Reverse Mortgage Lending Now in Fast Forward

Size: px
Start display at page:

Download "Reverse Mortgage Lending Now in Fast Forward"

Transcription

1 Reverse Mortgage Lending Now in Fast Forward Brian King BenchMark Consulting International The Reverse Mortgage business has been discovered! According to the National Council on Aging, over 80% of people 65 and older own their homes, and 76% own their homes free and clear. Since over half of the net wealth of these homeowners is tied up in their homes and other real estate, many may look to leverage the equity in their homes to help pave the way to a smooth retirement, pay for long-term care or medical expenses, or simply maintain a certain lifestyle. The total home equity among seniors is estimated to be about $1.5 trillion dollars 1. Homeowners Age 65 and older Owned Free & Clear 76% Reverse Mortgage Definition A reverse mortgage enables older homeowners (62+) to convert a portion of the equity in their homes into tax-free income without having to sell the home, give up title, or take on a new monthly mortgage payment. The reverse mortgage is aptly named because the payment stream is reversed. Instead of making monthly payments to a lender, 1 Stucki, Barbara, PhD. Use Your Home to Stay at Home Reverse Mortgages. Press Briefing. National Council on Aging. 26 January as with a regular mortgage, a lender makes payments to the homeowner. The homeowner can choose to receive the money from a reverse mortgage all at once as a lump sum; as fixed monthly payments either for a set term or for as long as the homeowner lives in the home; as a line of credit; or as a combination of these. The most popular option is the line of credit, which allows the homeowner to draw loan proceeds at any time. The amount of funds the homeowner is eligible to receive will depend on the homeowner s age (or the age of the youngest spouse in the case of couples), appraised home value, current interest rates, and the lending limit in the homeowners area. In general, the older the homeowner and the greater the home equity the more money the homeowner can receive. There are no specialincome or medical requirements. The homeowner may qualify for a reverse mortgage even if money is still owed on an existing mortgage. However, since the reverse mortgage must be in a first lien position, any existing mortgage must be paid off. The homeowner can pay off the existing mortgage with a reverse mortgage, money from savings, or assistance from a family member or friend. Requirement for Counseling Counseling is one of the most important consumer protections built into the program. It requires an independent third-party to make sure the homeowner understands the program and reviews alternative options before the homeowner applies for a reverse mortgage BenchMark Consulting International, N.A., Inc. All Rights Reserved.

2 Counseling is required for all reverse mortgages and may be conducted face-to-face or by telephone. By law, a counselor must review: options (other than a reverse mortgage) that are available to the prospective borrower other home equity conversion options that are or may become available to the prospective borrower the financial implications of a reverse mortgage the tax consequences affecting the prospective borrower s eligibility under state or federal programs and the impact on the estate for his or her heirs The homeowner can seek counseling from a local HUD-approved counseling agency or a national counseling agency such as AARP, National Foundation for Credit Counseling, or Money Management International. Repaying the Loan No monthly payments are due on a reverse mortgage while it is outstanding. The loan is repaid when the homeowner or the last remaining spouse (in cases of couples) dies, sells the home, or permanently moves out. The amount owed can never exceed the market value of the home. Furthermore, if the home is sold and the sale proceeds exceed the amount owed on the reverse mortgage, the excess money goes to the homeowner or their estate. Reverse Mortgage Alternatives Since the primary value driver in the reverse mortgage product is tapping the equity in the home, the alternatives to a reverse mortgage are typically selling the home or a conventional home equity line of credit or loan. Selling would be disruptive as it would require the homeowner to move, find a buyer for the current home, and typically pay realtor fees and related moving costs. While a home equity product would typically entail lower closing costs, qualifying may be more difficult. The home equity product could also pose the risk of losing the home if payments are not met. As with all financial services products, there are trade-offs and benefits to each product based on the customer s needs. Reverse Mortgage Products Home Equity Conversion Mortgage ( HECM ) Available since 1989, HECMs are insured by the federal government through the Federal Housing Administration (FHA), a part of the U.S. Department of Housing and Urban Development (HUD). The size of a HECM depends on the FHA maximum loan limit, which varies by county. For 2007, the FHA loan limits varied from $200,160 to $362, As part of the upfront closing costs, the homeowner must pay a mortgage insurance premium ( MIP ) equal to 2% of the principal limit amount plus an annual premium thereafter equal to 0.5% of the loan amount 3. The insurance premium guarantees that if the company managing the loan commonly called the loan servicer goes out of business, the government will step in and ensure continued access to the loan funds. Furthermore, the MIP guarantees that the homeowner will never owe more than the value of the home when the HECM must be repaid. In addition to the insurance premium, borrows typically pay an origination fee. With the HECM program, HUD limits the origination fee that a lender can earn to 2% of the maximum claim amount. The ongoing interest rate that the homeowner pays on a HECM is the same no matter which lender they choose. The rate is based on the 1-year U.S. Treasury bond plus a margin. The interest rate is a variable rate that can change either monthly or annually, based on the homeowner s decision. 2 Stucki, Barbara, PhD. Use Your Home to Stay at Home Reverse Mortgages. NCOA/Caresource Healthy Aging Briefing Series. National Council on Aging. 23 February About Reverse Mortgages Typical Costs in Getting a Reverse Mortgage. NRMLA. February, <www.nrmla.org>. BenchMark Consulting International 2 Reverse Mortgage Lending June 2007

