Reverse Mortgage Store News and Updates

Condo Owners - Update!

August 3 2009 10.40PDT

HUD has extended the deadline for the new Condo qualifying rules for Condos to December 7 2009. This is the time to secure that reverse mortgage! Call Maggie O'Connell at 800-489-0986 or e-mail at maggie@rmstore.net.

Interest Rate Reduction for HECM ARMs!

This weeks expected rate fell for adjustable rate reverse mortgages. This is good time to lock in a higher principal limit.

Falling Reserves for FHA Insured Mortgages and Reverse Mortgages Causes Concern

The Federal Housing Administration, hit by increasing mortgage-related losses, is in danger of seeing its reserves fall below the level demanded by Congress, according to government officials, in a development that could raise concerns about whether the agency needs a taxpayer bailout.

'A Full Fall On The Hill' - Legislation Update

August 27 2009 13.40PDT

This article, written by Marty Bell, outlines the current updates regarding upcoming reverse mortgage legislation.

Upcoming Reverse Mortgage Legislation

August 26 2009 10.40PDT

A very critical piece of legislation is coming up in the Senate after August recess, the HR 3288 bill.Amongst other things, this bill addresses the issue of extending the current $625,500 limit beyond the end of this year. Click the link to read more and to review a copy of the bill!

Attention Condo Owners Considering a Reverse Mortgage!

August 3 2009 10.40PDT

Beginning on Oct. 1, 2009, all condo projects will have to go through an extensive approval process in order to qualify for a reverse mortgage. If you are considering a reverse mortgage, it's important you apply and get your counseling certificate prior to the end of August to avoid delays or possibly not qualifying at all! Call Maggie O'Connell at 800-489-0986 or e-mail at maggie@rmstore.net.

FREE Reverse Mortgage Counseling!

July 16 2009 15:54PDT

For seniors thinking about getting a reverse mortgage but now ready to pay for reverse mortgage counseling, free reverse mortgage counseling is available through the end of September. The counseling session is done over the phone and usually takes one hour. After it's completed you will be issued a counseling certificate that is good for 6 months. For more information, call Maggie O'Connell at Reverse Mortgage Store at 800-489-0986 or maggie@rmstore.net

Rates have dropped on Adjustable Rate Reverse Mortgages!

July 13 2009 13:20PDT

Current rate for the LIBOR 2.75 margin is 3.043%.We may be able to provide a lower margin and rate if there is a very low initial draw. Call for details, a free quote and good faith estimate of costs. Maggie O'Connell (800) 489-0986

NEW! NestWorth Equity Access Agreement

July 13 2009 10:20PDT

NestWorth announces new improved program. The Equity Access Agreement is now available. It is an alternative to a Jumbo Reverse Mortgage, but not a mortgage or debt. Older homeowners of high value homes can receive generous interest free monthly payments for a term of their choosing from 10 to 25 years. There are no set up fees, closing costs or interest charges. Qualification at 60 to 89 years old, keep current mortgage or equity line in place, benefit from high appreciation, share the risk of value declines. Owner remains on title and sells the home at any time or remains at home for lifetime. For information call NestWorth Equity Access Specialist Maggie O'Connell at (800) 489-0986 or MyNestWorth.com

Better Business Bureau A+ Rating!

June 5 2009 16:00PDT

Reverse Mortgage Store has been rated A+ by the Better Business Bureau - showing our dedication to customer service and assisting YOU through the reverse mortgage process!

Follow Maggie on Twitter!

March 6 2009 16:14PDT

Maggie is now on Twitter! You can ask her questions, or provide feedback.

Shopping for reverse mortgage? Then read this!

March 6 2009 10:14PDT

Are you shopping around for a reverse mortgage? We conduct our business in an ethical manner, with your considerations first and foremost. We understand you may want to review other places so we want you to be aware: Read these things to watch for when contacting brokers and lenders to protect yourself!

Purchase a NEW home with a HECM reverse mortgage!

January 20 2009 13:27PDT

HECM for Purchase is now here. Click the link for a downloadable PDF document outlining the guidelines.Call us on 800 489 0986 for further info - or visit our HECM for Purchase FAQ page!!

Gift Idea! The Reverse Mortgage Book

November 14 2008 10:37 PDT

Want a reference guide on Reverse Mortgages? Know someone who is interested but has lots of questions? Take a look at The Reverse Mortgage Book by Cindy Holcomb featuring Maggie O'Connell as a case study!

Maggie's California Reverse Mortgage Blog

Sep 16 2008 09:50 PDT

Comments? Questions? Visit Maggie on her reverse mortgage blog where she discusses items of interest and welcomes feedback!

How the Housing Recovery Act, HR 3221 helps senior homeowners through FHA Reverse Mortgages

Aug, 21 2008 16:13 PDT

The housing and credit crisis of 2008 doesn’t limit its impact to speculators and risk takers. Senior homeowners have also been impacted. Home equity represents a large portion of net worth for the older set. Often, people sell their family home and downsize after retirement. But, in many areas of California and Nevada with home prices realizing dramatic reduction as we enter the fall of 2008, selling a home at this time may not be a good option or may not be an option at all! That’s where the reverse mortgage comes in. You can stay in your home, pull cash out and you don’t have to make payments (but you can if you want). We’re all waiting in anxious anticipation for HUD to announce exactly when, where, how and what the new lending limits will be. We do know there are exciting advances with reverse mortgages that will help more people get more money and enjoy more financial security. We do know the lending limits will increase soon. Many people with existing reverse mortgages will be able to refinance and have more money available, especially if they live in an area that had reduced lending limits up to now. Stay tuned to see what the new limits will be. Up to now, you could only get a reverse mortgage if you already had title to the home. With the new bill, people will be able to purchase a home using a reverse mortgage for financing. A larger down payment that standard financing is required (because no payments are required over the life of the loan). Since we are in a buyer’s market, this is a great opportunity for older people to purchase a new home. Reverse mortgage financing will also be available on Co-ops. The bill puts a cap on the origination fee a reverse mortgage originator can charge. But with the increasing limits and the 2% HUD charges for mortgage insurance, the loan is still costly in terms of up front fees (but no out of pocket fees). It is worth the cost over the long run when it helps maintain a comfortable lifestyle. I’ve always been adverse to cross selling financial products with reverse mortgages and I’m glad to see it has been addressed in the FHA Modernization Act that is part of this large housing bill, although there seems to be some contradiction on the bill. One paragraph strictly prohibits an individual from cross selling a financial product using HECM proceeds, if they receive financial incentive for the sale of the financial product and the reverse mortgage. However the second paragraph indicates that this maybe permissible if a lender has “safeguards and firewalls.” HUD lawyers are working on this but they way I see it, the reverse mortgage works well on it’s own. If you are interested in other financial products, that’s your business. Get your reverse mortgage through a knowledgeable reverse mortgage specialist (I know a good one if you are in California or Nevada), and get rid of mortgage payments, or get a monthly income or establish a line of credit for the future. And you know it’s safe!