HECM Counseling Requirements
The U.S. Department of Housing and Urban Development (HUD) published Mortgagee Letter 2009-10 to clarify issues regarding HECM counseling for prospective borrowers and to reiterate the requirements of Mortgagee Letter 2004-25 previously published on June 23, 2004. HUD stressed that prospective borrowers must initiate the request for counseling. “The lender may not [...]
Delaware - 302-588-3665
Reverse Mortgages cost too much! Or at least that is the impression people have. We, at Oregon Reverse Mortgage Info, are doing something about that. We are no longer charging an origination fee for our Oregon Reverse Mortgages and instead will rely on the rebate paid by the lender as our source of income on the loans.
Eugene, Oregon - 541-342-7576
I recently found out that a record low of only 13% of seniors responding (in an Employee Benefit Research Institute survey) said they are very confident they have enough money to comfortably retire. Retirement assets may continue to shrink and entitlement programs may dwindle, many financial analysts intereviewed view Oregon reverse mortgages as one tool to help with retirement finances.
Eugene, Oregon - 541-342-7576
In testimony to the House Financial Services Subcommittee on Housing and Community Opportunity, David H. Stevens, Assistant Secretary of Housing for the Federal Housing Administration (FHA) voiced strong support of the reverse mortgage program. What happens there can have some major consequences to those Oregon Seniors contemplating an Oregon Reverse Mortgage in the future.
Eugene, Oregon - 541-342-7576
An FHA HECM Reverse Mortgage can be an excellent choice for Senior Citizens in Oregon. According to a 4 year old survey by AARP, the top five reasons are:
Eugene, Oregon - 541-342-7576
FHA has a way of helping Senior Citizens tap the equity in their homes. This is an Oregon Reverse Mortgage. An Oregon Reverse Mortgage is a way for Seniors to save their home from foreclosure or to make their golden years golden. Check out these FAQ (frequently asked questions) from FHA.
Eugene, Oregon - 541-342-7576
A lot of Senior Citizens had great plans to retire when they were 60 but can’t now due to their 401k nest egg shrinking dramatically. That is where an Oregon Reverse Mortgage can help with retirement planning. Many Senior Citizens either own their home outright or owe a lot less than the value of it and could qualify for an Oregon Reverse Mortgage to ease their daily financial burden.
Eugene, Oregon - 541-342-7576
Property tax deferrals for senior citizes will (probably) have to be paid if they are taking out an Oregon Reverse Mortgage. Additionally, if they close on an Oregon Reverse Mortgage after April 15, they will (probably) need to pay the current year’s property taxes also. This is also true for a normal refinance.
Eugene, Oregon - 541-342-7576
Senior citizens should be aware that they may have the option of deferring their property tax payments after taking an Oregon Reverse Mortgage. If you are interested in an Oregon Reverse Mortgage and still worried about how they are going to pay their property taxes after taking out an Oregon Reverse Mortgage, this information could be of interest you. Make sure you determine that your are eligible for the Oregon Reverse Mortgage and the deferred taxes.
Eugene, Oregon - 541-342-7576
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