3 Fannie Mae Home Keeper & Home Keeper for Home Purchase Mortgage investor Fannie Mae developed a proprietary Home Keeper reverse mortgage as an alternative to the federally insured Home Equity Conversion Mortgage. Headquartered in Washington, DC, Fannie Mae is the nation's largest home mortgage investor and a major reverse mortgage provider, whose products include the federally insured HECM. The Home Keeper was developed to address needs that could not be met by the HECM program such as individuals with higher property values, condominium owners, and seniors wishing to use a reverse mortgage to purchase a new home. Home Keeper loans can be larger than HECMs because Fannie Mae s maximum mortgage limit $417,000 for 2007 is larger than the locally applied FHA maximum mortgage limit. A consumer may choose to receive the funds from a Home Keeper as fixed monthly payments for life (i.e., for as long as the borrower occupies the home as his/her principal residence; a line of credit; or a combination of monthly payments and line of credit. Home Keeper borrowers are charged an origination fee that may not exceed 2 percent of the reverse mortgage amount, a monthly servicing fee ($15-$30), and other closing costs. Many of these can be financed and included in the mortgage. The interest rate charged on a Home Keeper reverse mortgage adjusts monthly and is equal to a fixed spread above an index rate the current weekly average of the one-month secondary market CD rate which is published by the Federal Reserve. One interesting feature of the Home Keeper is that the homeowner can use the program to purchase a new home all in a single transaction. The transaction reduces the out-of-pocket cash needed to buy a new home, eliminates any new monthly mortgage payment, and helps the homeowner keep more of the sales proceeds from the old house or a larger amount of savings to use for other purposes. Financial Freedom Cash Account Financial Freedom, a subsidiary of IndyMac Bank, introduced a "jumbo" proprietary reverse mortgage product called Cash Account to benefit homeowners living in higher-priced homes valued above the FHA and Fannie Mae lending limits. In addition to being offered by Financial Freedom, the program is also offered by other reverse mortgage lenders. In 2004, Financial Freedom introduced the Simply Zero Cash Account, the first-ever reverse mortgage loan to eliminate all up-front costs. With the Simply Zero Cash Account, borrowers are required to draw 100% of their maximum available benefit at loan closing. All Cash Account products offer the same benefits and consumer safeguards as reverse mortgages offered by other providers. CHIP (Canadian Home Income Plan) Reverse Mortgage for Seniors The CHIP Reverse Mortgage is available to homeowners in Canada who are age 62 and older. Senior homeowners can access up to $500,000 tax-free. The amount available to the homeowners is based on the appraised value of the home, the age and gender of the homeowners, marital status, property type, and location. The proceeds from the reverse mortgage may be received as a cash lump sum or the homeowner may choose to receive a lesser amount initially and then request subsequent advances on the remaining available amount. The CHIP Reverse Mortgage does not require repayment while the homeowners continue living in the home. Also, the loan amount to be repaid is guaranteed not to exceed the fair market value of the home at the time it is sold, protecting the balance of the senior s estate. Proceeds from the reverse mortgage are received tax-free and are not added to taxable income. Because no payments are required on the reverse mortgage while the homeowners are living in their BenchMark Consulting International 3 Reverse Mortgage Lending June 2007

4 home, interest is added to the outstanding balance and is compounded semi-annually. The full amount becomes due upon the death of the last surviving spouse, when the home is sold, or when the last surviving spouse moves out. The homeowner may leave the home for up to 12 months before the loan is considered payable - accommodating situations where a senior requires institutionalized medical/nursing home care for a short term. Aging Population The United States population is aging, with 35.9 million people age 65 and older. Statistics show that individuals who reach age 65 have an average life expectancy of 18.2 additional years. Furthermore, by 2030, there will be about 71.5 million people age 65 and older. 4 As a result, the interest level in the reverse mortgage product is on the rise. Seniors may leverage the reverse mortgage product to provide funding for healthcare needs and to maintain their standard of living by tapping into their homes equity while staying in their homes without worrying about payments. Thanks to an average annual long-term home price appreciation of more than 5%, the aggregate free and clear home equity owned by the targeted seniors is estimated at $1.5 to $2 trillion 5. This is a substantial customer base that will attract more lenders into the reverse mortgage business. Growing Reverse Mortgage Volume The primary FHA Home Equity Conversion Mortgage (HECM) is the most popular reverse mortgage product with 90%+ of the reverse mortgage market 6. As illustrated in the next column 7, the growth of this product has been impressive. Fiscal Year End # HECM Loans Closed , , , , ,049 Source of statistics: HUD Future growth of reverse mortgages will continue at an accelerated rate. The chart below 8 projects outstanding balances based on past growth rate and the aging population. Major Lenders The National Reverse Mortgage Lenders Association ( NRMLA ) attributes the explosive growth in reverse mortgages to several factors including high home appreciation rates which allow seniors to access greater amounts of equity, more lenders offering the product, and greater acceptance of reverse mortgages as a wealth management tool. As previously noted, Home Equity Conversion Mortgage originations jumped 77% in the past year. The growth has been accompanied by an influx of lenders. The NRMLA trade group reported that its membership grew by 35% in 2006, to 500 companies 9. 4 Moulton, Jeffrey. Introduction to Reverse Mortgage. FHA/VA/USDA Government Housing Finance Conference. Washington, DC. May 31 June 1, Zhai, David H., Ph.D. Reverse Mortgage Securitization: Understanding and Gauging the Risks. Moody s Investor Services. June Stucki, Barbara. NCOA/Caresource Healthy Aging Briefing Series. 23 February Year-by-Year Numbers. NRMLA. 8 Moulton, Jeffrey. Introduction to Reverse Mortgage. FHA/VA/USDA Government Housing Finance Conference. Washington, DC. May 31 June 1, Reverse Mortgage Volume Nearly Doubles From Last Year. NRMLA Press Release. 27 October BenchMark Consulting International 4 Reverse Mortgage Lending June 2007

5 For 2007, the leading Home Equity Conversion Mortgage producer is clearly Wells Fargo with other notable volume from Financial Freedom. Wells Fargo & Co. booked 27.1% of total originations in 2007 and second-place Financial Freedom (the IndyMac subsidiary) had a 10.5% share. Seattle Mortgage places third with a 3.2% share and Liberty Reverse Mortgage garnered a 3.0% share. The chart below illustrates the distribution of the top lenders volume % 25% 20% 15% 10% 5% 0% 2007 Reverse Mortgage Lending Market Share Wells Fargo Financial Freedom Seattle Mortgage Liberty Reverse Mortgage In April 2007, Bank of America announced it was acquiring the reverse mortgage business of Seattle Mortgage. According to David Rupp, Bank of America Home Equity Executive, We will leverage Seattle Mortgage s industry experience with Bank of America s leading distribution channels to achieve market leadership in this growing area of the financial services marketplace. 11 It appears Wells Fargo will now have additional competition in this space. Servicing Reverse mortgages pose unique servicing challenges. The servicer isn t required to process payments and make collection calls as it does in traditional mortgage transactions. Instead, it has unique responsibilities including monitoring each property s occupancy status (to determine if a maturity event has occurred) and condition, and ensuring that payment of taxes and insurance are 10 February BofA Buying Seattle s Reverse Mortgage Business. Home Equity Wire. 01 May current. To protect the collateral, the servicer must also monitor the maintenance of the mortgaged property by the borrower. Risks and Controls As record numbers of senior homeowners use reverse mortgages as part of their retirement planning, the need for comprehensive consumer protection has escalated and been endorsed. Broader understanding of these consumer protection features is responsible for wider acceptance of reverse mortgages, leading to over 900% growth in origination volume from 2001 through Disadvantages of Reverse Mortgages Consumer Considerations Reverse mortgages tend to be more costly than traditional loans because they are rising-debt loans. The interest is added to the principal loan balance each month. So, the total amount of interest owed increases significantly with time as the interest compounds. Other disadvantages may include: Reverse mortgages also use up all or some of the equity in a home. That leaves fewer assets for the homeowner and his or her heirs Lenders generally charge origination fees, closing costs, and servicing fees. Interest on reverse mortgages isn t deductible on income tax returns until the loan is paid off in part or whole Because homeowners retain title to their home, they remain responsible for taxes, insurance, fuel, maintenance, and other housing expenses. Lender Considerations Mortality, mobility, and price risks are the main drivers of credit risk for reverse mortgages. This is indicated by the unique characteristics of reverse mortgage cash flows. Cash flows available to pay investors depend on two fundamental factors: BenchMark Consulting International 5 Reverse Mortgage Lending June 2007

