Currently viewing the tag: "Phoenix Arizona"

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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FHA Reverse Mortgage Fees Change Again

By On September 29, 2010

Recent changes in the HUD insured reverse mortgage program has left some of us scratching our heads, again. The program, once described by many as “Too good to be true,” is having a hard time living up to that comment in light of the new fee changes set to go into affect in October of this year.

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Unlicensed Loan Officers Still Operating in Arizona

By On July 18, 2010

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.

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Top 10 Disadvantages of Reverse Mortgages

By On July 13, 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.
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Reverse Mortgage Phoenix

By On April 29, 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.

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