Advertisement
HomeCollectionsReverse Mortgages
IN THE NEWS

Reverse Mortgages

FEATURED ARTICLES
BUSINESS
Eileen Ambrose | June 26, 2013
Is a reverse mortgage right for you? These loans are available to those 62 and older and allows them to draw cash out of their house without having to sell it or make monthly payments. The loan is paid off when the owner dies or sells the house. Borrowers must undergo housing counseling beforehand to qualify for a federally insured reverse mortgage. The counseling is to help older consumers understand what they are taking on. The Consumer Credit Counseling Service of Maryland and Delaware has received a grant to provide free counseling.
ARTICLES BY DATE
BUSINESS
Eileen Ambrose | June 26, 2013
Is a reverse mortgage right for you? These loans are available to those 62 and older and allows them to draw cash out of their house without having to sell it or make monthly payments. The loan is paid off when the owner dies or sells the house. Borrowers must undergo housing counseling beforehand to qualify for a federally insured reverse mortgage. The counseling is to help older consumers understand what they are taking on. The Consumer Credit Counseling Service of Maryland and Delaware has received a grant to provide free counseling.
Advertisement
BUSINESS
By Eileen Ambrose, The Baltimore Sun | July 8, 2012
Much of the wealth of millions of baby boomers is tied up in their houses — a sure sign we're going to see a growing demand for reverse mortgages. These mortgages allow older homeowners to drain the equity in their house without having to sell it or make monthly payments. For now, though, these complex loans make up only a tiny percentage of housing loans — and that's a good thing. It gives regulators, the industry and consumer advocates time to bolster borrower protections and education before widespread problems occur.
BUSINESS
By Eileen Ambrose, The Baltimore Sun | July 8, 2012
Much of the wealth of millions of baby boomers is tied up in their houses — a sure sign we're going to see a growing demand for reverse mortgages. These mortgages allow older homeowners to drain the equity in their house without having to sell it or make monthly payments. For now, though, these complex loans make up only a tiny percentage of housing loans — and that's a good thing. It gives regulators, the industry and consumer advocates time to bolster borrower protections and education before widespread problems occur.
BUSINESS
By JANE BRYANT QUINN and JANE BRYANT QUINN,Washington Post Writers Group | January 12, 1998
IF YOU might need a reverse mortgage, there's only one smart place to look: a lender with the seal of approval of the nonprofit National Center for Home Equity Conversion (NCHEC).These lenders offer a unique NCHEC software program that compares the major loans available. Some are far better than others, providing more cash at a lower cost.Reverse mortgages are for older people (in their 70s and up) with small incomes but a lot of equity in their homes.You get a loan or credit line against that home equity, which gives you extra cash to spend.
BUSINESS
By Marc Kaufman and Marc Kaufman,Knight-Ridder News Service | December 9, 1990
LEVITTOWN, Pa. -- Retired mechanical worker Dick Hutton was caught in the typical older person's bind.Mr. Hutton, a 73-year-old widower, lived comfortably in a deeply loved and entirely paid-off home. But he was slowly going broke.His income from Social Security, interest on small savings and a tiny pension was staying about the same, while the costs of daily living, of attending to some growing medical problems and of keeping up his home, were always going up."Each year, I was taking a thousand dollars from savings just to pay house taxes or to buy my food," said Mr. Hutton, who has tinkered and gardened around the house for 38 years.
BUSINESS
By Jonathan Peterson and Jonathan Peterson,Los Angeles Times | July 15, 2007
Like millions of Americans, Bill and Helen Bluett's greatest financial asset is their home, a Spanish-style dwelling just a quarter of a mile from the ocean in San Clemente, Calif. Selling the place and buying a cheaper one elsewhere could have brought the couple hundreds of thousands of dollars in extra money for their retirement years. But there was one problem with that idea. "We love our home," said Bill Bluett, 67, a retired mechanical engineer. "We love our neighborhood. As long as we're physically able, we want to stay right where we are."
BUSINESS
By Kenneth R. Harney | December 18, 1994
Washington -- Thousands of senior homeowners will turn into more sophisticated mortgage shoppers under new proposals just unveiled by the Federal Reserve Board.The proposals, expected to take effect next year, will force lenders offering reverse mortgages anywhere in the United States to make detailed new cost disclosures that allow consumers to readily compare the pros and cons of competing loans.Reverse mortgages function much like the name suggests: Rather than the homeowner sending money to the lender, the lender instead sends checks to the consumer on either a regular schedule or line of credit basis.
BUSINESS
By JANE BRYANT QUINN and JANE BRYANT QUINN,WASHINGTON POST WRITERS GROUP | April 28, 1997
HAVE RECENT events finished off what the government calls the "white-collar mugging" of elderly people? They're talking about insurance salespeople who charge huge fees for advising seniors about reverse mortgages.This game barely got started before the mortgage industry and the U.S. Department of Housing and Urban Development (HUD) closed ranks to stop it. The lenders and loan servicers won't handle the clients they bring in.The leading fee-charging firm is Patriot Inc. of San Juan Capistrano, Calif.