6 The timing of the repayment which is triggered by a maturity event The net liquidation value available from the sale of the property to repay the loan A maturity event occurs primarily when the borrowers no longer occupy the underlying property either because they die or move out. The net liquidation value is the sale price of the property net of sales cost and legal expenses. The main risk for a reverse mortgage loan is the delay of repayment due to a later-than-expected maturity event and the lower-than-expected net liquidation value of the property. Even though interest accrues on the loan, the repayment amount may be capped because the amount owed at maturity may exceed the net liquidation value of the property. The price realized upon the sale of the property triggered by a maturity event may be less than expected and, therefore, miss the targeted repayment amount of the loan, causing a loss to the lender. Such a price inadequacy is defined as a price risk. These risks are the main drivers of credit risk for securitized pools of reverse mortgages as well 12. Conclusion For mortgage brokers, mortgage bankers, and consumer bankers it is time to take note of the rising level of interest in the reverse-mortgage product. With an aging population, this product is rapidly gaining momentum and will provide an alternative for tapping into the home equity of seniors to provide a useful financial planning option. For both mortgage and consumer lenders, it is time to take note of the product and carefully evaluate the offering as part of the product suite. Because of the origination and servicing complications, it may be wise to partner with or acquire an experienced firm that understands the intricacies of reverse mortgage lending. Times are changing. Success requires an understanding of the marketplace and the flexibility to adjust to make sure you are adequately meeting your customer s needs. 12 Zhai, David H., Ph.D. Reverse Mortgage Securitization: Understanding and Gauging the Risks. Moody s Investor Services. June 2006 BenchMark Consulting International 6 Reverse Mortgage Lending June 2007

7 J. Brian King is Senior Vice President and Consumer, Mortgage, and Retail practice manager at BenchMark Consulting International. He has extensive background in mortgage and consumer lending, strategic planning and product development. BenchMark Consulting International has specialized in improving the financial services industry since The company is a management consulting firm that improves the profitability of its financial services customers through the delivery of management decision-making information and change management services to realize the benefits of business process changes. BenchMark Consulting International s expertise is in the measuring, designing, and managing of operational processes. The firm has worked with 39 of the top 50 (in asset size) commercial banks, all 14 automobile captive finance corporations, several of the largest consumer finance corporations and many regional and community banks throughout the United States. Internationally, BenchMark Consulting International has worked with the five largest Canadian commercial banks, more than 40 European organizations in 11 different countries, in addition to financial institutions in Latin America, Australia and Asia. The company is a wholly owned subsidiary of Fidelity National Information Services, Inc., with clients in more than 50 countries and territories, providing application software, information processing management, outsourcing services and professional IT consulting to the financial services and mortgage industries. BenchMark Consulting International has dual headquarters in Atlanta, Georgia and Munich, Germany. For more information please visit BenchMark Consulting International 14 Piedmont Center NE, Suite 950 Atlanta, GA (404)

THE NATIONAL REVERSE MORTGAGE LENDERS ASSOCIATION

THE NATIONAL REVERSE MORTGAGE LENDERS ASSOCIATION THE NATIONAL REVERSE MORTGAGE LENDERS ASSOCIATION The National Reverse Mortgage Lenders Association is a nonprofit trade association, based in Washington, DC, whose mission is to support the continued

More information

Just the FAQs: Answers to Common Questions About Reverse Mortgages. From the National Reverse Mortgage Lenders Association

Just the FAQs: Answers to Common Questions About Reverse Mortgages. From the National Reverse Mortgage Lenders Association Just the FAQs: Answers to Common Questions About Reverse Mortgages From the National Reverse Mortgage Lenders Association THE NATIONAL REVERSE MORTGAGE LENDERS ASSOCIATION The National Reverse Mortgage

More information

2005 National LTCi Producer Summit

2005 National LTCi Producer Summit 2005 National LTCi Producer Summit As Reverse Mortgage Popularity Soars, How Can You Tap the Growing Market? Adrian Prieto, Key Account Manager Financial Freedom Senior Funding Corp. Financial Freedom

More information

Converting Home Equity into Income: A Reverse Mortgage Review

Converting Home Equity into Income: A Reverse Mortgage Review Converting Home Equity into Income: A Reverse Mortgage Review Are you interested in the possibility of converting equity in your home into cash without having to move or assume debt that has to be currently

More information

Reverse Mortgage. Work With a Local Expert

Reverse Mortgage. Work With a Local Expert Reverse Mortgage Work With a Local Expert I offer a variety of reverse mortgages (HECM FHA, Jumbo, Purchase and Fixed Rate) designed to eliminate current mortgage payments and give borrowers easier access

More information

Reverse Mortgage Information

Reverse Mortgage Information Reverse Mortgage Information A reverse mortgage is a special type of loan used by older Americans to convert the equity in their homes into cash. The money from a reverse mortgage can provide seniors with

More information

Just the FAQs: Answers to Common Questions About Reverse Mortgages. From the National Reverse Mortgage Lenders Association

Just the FAQs: Answers to Common Questions About Reverse Mortgages. From the National Reverse Mortgage Lenders Association Just the FAQs: Answers to Common Questions About Reverse Mortgages From the National Reverse Mortgage Lenders Association THE NATIONAL REVERSE MORTGAGE LENDERS ASSOCIATION The National Reverse Mortgage

More information

Just the FAQs: Answers to Common Questions About Reverse Mortgages. From the National Reverse Mortgage Lenders Association

