24 | Narula's Hedge Fund Sees Risk in Mortgage Bonds After Recording 28% Gain Bloomberg In February 2009, the US announced an initiative called the Home Affordable Refinance Program, which created 291600 loans through March, compared with a ... Agency Mortgages Rally Sputters Amid Prepayment Concerns Eligibility criteria for Making Home Affordable Refinance Program |
How The Obama Home Mortgage Refinance Works, and What You Must Know to Save ... - Mortgage11
 Credit.com News | How The Obama Home Mortgage Refinance Works, and What You Must Know to Save ... Mortgage11 The benefits of the new Obama home mortgage refinance stimulus plan have such an impact that many are flocking to the service providers or facilitators to ... Home Mortgage Loan Rates – Refinance Interest Rates on July 19, 2010 Near 4.5 ... Shopping for the Best Home Loan Refinance Online Mortgage Rates 7/18: Current Mortgage Rates Stablize: 30 Year Mortgage Rates ... |
CitiMortgage CEO talks about record low mortgage rates - KSDK
CitiMortgage CEO talks about record low mortgage rates KSDK Das says now may be the time to act for St. Louisans looking to buy a home or refinance a mortgage, but not everyone's qualifying. ... |