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It has been some time since the last post. I am worried about home values going down. In the news I’m seeing possible 40% reductions in the housing industry. Well, that depends on where you live. In some areas houses are still gaining in value.

home value increases

As you can see, the values in many suburban areas are rising, despite the averaged statistics. There is still a way for many many of us to see our lifelong dreams come alive!

I’m excited! If you want to know more and receive a free appraisal worth up to $300. Just mention Living in Reverse to the person on the line if you call. 1-800-681-3340

FHA Gets a Review

Back in May of 2007 H.R. 1852 was passed by the House Financial Services Committee. See Press Release

Changing HECM or Home Equity Conversion Mortgages. Waiting until the bill gets passed the Federal Housing Authority and Financial Services Committee will be sending this through to the full Appropriations Committee by September. What is to come for the Annually reviewed HECM program? Lets take a look.

Why did the House of Representatives approve a bill that costs the average family $34.06 per year?

1. Number one it extends the program which is usually under review within every year. The bill does not put a limit on the number of mortgages the FHA can insure.
2. Second, it opens up the the FHA to cover larger equity homes in places like California allowing the lending limit be increased to the conventional limit currently $417,000.
3. Third, the amount of Origination Fees for the loan will be recalculated to either of two measures. Either the fee will be calculated on 1.5% of the total loan instead of 2% of $362,790 current capped figure, or the fee will be calculated against what a borrower qualifies for at 2% of that amount.

If these changes take place, keeping the HECM vital to our nation’s seniors the Government has done our parent’s a service to offer financial stability. This is what the bill is designed to do. No one wants to see their parents struggle in their retirement. If the candidate fits all of the requirements then the FHA may have your back. Of course, if you own your home outright and do not need to a large sum of cash then Reverse Mortgages might not make sense. The point is there is a level of struggle and love for our homes that need to be weighted against the options we have today.

Reverse Your First. Talk to an Expert today. 1 (800)-681-3340 SLRM