Just the FAQs: Answers to Common Questions About Reverse Mortgages. From the National Reverse Mortgage Lenders Association Just the FAQs: Answers to Common Questions About Reverse Mortgages From the National Reverse Mortgage Lenders Association Published by THE NATIONAL REVERSE MORTGAGE LENDERS ASSOCIATION The National Reverse

More information

Just the FAQs: Answers to Common Questions About Reverse Mortgages. From the National Reverse Mortgage Lenders Association

Just the FAQs: Answers to Common Questions About Reverse Mortgages. From the National Reverse Mortgage Lenders Association Just the FAQs: Answers to Common Questions About Reverse Mortgages From the National Reverse Mortgage Lenders Association Just the FAQs: Answers to Common Questions About Reverse Mortgages From the National

More information

Converting Home Equity into Income: AReverseMortgageReview

Converting Home Equity into Income: AReverseMortgageReview Converting Home Equity into Income: AReverseMortgageReview Are you interested in the possibility of converting equity in your home into cash without having to move or assume debt that has to be currently

More information

Reverse. Mortgage. Presentation

Reverse. Mortgage. Presentation Reverse Mortgage Presentation Copyright 2004, 2005, 2006 by National Reverse Mortgage Education Center All rights reserved Overview Enables homeowners age 62 and older to turn a portion of their home s

More information

1-800-290-3521 Extension 415 A Connecticut Company. Providing Our Clients With Excellent Opportunities... Outstanding Results

1-800-290-3521 Extension 415 A Connecticut Company. Providing Our Clients With Excellent Opportunities... Outstanding Results Reverse Mortgage Basics What is a reverse mortgage? The reverse mortgage is a safe and easy way for seniors to turn their home s equity into an additional source of income to meet any financial need. It

More information

Guide to Reverse Mortgages

Guide to Reverse Mortgages Guide to Reverse Mortgages Prepared by Steve Juetten, CFP Juetten Personal Financial Planning, LLC. www.finpath.com 425-373-9393 Disclaimer: the information in this report was prepared from reliable sources;

More information

THE ESSENTIALS REVERSE MORTGAGES

THE ESSENTIALS REVERSE MORTGAGES THE ESSENTIALS REVERSE MORTGAGES The MetLife Mature Market Institute Celebrating its 15-year anniversary in 2012, the MetLife Mature Market Institute is Metropolitan Life Insurance Company s (MetLife)

More information

Maggie O'Connell Reverse Mortgage Store 800-489-0986

Maggie O'Connell Reverse Mortgage Store 800-489-0986 The Essentials: Reverse Mortgages For many homeowners age 62 and over, a reverse mortgage could be an important tool for financial flexibility. It can provide a way to access part of your home equity to

More information

Nationwide Mortgage Licensing System #222955

Nationwide Mortgage Licensing System #222955 Nationwide Mortgage Licensing System #222955 Senior Concerns Is your mortgage paid off? Is your Social Security and/or pension sufficient? Rising costs of living: gas, health care, food, utilities, medications,

More information

Source: Genworth Financial Home Equity Access, Inc. Reverse Mortgage Study- 10/2008 2

Source: Genworth Financial Home Equity Access, Inc. Reverse Mortgage Study- 10/2008 2 REVERSE MORTGAGES 1 Source: Genworth Financial Home Equity Access, Inc. Reverse Mortgage Study- 10/2008 2 Benefits of a Reverse Mortgage Senior will receive money without having to leave their home No

More information

Reverse Mortgage Is it right for you?

Reverse Mortgage Is it right for you? Reverse Mortgage Is it right for you? Reverse Mortgages are being hyped as a tremendous tool for retirement income. This type of mortgage uses part of the equity in a home as collateral. A Reverse Mortgage,

More information

Enhance Your Financial Security. With a Home Equity Conversion Mortgage

Enhance Your Financial Security. With a Home Equity Conversion Mortgage Enhance Your Financial Security With a Home Equity Conversion Mortgage 1 Call for Additional Information 925-258-0386 1 Unlock Your Home s Equity We understand that you want to transition easily into the

More information

USA Reverse. Learn the Facts about Reverse Mortgages. Danny Glover - Human Rights Activist

USA Reverse. Learn the Facts about Reverse Mortgages. Danny Glover - Human Rights Activist Learn the Facts about Reverse Mortgages Danny Glover - Human Rights Activist Single-purpose Reverse Mortgages Single-purpose reverse mortgages are the least expensive option. They re offered by some state

More information

Just the FAQs: Answers to Common Questions About Reverse Mortgages. From the National Reverse Mortgage Lenders Association

Just the FAQs: Answers to Common Questions About Reverse Mortgages. From the National Reverse Mortgage Lenders Association Just the FAQs: Answers to Common Questions About Reverse Mortgages From the National Reverse Mortgage Lenders Association Published by THE NATIONAL REVERSE MORTGAGE LENDERS ASSOCIATION The National Reverse

More information

Summary What is a Reverse Equity Options Mortgage? Closing Costs Who would apply for this When is the mortgage paid type of loan? back?

Summary What is a Reverse Equity Options Mortgage? Closing Costs Who would apply for this When is the mortgage paid type of loan? back? Reverse Mortgage Credit Union Mortgage Association 9693-A Main Street Fairfax, VA 22031 Toll Free: (800) 231-8855 Ext. 128 Local: (703) 425-1204 Ext. 128 www.cumortgage.net Summary What is a Reverse Mortgage?

More information

Reverse Mortgage Information Guide

Reverse Mortgage Information Guide Reverse Mortgage Information Guide Table of Contents FHA Reverse Mortgages 3 Common Misconceptions about Reverse Mortgages 4 How the Program Works 4 Benefits of a HECM loan 4 HECM vs. Traditional Mortgage

More information

What You Should Know About Reverse Mortgages

What You Should Know About Reverse Mortgages What You Should Know About Reverse Mortgages The FHA s Program Reverse mortgages are becoming popular in America. HUD's Federal Housing Administration (FHA) created one of the first. The Home Equity Conversion

More information

Reverse Mortgages A Source of Funds for Retirement?

Reverse Mortgages A Source of Funds for Retirement? Reverse Mortgages A Source of Funds for Retirement? Many people make it a goal of their financial lives to invest in a home. It is a great accomplishment when that last mortgage payment is made. Can a

More information

The Facts. About Reverse Mortgages. without the hype

The Facts. About Reverse Mortgages. without the hype The Facts About Reverse Mortgages without the hype A reverse mortgage... Will it help me? Is it a good fit for my needs? Will I own my home? Do I qualify? Am I protected? These may be some of the thoughts

More information

Understanding Home Equity Conversion Mortgages

Understanding Home Equity Conversion Mortgages Understanding Home Equity Conversion Mortgages Discover how to Unlock the Equity in your Home Reverse Lending Experts What Are Your Financial Goals? Are you on track to meet your retirement needs and satisfy

More information

There are no asset or income limitations on borrowers receiving HUD's reverse mortgages.

