Reverse Mortgage counseling has taken another turn in the wrong direction in my opinion. The counselors now wield more influence over the borrower’s ability to get a reverse mortgage, whether or not they are qualified to do so. During the process of reverse mortgage counseling, counselors are required to give a pass/fail exam to the borrower who may or may not receive the certificate and may or may not pass go to get the reverse mortgage. If the borrower does not demonstrate basic knowledge then the certificate is not issued. Here is my problem with that.
Posts Tagged ‘reverse mortgages’
Reverse Mortgage Counselors Fail
Posted by Michael Manfredi on August 7th, 2010
FHA Insured Reverse Mortgage Monthly Premiums to Rise
Posted by Michael Manfredi on July 27th, 2010
I thought it would be necessary to post this article just after my last “Lowest Reverse Mortgage Fees” because there are definitely some issues of concern about the ongoing costs of reverse mortgages, or any FHA loan for that matter. The last article defined the reasons for the dramatic decrease in up-front closing costs and fees associated with obtaining the reverse mortgage while this article aims to discuss the ongoing fees and charges that appear on a borrower’s reverse mortgage statement and thus, are added to the loan balance.
Unlicensed Loan Officers Still Operating in Arizona
Posted by Michael Manfredi on July 18th, 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.
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 »Reverse Mortgages and Annuities
Posted by Michael Manfredi on July 12th, 2010
While I agree that a reverse mortgage is not right for everyone, I also see evidence that only a small number of homeowners trust them or the potential opportunities they create. Not everyone uses them to pay off bills or help out a friend. I have recently had reverse mortgage clients use the proceeds of their loans to diversify into gold, annuities and bargain-priced real estate. Whatever the outcome of those investments may be, the one principle that I understand and respect that is being followed here is diversification.
While some may say that to borrower and invest is not right, others will use leverage from margin accounts or short selling which is also borrowing and investing and usually for the purposes of hedging or timing another investment opportunity.
Take Charge America Now Offering Reverse Mortgage Counseling
Posted by Michael Manfredi on July 9th, 2010
Take Charge America, headquartered in Phoenix, Arizona recently began offering reverse mortgage counseling nationwide. Take Charge says they have two reverse mortgage counselors who have been approved by the US department of Housing and Urban Development (HUD) to provide reverse mortgage counseling. For a limited time, they will be providing reverse mortgage counseling free of charge To make an appointment call (866) 987-2008 or (623) 302-7213, (623) 302-7204.
Take Charge America, Inc., is a non-profit financial education, credit counseling, housing counseling and debt management agency.
Michael A. Manfredi is a Reverse Mortgage Specialist in Phoenix, Arizona
Arizona Reverse Mortgage 4.99% Fixed
Posted by Michael Manfredi on April 24th, 2010
Reverse Mortgage Concepts is offering Arizona Reverse Mortgage borrowers a rare opportunity to lock in a 4.99% fixed for life, reverse mortgage in Arizona with no lender fees and no servicing fees. A free home inspection will be performed to qualify. Please contact me directly for more information.
Michael Manfredi is an Arizona Reverse Mortgage Lender
(800) 507-2080
7310 N 16th Street #315
Phoenix, AZ 85020
Arizona Reverse Mortgage Lending Limit History
Posted by Michael Manfredi on April 18th, 2010
A decade long look at Arizona reverse mortgage lending limits in Maricopa County Arizona.
