Posted on November 26, 2005 by Steve
USA Today, November 21st, 2005
A recent study by the National Council on the
Aging concluded that 13 million older homeowners are candidates for
reverse mortgages. That doesn’t mean you should run out and get one.
But if you’re eating franks and beans three times a week so you can pay
for your heart pills, a reverse mortgage could improve your standard of
living.
A reverse mortgage is a loan against your home
that doesn’t have to be repaid until you move, sell your home or die.
You can receive a lump sum, a line of credit, monthly payments or a
combination. To qualify, you must be 62 or older. If the home is owned
jointly, both owners must be at least 62.
The amount you can borrow is based on your
home’s value, current interest rates and your age. The older you are,
the larger the loan amount.
Read more…
Posted on November 26, 2005 by Steve
Originatortimes.com, November 24th, 2005
WASHINGTON,
D.C. – For a fifth consecutive year, lenders originated a record number
of federally insured reverse mortgages, and the volume of borrower
applications being processed is even higher, according to the National
Reverse Mortgage Lenders Association.
During the most recent federal fiscal
year, ending September 30, the Federal Housing Administration (an arm
of the Department of Housing and Urban Development), insured 43,131
Home Equity Conversion Mortgages (HECMs) compared to 37,829 the prior
year. HECMs account for 90 percent of all reverse mortgages made in the
U.S
Read more…
Posted on November 26, 2005 by Steve
The New York Times, November 24th, 2005
WASHINGTON, Mich. – Until last February, Mary Ellen Geist was the
archetypal career woman, a radio news anchor with a six-figure salary
and a suitcase always packed for the next adventure, whether a
third-world coup, a weekend of wine tasting or a job in a bigger market.
But now, Ms. Geist, 49, has a
life that would be unrecognizable to colleagues and friends in Los
Angeles, San Francisco and New York City. She has returned to her
family home near Detroit to care for her parents, one lost to dementia
and the other to sorrow.
Ms. Geist sleeps in the dormered bedroom
of her childhood and survives without urban amenities like white
balsamic vinegar. She starts her days reminding her father, Woody, a
sweet-tempered 78-year-old who once owned an auto parts company, how to
spoon cereal from his bowl.
Read more…