There are no asset or income limitations on borrowers receiving HUD's reverse mortgages. DEPARTMENT OF HUD REVERSE MORTGAGE INFORMATION Homeowners 62 and older who have paid off their mortgages or have only small mortgage balances remaining are eligible to participate in HUD's reverse mortgage

More information

The Facts About Reverse Mortgages. without the hype

The Facts About Reverse Mortgages. without the hype The Facts About Reverse Mortgages without the hype A reverse mortgage... Will it help me? Is it a good fit for my needs? Will I own my home? Do I qualify? Am I protected? These may be some of the thoughts

More information

U.S. Government Guaranteed HECM Reverse Mortgage Information Guide

U.S. Government Guaranteed HECM Reverse Mortgage Information Guide To learn more please call our Reverse Mortgage Department at 302-283-4687 or toll free at 1-888-WSFSBANK (1-888-973-7226), or visit www.wsfsbank.com/reversemortgages. U.S. Government Guaranteed HECM Reverse

More information

Reverse Mortgage Presented by Ian MacGillivray, NMLS #638502 American Capital Corporation, NMLS #264422 Phone: 505-690-1089 Website:

Reverse Mortgage Presented by Ian MacGillivray, NMLS #638502 American Capital Corporation, NMLS #264422 Phone: 505-690-1089 Website: Reverse Mortgage American Capital Corporation, Phone: 505-690-1089 Website: http://mortgagepartners-santafe.com Contents I. What Is a Reverse Mortgage? II. Benefits and Typical Uses III. Is the Home at

More information

REVERSE MORTGAGES EXPLAINED

REVERSE MORTGAGES EXPLAINED REVERSE MORTGAGES EXPLAINED Thank you for considering a reverse mortgage loan. As you may know, a reverse mortgage loan is a very special type of loan that permits borrowers to convert some of the equity

More information

U.S. Department of the Treasury Information Guide Regarding Reverse Mortgage

U.S. Department of the Treasury Information Guide Regarding Reverse Mortgage U.S. Department of the Treasury Information Guide Regarding Reverse Mortgage Federal Housing Administration U.S. Department of Housing and Urban Development Basics about Reverse Mortgages What is a reverse

More information

Higgins Capital Management, Inc.

Higgins Capital Management, Inc. Higgins Capital Management, Inc. Deborah M. Higgins President and Founder 2223 Avenida de la Playa Suite 210 La Jolla, CA 92037 800-716-6510 858-459-7451 debbie@higginscapital.com www.higginscapital.com

More information

Reverse Mortgage Basics. Norma P. Garcia Senior Attorney Consumers Union May 28, 2012

Reverse Mortgage Basics. Norma P. Garcia Senior Attorney Consumers Union May 28, 2012 Reverse Mortgage Basics Norma P. Garcia Senior Attorney Consumers Union May 28, 2012 What is a reverse mortgage? It s a loan against the equity in an elder s home Instead of making monthly payments to

More information

U.S. Department of the Treasury Information Guide Regarding Reverse Mortgage

U.S. Department of the Treasury Information Guide Regarding Reverse Mortgage U.S. Department of the Treasury Information Guide Regarding Reverse Mortgage Federal Housing Administration U.S. Department of Housing and Urban Development This Consumer Advisory on Reverse Mortgages

More information

info sheet Selecting a Reverse Mortgage

info sheet Selecting a Reverse Mortgage info sheet Selecting a Reverse Mortgage Many older people are house-rich and cash-poor. They own a home, free and clear, that may be worth hundreds of thousands of dollars. Yet they have little income

More information

Your Reverse Mortgage Guide. Reaping The Rewards Of A Lifetime Investment In Homeownership

Your Reverse Mortgage Guide. Reaping The Rewards Of A Lifetime Investment In Homeownership Your Reverse Mortgage Guide Reaping The Rewards Of A Lifetime Investment In Homeownership Contents Make The Most Of Retirement!...3 Program Overview...3 4 What Is A Reverse Mortgage? Why Get A Reverse

More information

Senior Concerns. Will you outlive your money?

Senior Concerns. Will you outlive your money? NMLS #64997 Senior Concerns Is your mortgage paid off? Is your Social Security and/or pension sufficient? Rising costs of living: gas, health care, food, utilities, medications, etc. Fixed income with

More information

The following information is provided to you by U.S. Department of Housing and Urban Development.

The following information is provided to you by U.S. Department of Housing and Urban Development. The following information is provided to you by U.S. Department of Housing and Urban Development. Attachment C: Resources for Clients C.1 Important Information about Reverse Mortgage Counselors C.2 Reverse

More information

SENIOR BULLETIN: MEDICAID. Reverse Mortgage Loans

SENIOR BULLETIN: MEDICAID. Reverse Mortgage Loans VOL. 05-2 DATE: March 8, 2005 1 FROM: Joanna Otero 2 SENIOR BULLETIN: MEDICAID Reverse Mortgage Loans A reverse mortgage loan allows a homeowner to convert equity 3 in a home to cash. It is unlike a standard

More information

Reverse Mortgage Glossary of Terms

Reverse Mortgage Glossary of Terms Reverse Mortgage Glossary of Terms Acceleration Clause Adjustable Rate Annuity Appraisal Appreciation Available Principle Limit Change of Circumstance Closing Condemnation Correspondent Cost to Cure Credit

More information

The Facts. About Reverse Mortgages. without the hype

The Facts. About Reverse Mortgages. without the hype The Facts About Reverse Mortgages without the hype A reverse mortgage... Will it help me? Is it a good fit for my needs? Will I own my home? Do I qualify? Am I protected? These may be some of the thoughts

More information

Reverse Mortgage. Fast Facts Information to help you understand how a reverse mortgage may help you improve your quality of life.

Reverse Mortgage. Fast Facts Information to help you understand how a reverse mortgage may help you improve your quality of life. Reverse Mortgage Fast Facts Information to help you understand how a reverse mortgage may help you improve your quality of life. how can a reverse mortgage Help me? improve your quality of life with A

More information

Introduction to Reverse Mortgages...

