With all of the advanced warning and instructions we received from the state and many other sources, there can be no gray area when it comes to who has to have a license to originate loans in Arizona and how to get one. This is not the case for some loan officers who continue to ignore the SAFE Act requirements set by lawmakers that took affect on July 1, 2010.
Posts Tagged ‘Phoenix Arizona’
Unlicensed Loan Officers Still Operating in Arizona
Posted by Michael Manfredi on July 18th, 2010
Posted in Arizona Reverse Mortgage, Reverse Mortgage 
Tags: Arizona, arizona state laws, azdfi, Federal Housing Administration, HECM, loan officer fines, loan officer license, loan officer training, loan officers, Phoenix Arizona, Reverse Mortgage, reverse mortgage rates, reverse mortgages, state of arizona, United States Department of Housing and Urban Development, unlicensed loan officer 
2 Comments »Top 10 Disadvantages of Reverse Mortgages
Posted by Michael Manfredi on July 13th, 2010
I get the question a lot from prospective borrowers, “What are the disadvantages of a Reverse Mortgage?” It is a very easy question to answer because there actually are a few.
- Reverse Mortgages are Home Equity Loans and they will reduce the amount of equity you have in your home.
If you are in the market for a Reverse Mortgage, you probably are not trying to preserve long term equity, so this may not be a specific concern.
- Reverse Mortgages are currently insured by the Federal Housing Authority (FHA) so the collateral for the loan, your home, must meet the HUD minimum property guidelines.
This is particularly difficult in some instances such as with mobile homes and condominiums.
- Reverse Mortgages are difficult to obtain if your loan closes with your property in a trust.
Posted in Reverse Mortgage Tags: advantages, Arizona, disadvantages, Federal Housing Administration, FHA, Fixed Interest Rate, HECM, Home equity, jumbo reverse mortgage, Phoenix Arizona, rates, Refinancing, reverse mortgage lender, reverse mortgage refinance, United States Department of Housing and Urban Development 2 Comments »Reverse Mortgage Phoenix
Posted by Michael Manfredi on April 29th, 2010
I am a Reverse Mortgage Specialist in Phoenix Arizona with ten years experience. The most common problem home owners face when doing a reverse mortgage in Phoenix is getting a fair appraised value for their home. In addition, if repairs or violations exists, the home owner can be faced with less money to access at the closing of the reverse mortgage. To avoid these pitfalls, an experienced Phoenix reverse mortgage specialist will come out to your home and do a free, in-home inspection to identify any problems that may exist, before the appraiser’s visit. Getting a reverse mortgage in Phoenix should be easy, don’t trust your project to an inexperienced reverse mortgage lender.
