Simi Valley Reverse Mortgage Update
Are Reverse Loans in Trouble, Too? The answer is, “no”. The only issue facing the reverse mortgage industry is the question of appraisals. Due to the decline in property values over the course of the last 18 months, this is the one area that could have a negative effect on my ability help seniors obtain a Reverse loan. If the decline in property values has not threatened Loan to Value ratios needed for a reverseve mortgage, then seniors looking for a solution to help supplement their shrinking retirement income should look into this type of financing while rates are low. If non senior spending money has shrunk lately due to the huge issues in the market place and inflation, put yourself in a senior’s position.
Due to the fact that seniors are on a fixed income and if they’re were able to create a retirement portfolio; seniors have seen the value of their investments decline along with the rest of the economy. Funds from a reverse mortgage can stop the bleeding and if a senior is faced with a foreclosure, a reverse mortgage could be the answer to keeping their home.
As of this date, we are still waiting for HUD’s council to determine what the new lending limit will be for Reverse loans. It will be a single, national lending limit and not base on individual counties. But the figure is still up in the air. Without a doubt, it will be at least $417K with further possibilities of $625K or some sort of combination there of.
If you have any questions as to how a Reverse loan can help you, your friends, associates or their parents, please call me. And one more reminder! The bank does not take the property at the end of the loan; it goes to the heirs.
For more information, I would be happy to answer any of your questions.
Lorraine Jones
Reverse Loan Consultant
Certified Senior Advisor
National Reverse Mortgage Lenders Assoc.
National Council on Aging
NAIFA
805-304-3574
www.reverseloanconsultant.com
Hi,
I greatly enjoyed looking through your blog and found some informative posts on finance.I have also some finance related web sites having more information regarding various financial problems and its solutions.So,I think it would be beneficial for both of us if we will join in a community and become link partners to each other which will help your blog/site in getting more Google values.If you are interested then please contact me at- davidsimonds007(at)gmail.com
Thanks,
David