Introduction to Reverse Mortgages... Introduction to Reverse Mortgages... A reverse mortgage is a loan that allows you to access a portion of the available equity in your home. The proceeds from the loan may be *tax-free and you choose how

More information

Reverse Mortgages. Presented by George Cooke, Realtor Coldwell Banker Seniors Real Estate Specialist (SRES) November 12, 2009

Reverse Mortgages. Presented by George Cooke, Realtor Coldwell Banker Seniors Real Estate Specialist (SRES) November 12, 2009 Reverse Mortgages Presented by George Cooke, Realtor Coldwell Banker Seniors Real Estate Specialist (SRES) November 12, 2009 Learn the ins and outs of Reverse Mortgages What to look for and what to avoid

More information

Turn the equity in your home into an income you can t outlive

Turn the equity in your home into an income you can t outlive Turn the equity in your home into an income you can t outlive What Is a Reverse Mortgage? A reverse mortgage is a loan designed for senior homeowners age 62 or older, that allows them to convert some of

More information

L.K. Benson & Company Lyle Benson, CPA/PFS, CFP 1107 Kenilworth Dr, Suite 302 Baltimore, MD 21204 410-494-6680 lyle@lkbenson.com www.lkbenson.

L.K. Benson & Company Lyle Benson, CPA/PFS, CFP 1107 Kenilworth Dr, Suite 302 Baltimore, MD 21204 410-494-6680 lyle@lkbenson.com www.lkbenson. L.K. Benson & Company Lyle Benson, CPA/PFS, CFP 1107 Kenilworth Dr, Suite 302 Baltimore, MD 21204 410-494-6680 lyle@lkbenson.com www.lkbenson.com Reverse Mortgages Page 1 of 6, see disclaimer on final

More information

Is A Reverse Mortgage Right for You?

Is A Reverse Mortgage Right for You? Is A Reverse Mortgage Right for You? NewRetirement s Guide to Reverse Mortgages www.newretirement.com (877) 394-1305 Table of Contents What is a Reverse Mortgage? Are You Eligible For a Reverse Mortgage?

More information

Operations & Technology

Operations & Technology Operations & Technology Using Reverse Mortgages to Fund Longevity Michael Banner National Education Director Security One Lending American C.E. Institute 1 Who Is Eligible? Clients over age 62 Principal

More information

The Cost and Benefit of Reverse Mortgages

The Cost and Benefit of Reverse Mortgages The Cost and Benefit of Reverse Mortgages Han B Kang Illinois State University ABSTRACT There has been a growing popularity of reverse mortgage among senior citizens who need cash. The loan allows homeowners

More information

Table of Contents Reverse Mortgage O verview... Reverse Mortgage K ey Questions... 5 Reverse Mortgage Pros and Cons... 7 Reverse Mortgage Borr

Table of Contents Reverse Mortgage O verview... Reverse Mortgage K ey Questions... 5 Reverse Mortgage Pros and Cons... 7 Reverse Mortgage Borr 1 Table of Contents Reverse Mortgage Overview... Reverse Mortgage Key Questions... Reverse Mortgage Pros and Cons... Reverse Mortgage Borrower Qualification... Reverse Mortgage Key Items... Reverse Mortgage

More information

January 28, 2015 Kauffman Conference Center

January 28, 2015 Kauffman Conference Center January 28, 2015 Kauffman Conference Center Changing Housing Needs for Older Adults Reverse Mortgages: Opportunities and Challenges Pete Mendenhall, CRMP, CAPS North American Savings Bank Understanding

More information

Put your home to work for you

Put your home to work for you Put your home to work for you Sara A. Cornwall 2507 Post Road, Southport CT 06890 Phone: 203-319-5014 Email: Sara.Cornwall@WellsFargo.com What is a reverse mortgage It s a home loan that enables you to

More information

Get the facts. What every homeowner who is at least 62 years of age should know about reverse mortgage loans

Get the facts. What every homeowner who is at least 62 years of age should know about reverse mortgage loans Get the facts What every homeowner who is at least 62 years of age should know about reverse mortgage loans Dino Guadagnino Reverse Area Sales Manager PHL Federal Reserve Meeting December 1, 2010 1 What

More information

Secure your financial future with a Reverse Mortgage today!

Secure your financial future with a Reverse Mortgage today! Steve Rivas President Call me with any questions always here to help. (888) 944-6262 steve@wphomeloans.com www.wphomeloans.com Secure your financial future with a Reverse Mortgage today! 1 What Are Your

More information

A GUIDE TO. reverse mortgages. Live the retirement you dreamed

A GUIDE TO. reverse mortgages. Live the retirement you dreamed A GUIDE TO reverse mortgages Live the retirement you dreamed Guide Content 14What Is A Reverse Mortgage? 24How Do I Qualify? 34 What Can A Reverse Mortgage Be Used For? 44How Much Money Could I Qualify

More information

Understanding Home Equity Conversion Mortgages

Understanding Home Equity Conversion Mortgages Understanding Home Equity Conversion Mortgages Discover how to Unlock the Equity in your Home Stephen Gargano Manager NMLS # 64495 Reverse Mortgage Dept SEFCU MORTGAGE SERVICES 1131 Rte 55, Suite 4 Lagrangeville,

More information

housing information www.housing-information.org Reverse Mortgages A project of Consumer Action

housing information www.housing-information.org Reverse Mortgages A project of Consumer Action housing information www.housing-information.org Reverse Mortgages A project of Consumer Action One of the major benefits of buying a home is the opportunity to build equity, or ownership, in the property.

More information

Consumer Guide. The NRMLA. to Reverse Mortgages

Consumer Guide. The NRMLA. to Reverse Mortgages The NRMLA Consumer Guide to Reverse Mortgages National Reverse Mortgage Lenders Association: Helping senior homeowners enjoy a comfortable retirement. Reverse mortgages are emerging as a significant financial

More information

Concierge Financial Planning, LLC Prepared for: December 01, 2014

Concierge Financial Planning, LLC Prepared for: December 01, 2014 Concierge Financial Planning, LLC Ann Minnium, CFP Principal 1371 Cooper Road Scotch Plains, NJ 07076 Tel: 908-756-3553 Fax: 908-756-1197 ann@conciergefp.com www.conciergefp.com Reverse Mortgages Prepared

More information

Legal Network News CALIFORNIA ADVOCATES FOR NURSING HOME REFORM

Legal Network News CALIFORNIA ADVOCATES FOR NURSING HOME REFORM Legal Network News CALIFORNIA ADVOCATES FOR NURSING HOME REFORM The Reverse Mortgage Trap by Tim Millar, CFP Reverse mortgages have been getting a lot of attention as the number of baby boomers reaching

More information

Enhance Your Financial Security. With a Home Equity Conversion Mortgage

Enhance Your Financial Security. With a Home Equity Conversion Mortgage Enhance Your Financial Security With a Home Equity Conversion Mortgage 1 Call for Additional Information 888.732.1005 1 Unlock Your Home s Equity We understand that you want to transition easily into the

More information

Secure your financial future with a Reverse Mortgage today!

