Posts by: Michael Manfredi

Reverse Mortgages for the Elderly

By On August 10, 2011

Are you age 62 or older? If so, many reverse mortgage journalists believe you may be elderly. In fact it is common to read articles about reverse mortgages, the fraud and scams related to reverse mortgages and the elderly borrowers who are the victims. I have been originating reverse mortgages for over ten years now and can’t remember the last “elderly” borrower I had the pleasure of meeting. I would not be opposed to offering to protect anyone who may need a little extra protection but to throw a blanket over the entire industry and refer to the customers as elderly is wrong.

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Reverse Mortgage Scam, Scare

By On August 10, 2011

Reverse Mortgage marketing on the web contains it’s fair share of misinformation and in its most popular form it is the scam article.  Looking for reverse mortgage information on the internet has become easier in recent years but I’m sorry to see the results of these searches has gone from informative article to web marketing traffic grabber.  For example, the search “Reverse Mortgage Scam” returns 689,000 pages on Google but they are not all about scams and many of them are not factual. It seems there is a growing trend to exaggerate or just plain lie about reverse mortgage scams to garner attention and use that attention to, well, sell reverse mortgages. The scams they tell about range from telemarketers calling on folks to ask them for personal information that can be used to steal their identity to outright accusations of the loan itself being a scam. I am not going to be so naive as to say that some types of reverse mortgage fraud have never occurred but you may be surprised to know they are less likely than what the web is all ablaze about.

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Reverse Mortgage Borrower Assessment Explained

By On August 3, 2011

The implementation of a financial assessment tool is now imminent for reverse mortgage applications.

After Wells Fargo recently exited the business, citing borrower tax defaults as a major reason, the issue has been front and center for industry execs.

There is talk about a uniform 50% debt to income ratio being applied to all new reverse mortgage applications. Debt to income ratios would be assessed after the benefit of the reverse mortgage proceeds were taken into account. Your monthly scenario could look somthing like the following.

Before the reverse mortgage:

$1000  mortgage payment (including taxes and insurance)

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Fragile Housing Market Cannot Handle Imminent Lower Loan Limits

By On July 31, 2011

National Reverse Mortgage Lenders Association Co-Signs Letter Request for Loan Limit Extension

The letter, seeking a one-year extension of current FHA mortgage loan limits, was written by several trade associations and points out the ”tight underwriting already constraining mortgage availability.”

Current FHA lending limits are set to adjust back to normal on September 30 of this year after having an upward adjustment that allowed borrowers to get more money out of thier refinances, pay off higher mortgages and purchase more expensive homes. The upward adjustment has greatly benefitted all of the 11 organizationa that signed the letter as well as the stalling econimic recovery.

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Reverse Mortgage, Now Is The Time

By On June 28, 2011

With all of the changes in the reverse mortgage industry lately, it can be stunning when researching lenders and products. It is important to know that even with the decisions of Wells Fargo and Bank of America to exit the reverse mortgage business, there remains a core group of lenders that use 100% of their resources to deliver reverse mortgages to borrowers over age 62, nationwide.

These lenders are an elite group of banks that specialize in reverse mortgage lending and have vast experience with these loans. While other banks are pulling out, these lenders keep growing and expanding and making reverse mortgages more affordable than ever.

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