Access reverse

With the meltdown of the sub-prime mortgage industry, literally thousands of sub-prime mortgage brokers have started offering reverse mortgages.  It is likely that the majority of companies selling reverse mortgages have been at it less than a year and are processing fewer than one reverse mortgage per month.  Many have never written a reverse mortgage at all, ever! 

Here’s what you should consider in a reverse mortgage company:

:Licensed with FHA/HUD as a reverse mortgage lender or correspondent lender?

:Licensed with the state as a reverse mortgage lender or correspondent lender?

If you are a homeowner, you’ve likely seen the news about the Housing Stimulus Plan being passed through Congress right now.The plan offers refinance plans for those in adjustable rate mortgages, tax breaks for first time home buyers, and huge economic incentives to bail out the big lenders that are in trouble today. These measures are all designed to protect our economy, and to stop the huge increases in foreclosure filings being seen every day across the country. Unfortunately, the guidelines to refinance into a fixed rate loan with this new plan won’t allow you to refinance if you can’t afford the new payments. They also will require you to verify you have the income, assets and credit to qualify for the new refinance. This leaves thousands of borrowers with few options — particularly seniors on a fixed income. Many seniors have considerable equity built up in their homes but, with rising fuel, food, and medical costs, they are struggling to pay their bills. Social Security just isn’t enough, and we’ve all seen private pensions aren’t as secure as we were told! I talk with seniors every day that own their home, have a mortgage they’ve paid on for years, and are now facing the choice between paying their mortgage and buying the medicine they need to live.