Secure your financial future with a Reverse Mortgage today! Secure your financial future with a Reverse Mortgage today! 1 What Are Your Retirement Goals? Are you on track to meet your needs and satisfy your wants, now and in the future? Pay off your existing mortgage*

More information

Money from Home. A Guide to Understanding Reverse Mortgages

Money from Home. A Guide to Understanding Reverse Mortgages Money from Home A Guide to Understanding Reverse Mortgages Our Business Is The American Dream At Fannie Mae, we are in the American Dream business. Our Mission is to tear down barriers, lower costs, and

More information

HELPING YOUR CLIENTS USE THEIR HOME TO STAY AT HOME REVERSE MORTGAGES AND ESTATE PLANNING

HELPING YOUR CLIENTS USE THEIR HOME TO STAY AT HOME REVERSE MORTGAGES AND ESTATE PLANNING HELPING YOUR CLIENTS USE THEIR HOME TO STAY AT HOME REVERSE MORTGAGES AND ESTATE PLANNING Presented By Doni Dolfinger Reverse Mortgage Specialist UNDERSTANDING REVERSE MORTGAGES Your client s home is many

More information

Reverse Mortgages: A Guide for Consumers. A New Report from THE AMERICAN ADVISORY COUNCIL

Reverse Mortgages: A Guide for Consumers. A New Report from THE AMERICAN ADVISORY COUNCIL Reverse Mortgages: A Guide for Consumers A New Report from THE AMERICAN ADVISORY COUNCIL This publication is designed to provide accurate and authoritative information regarding the subject matter covered.

More information

Complete Guide to Reverse Mortgages

Complete Guide to Reverse Mortgages Complete Guide to Reverse Mortgages Contents I. What Is a Reverse Mortgage? 2 Reasons for taking out a reverse mortgage 2 Differences between reverse and traditional mortgages 2 II. Where to Get Reverse

More information

Reverse Mortgages. Federal Trade Commission ftc.gov

Reverse Mortgages. Federal Trade Commission ftc.gov Reverse Mortgages Federal Trade Commission ftc.gov If you re 62 or older and looking for money to finance a home improvement, pay off your current mortgage, supplement your retirement income, or pay for

More information

Chapter 16: Squeezing the Last Drop Additional Material

Chapter 16: Squeezing the Last Drop Additional Material Chapter 16: Squeezing the Last Drop Additional Material In my original manuscript, I had a more extensive discussion on reverse mortgages. Here s the full version. What about reverse mortgages? These are

More information

Overview of GNMA Reverse Mortgage Backed Securities (HMBS) Evaluations

Overview of GNMA Reverse Mortgage Backed Securities (HMBS) Evaluations Overview of GNMA Reverse Mortgage Backed Securities (HMBS) Evaluations April 8, 2010 Matthew Brodin, Director-Evaluated Services Lynn Barry, Manager-Structured Group Interactive Data Pricing and Reference

More information

The Effective Use of Reverse Mortgages in Retirement

The Effective Use of Reverse Mortgages in Retirement Page 1 of 8 Copyright 2009, Society of Financial Service Professionals All rights reserved. Journal of Financial Service Professionals July 2009 The Effective Use of Reverse Mortgages in Retirement by

More information

Consumer Guide. The NRMLA. to Reverse Mortgages

Consumer Guide. The NRMLA. to Reverse Mortgages The NRMLA Consumer Guide to Reverse Mortgages National Reverse Mortgage Lenders Association: Helping senior homeowners enjoy a comfortable retirement. Reverse mortgages are emerging as a significant financial

More information

What You Need to Know Before Considering a. Reverse Mortgage. Fair Housing Legal Support Center & Clinic

What You Need to Know Before Considering a. Reverse Mortgage. Fair Housing Legal Support Center & Clinic What You Need to Know Before Considering a Reverse Mortgage Fair Housing Legal Support Center & Clinic Reverse Mortgage Pros and Cons Pros A reverse mortgage may allow senior homeowners to age in place

More information

Mortgage Fraud. Table of Contents. Home Equity Scams Choosing a Loan Home Equity Dos Home Equity Don ts

Mortgage Fraud. Table of Contents. Home Equity Scams Choosing a Loan Home Equity Dos Home Equity Don ts Mortgage Fraud Table of Contents Home Equity Scams Choosing a Loan Home Equity Dos Home Equity Don ts Reverse Mortgages Home Loan Law HOEPA Prevents For more information on Mortgage Fraud visit: You could

More information

Enhance Your Financial Security

Enhance Your Financial Security Enhance Your Financial Security With a Home Equity Conversion Mortgage Many homeowners across the nation have chosen a Home Equity Conversion Mortgage (HECM) to help them meet financial and personal goals.

More information

Is a Reverse Mortgage Right for You?

Is a Reverse Mortgage Right for You? The information contained herein has been obtained from sources that we believe to be reliable, but its accuracy and completeness are not guaranteed. Any examples shown on this website are purely hypothetical

More information

Reverse Mortgages Overview

Reverse Mortgages Overview Reverse Mortgages Overview An Overview of Reverse Mortgages In 1987 President Ronald Reagan authorized the Department of Housing and Urban Development (HUD) to create the Home Equity Conversion Mortgage

More information

Statement of Barbara Stucki, PhD

Statement of Barbara Stucki, PhD Statement of Barbara Stucki, PhD Vice President, Home Equity Initiatives, National Council on Aging House Financial Services Subcommittee on Insurance, Housing and Community Opportunity Hearing on Oversight

More information

4235.1 REV-1 CHAPTER 1. GENERAL INFORMATION

4235.1 REV-1 CHAPTER 1. GENERAL INFORMATION CHAPTER 1. GENERAL INFORMATION 1-1 LEGISLATIVE HISTORY. The Housing and Community Development Act of 1987 (P.L. 100-242, 2/5/88) established a Federal mortgage insurance program, Section 255 of the National

More information

Home Equity Conversion Mortgage Basics

Home Equity Conversion Mortgage Basics Home Equity Conversion Mortgage Basics Kelly Zitlow NMLS#164330 Vice President, CMPS 480.398.4908 kzitlow@ccmclending.com www.kellyzitlow.com Cherry Creek Mortgage Co., Inc. NMLS#3001 AZ BK#0904024 17015

More information

If you re 62 or older and looking for money

If you re 62 or older and looking for money March 2011 Reverse Mortgages: Get the Facts Before Cashing in on Your Home s Equity If you re 62 or older and looking for money to finance a home improvement, pay off your current mortgage, supplement

More information

Questions and Answers About Reverse Mortgages. If you have questions or need our help, call <8XX-XXX-XXXX>.