BUSINESS
By Ken Harney and Ken Harney,earthlink | July 13, 2007
How are baby boomers who are still carrying hefty first and second mortgages going to pay them off? Millions of homeowners refinanced during the "refi boom" years of 2003-2004 and took out new loans with 15-year or 30-year terms. Some boomers now in their late 50s and early 60s have big mortgages with terms running for another quarter-century. When monthly payments on those mortgages begin to weigh heavily, will boomers need to sell their houses to relieve the debt pressure? The largest banks and mortgage companies in the country are readying new financial products designed to make the answer to that question a resounding no. Tops on the list: Proprietary reverse mortgages that allow owners to pay off their existing home loans, pull out additional equity dollars for other expenses, establish credit lines or even buy second homes - all without producing monthly payment obligations.
BUSINESS
Eileen Ambrose | July 8, 2012
Reverse mortgages should never be entered into lightly. These are mortgages for those age 62 and up that allow them to pull the equity out of a house without have to sell it. The loan and interest is repaid once the homeowner moves or dies and the house is sold. The mortgages are so complicated and counterintuitive that homeowners are required to undergo counseling before they can take one out. This often costs money. But the Consumer Credit Counseling Service of Maryland and Delaware, which usually charges $125, is offering counseling for free thanks to funding it has received.
BUSINESS
By Eileen Ambrose, The Baltimore Sun | October 12, 2010
If you have been toying with the idea of taking out a reverse mortgage, note that the market today is significantly different from what it was just a couple of months ago. Monthly insurance premiums on new loans went up last week, making an expensive product even more so. But the Department of Housing and Urban Development has offset that rise by introducing another reverse mortgage — the Home Equity Conversion Mortgage Saver — which slashes the...
BUSINESS
By Jamie Smith Hopkins | jamie.smith.hopkins@baltsun.com | January 26, 2010
A Timonium firm is being fined $11,000 for "misleading advertising" about Federal Housing Administration mortgages, the federal government said. The U.S. Department of Housing and Urban Development, which oversees FHA, said this week that its mortgagee review board found two problems with Great Oak Lending Partners' direct-mail ads. The Baltimore County company suggested that FHA's reverse mortgage was a government benefits program such as Social...
BUSINESS
By Susan Tompor and Susan Tompor,Detroit Free Press | April 13, 2008
Seniors don't have to look farther than the TV or their mailboxes to find somebody selling a way to dig out of trouble, or foreclosure, with a reverse mortgage. And the marketing is going to get more intense. Big players such as Quicken Loans are moving into reverse mortgages as more baby boomers turn 62 and qualify for these complex home loans. One service sells hot leads of seniors who are late with mortgage payments. So if you're a senior, brace yourself: Some lender will tell you that your retirement nest egg includes the nest itself.
BUSINESS
By Eileen Ambrose | March 2, 2008
Foreclosures are up, and it looks like they won't be coming down anytime soon. Troubled homeowners have a few options to stave off foreclosure, and Congress is looking at creating others. But older homeowners, age 62 and up, for years have had a tool that's sometimes overlooked: a reverse mortgage. This allows you to take out a loan against your home to pay off your existing mortgage and remain in the house as long as you want. You don't have to repay the reverse mortgage until you move out or die. At that time, the house is sold and the lender repaid.
BUSINESS
By Janet Kidd Stewart and Janet Kidd Stewart,Tribune Media Services | February 3, 2008
A reverse mortgage can be a financial lifeline, but consumer advocates are worried that some people are taking them out with too many strings attached. Some lenders inappropriately push older homeowners to the products or sell them additional high-cost annuities, a new AARP survey claims. Some experts say there may be potential conflicts of interest between lenders and counselors providing required consumer education on the mortgages. Proposed legislation would provide more protections, but experts say it is important to study fees and terms.
BUSINESS
By Edward Gunts and Edward Gunts,Staff Writer | March 14, 1993
A free seminar on reverse mortgages, loans that allow senior citizens to tap into the equity in their homes to increase their monthly cash flow, will be held Thursday at 10 a.m. at the Cross Keys Inn, 5100 Falls Road.The seminar will be led by representatives of Capital Holding Corp., a private provider of reverse mortgages. More information is available by calling Capital Holding's Virginia office, (703) 749-1462.Willows of CroftonA division of Chateau Builders has begun land development for The Willows of Crofton, a 77-unit community planned for a 25-acre parcel near Route 450 and Route 3 in Crofton.
BUSINESS
By Andre Mouchard and Andre Mouchard,Orange County Register | April 5, 1992
LAGUNA NIGUEL, Calif. -- In 68 years of marriage, Clara and Frank Marino have faced plenty of tough times together.But nothing, not the Depression nor the eight or so recessions that have come after it, caused the kind of financial panic the couple felt in 1990. That's when the economic factors that squeeze so many older Americans seemed about to push the Marinos out of their home."We had a fixed income," Mrs. Marino said. "And we had inflation."The Marinos, ages 88 and 89, had been retired for more than 20 years.
Baltimore Sun Articles
|
|
|
Please note the green-lined linked article text has been applied commercially without any involvement from our newsroom editors, reporters or any other editorial staff.