Reverse Mortgage Concepts
Photo by Zoriah
President Barak Obama's Chance to Help Seniors
According to the National Reverse Mortgage Lenders Association (NRMLA) there is a new Bill containing a provision to raise the HECM (Reverse Mortgage) limit through the end of 2009 to $625,500 which has been introduced in the House of Representatives. The current nationwide limit is $417,000 with the exception of a few high price/value areas. This would give millions more access to the program due to a current lack of jumbo reverse mortgage in the marketplace which is due to the current credit crisis. The lending limit is the limit of value that would be considered in the reverse mortgage equation and not the loan amount. That is why the limit increase is crucial and if passed, senior borrowers with mortgage balances greater than $300,000 will qualify. In most cases, it has been my experience, that seniors with jumbo mortgages and high balances have been negatively affected by a decrease in net worth and losses in investment portfolios, creating a need for more options like a reverse mortgage. Unlike the traditional reverse mortgage borrower whom might have a life changing event that distrupts normal income these high balance mortgage holders are faced with a retirement, nest egg or legacy crisis. There are many sophisticated financial planning strategies that can be put into place with a reverse mortgage and higher limits would make the outcome of those strategies more worthwhile for potential reverse mortgage candidates with higher value homes. For more information on these strategies, sign up for my newsletter at Mortgage Concepts.
Michael Manfredi
9915 East Bell Road
Suite 114
Scottsdale, AZ 85260
480-306-4432 phone
480-306-4839 fax
Keep up on Reverse Mortgage industry news. Join my Blog: Reverse Mortgage Concepts
Follow me on Twitter.
Meet new people and expand your resources. Join my Facebook Group.
Get connected and join my personal network on Facebook.
View my profile or recommend me on LinkedIn
Photo by www.zoriah.net/
Photo by Zoriah
President Barak Obama's Chance to Help Seniors
According to the National Reverse Mortgage Lenders Association (NRMLA) there is a new Bill containing a provision to raise the HECM (Reverse Mortgage) limit through the end of 2009 to $625,500 which has been introduced in the House of Representatives. The current nationwide limit is $417,000 with the exception of a few high price/value areas. This would give millions more access to the program due to a current lack of jumbo reverse mortgage in the marketplace which is due to the current credit crisis. The lending limit is the limit of value that would be considered in the reverse mortgage equation and not the loan amount. That is why the limit increase is crucial and if passed, senior borrowers with mortgage balances greater than $300,000 will qualify. In most cases, it has been my experience, that seniors with jumbo mortgages and high balances have been negatively affected by a decrease in net worth and losses in investment portfolios, creating a need for more options like a reverse mortgage. Unlike the traditional reverse mortgage borrower whom might have a life changing event that distrupts normal income these high balance mortgage holders are faced with a retirement, nest egg or legacy crisis. There are many sophisticated financial planning strategies that can be put into place with a reverse mortgage and higher limits would make the outcome of those strategies more worthwhile for potential reverse mortgage candidates with higher value homes. For more information on these strategies, sign up for my newsletter at Mortgage Concepts.
Michael Manfredi
9915 East Bell Road
Suite 114
Scottsdale, AZ 85260
480-306-4432 phone
480-306-4839 fax
Keep up on Reverse Mortgage industry news. Join my Blog: Reverse Mortgage Concepts
Follow me on Twitter.
Meet new people and expand your resources. Join my Facebook Group.
Get connected and join my personal network on Facebook.
View my profile or recommend me on LinkedIn
Photo by www.zoriah.net/