<Servicer Logo> Questions and Answers About Reverse Mortgages. If you have questions or need our help, call <8XX-XXX-XXXX>. Questions and Answers , If you have questions or need our help, call . What is a reverse mortgage? A reverse mortgage is a loan

More information

THE FHA REVERSE MORTGAGE PROGRAM:

THE FHA REVERSE MORTGAGE PROGRAM: THE FHA REVERSE MORTGAGE PROGRAM: HELPING TEXAS SENIORS FINANCE RETIREMENT WITH THEIR OWN RESOURCES By: W. Scott Norman NMLS #543236 Sente Reverse Mortgage 901 S. MoPac, Building 4, Suite 125 Austin, Texas

More information

Assumable mortgage: A mortgage that can be transferred from a seller to a buyer. The buyer then takes over payment of an existing loan.

Assumable mortgage: A mortgage that can be transferred from a seller to a buyer. The buyer then takes over payment of an existing loan. MORTGAGE GLOSSARY Adjustable Rate Mortgage (ARM): A mortgage loan with payments usually lower than a fixed rate initially, but is subject to changes in interest rates. There are a variety of ARMs that

More information

If you re 62 or older and looking for money

If you re 62 or older and looking for money April 2009 Reverse Mortgages: Get the Facts Before Cashing in on Your Home s Equity If you re 62 or older and looking for money to finance a home improvement, pay off your current mortgage, supplement

More information

The New Tool For Retirement Income Planning. Presented by: Becky Bell, Regional VP, Mortgage Banking

The New Tool For Retirement Income Planning. Presented by: Becky Bell, Regional VP, Mortgage Banking The New Tool For Retirement Income Planning Presented by: Becky Bell, Regional VP, Mortgage Banking Why Consider a Reverse Mortgage? Allows Clients to Take a Dormant Asset (Home Equity) and Put it to Work

More information

WELCOME. To the Wonderful World Of Reverse Mortgages

WELCOME. To the Wonderful World Of Reverse Mortgages WELCOME To the Wonderful World Of Reverse Mortgages Reverse Mortgage Loans Borrowing Against Your Home Basic Questions: 1. Do you really need a reverse mortgage? -- Why are you interested in these loans?

More information

Seniors Reverse Mortgage Fact File and Answers to Frequently Asked Questions

Seniors Reverse Mortgage Fact File and Answers to Frequently Asked Questions Seniors Reverse Mortgage Fact File and Answers to Frequently Asked Questions A public information service from Access Reverse Mortgage 1-888-340-0305 2014 Access Reverse Mortgage Corp.. All rights reserved.

More information

Reverse Mortgage Education

Reverse Mortgage Education Reverse Mortgage Education Preface As people are continually living longer, they must plan financially to make sure their money outlives them, instead of outliving their money. As pension plans get cut

More information

Section D. Reverse Mortgage Loan Features and Costs Overview

Section D. Reverse Mortgage Loan Features and Costs Overview Section D. Reverse Mortgage Loan Features and Costs Overview Contents This section contains the following topics: Topic See Page 1. Types of Reverse Mortgage Products 5-D-2 2. Reverse Mortgage Loan Limits

More information

WILL REVERSE MORTGAGES RESCUE THE BABY BOOMERS?

WILL REVERSE MORTGAGES RESCUE THE BABY BOOMERS? September 2006, Number 54 WILL REVERSE MORTGAGES RESCUE THE BABY BOOMERS? By Andrew D. Eschtruth, Wei Sun, and Anthony Webb* Introduction Many of today s workers are at risk of having insufficient resources

More information

YOUR ROAD MAP TO A REVERSE MORTGAGE

YOUR ROAD MAP TO A REVERSE MORTGAGE BORROW WITH CONFIDENCE: YOUR ROAD MAP TO A REVERSE MORTGAGE National Reverse Mortgage Lenders Association Any new journey is much easier when you have a good map. The members of the National Reverse Mortgage

More information

GAO REVERSE MORTGAGES

GAO REVERSE MORTGAGES GAO United States Government Accountability Office Report to Congressional Committees July 2009 REVERSE MORTGAGES Policy Changes Have Had Mostly Positive Effects on Lenders and Borrowers, but These Changes

More information

Frequently asked questions for advisors

Frequently asked questions for advisors 1. How does your client qualify for a reverse mortgage? To become eligible for a reverse mortgage, the borrower must be at least 62 years old and own their home And have enough equity in the house to pay

More information

Reverse Mortgage Counseling Checklist

Reverse Mortgage Counseling Checklist Reverse Mortgage Counseling Checklist Have these items available for your counseling session... - Loan Comparison Page The calculator loan results is an estimate of available reverse mortgage programs

More information

How HECMs Work. Prepared by Genworth. Reverse Mortgages: A Financial Planning Tool

How HECMs Work. Prepared by Genworth. Reverse Mortgages: A Financial Planning Tool How HECMs Work Prepared by Genworth Reverse Mortgages: A Financial Planning Tool What is a HECM? A Home Equity Conversion Mortgage (HECM) is a FHA-insured non-recourse loan that allows homeowners, age

More information

REFERENCE ACTION ANALYST STAFF DIRECTOR 1) Insurance, Business & Financial Affairs Policy Committee 12 Y, 1 N, As CS Marra Cooper SUMMARY ANALYSIS

REFERENCE ACTION ANALYST STAFF DIRECTOR 1) Insurance, Business & Financial Affairs Policy Committee 12 Y, 1 N, As CS Marra Cooper SUMMARY ANALYSIS HOUSE OF REPRESENTATIVES STAFF ANALYSIS BILL #: CS/HB 845 Reverse Mortgage Loans to Senior Individuals SPONSOR(S): Insurance, Business & Financial Affairs Policy Committee, Legg TIED BILLS: IDEN./SIM.

More information