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| Seniors protected with new bill for reverse mortgage | | Pub Date: Fri, 11 Jul 2008 10:00:00 EST | | |
The financial services industry is worried about a Senate housing bill introduced by Sen. Claire McCaskill (D-Mo). In the bill is a provision that would prevent providers of reverse mortgages from selling borrowers another investment for the proceeds of the loan. This provision is designed to protect seniors from abusive marketing that could cause them to lose one of their few remaining assets. Since reverse mortgages have come into the market, many seniors have been pressured into investing the proceeds of the loan into another product like deferred annuities or long-term care insurance. The problem is that the value of the annuity will never catch up as fast as the debt on the reverse mortgage, and long-term care insurance may not be appropriate for every borrower’s situation. The financial industry opposes the language because it would require borrowers to go to a separate financial services firm if they wish to invest the proceeds of the loan, which they believe is an interference with a long-term relationship. |
| | Mortgage insurance industry in trouble | | Pub Date: Wed, 09 Jul 2008 10:00:00 EST | | Mortgage insurance is very important part of the housing market, as it allows Americans to buy a home with less money down. It is required by the lender when borrowers can’t afford the traditional 20% down payment, just in case they default on their payments. [...] read more |
| | Federal Reserve reports on government intervention for the housing crisis | | Pub Date: Tue, 08 Jul 2008 10:00:00 EST | | A Federal Reserve study released Monday states that large-scale government intervention in the US housing crisis would be counterproductive and prevent a "necessary" correction in home prices. [...] read more |
| | Extra cash options for seniors | | Pub Date: Mon, 07 Jul 2008 10:00:00 EST | | If you are over 62 years old, own your home, and need extra cash for whatever reason, you have a few options. One option is to sell your home and downsize to a smaller home. By moving to a smaller home, the amount you pay on property taxes and insurance will probably reduce. [...] read more |
| | No more 5 percent down in troubled real estate areas | | Pub Date: Wed, 02 Jul 2008 10:00:00 EST | | Since earlier this year, Fannie Mae and Freddie Mac established a policy which penalized buyers in troubled real estate markets with 5% higher down payments. [...] read more |
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Reverse Mortgage Loans Colorado gives reverse mortgage loan information and resources to direct homeowners through the reverse mortgage loan process. Reverse Mortgage Loans Colorado can help you find a top reverse mortgages professional, the best educational information on reverse mortgages, important links to external reverse mortgages resources, like the NRMLA and HUD and more. Our site connects you with local reverse mortgage brokers that will help you through the reverse mortgages process to ensure a successful loan. We also provide answers to frequently asked questions, articles and a blog with relevant current news. If you or a loved one are aged 62 or over, get the facts about the reverse mortgages loans, find out if they meet your mortgage requirements and review the steps you will take if you decide to start the reverse mortgage loan process. We encourage you to read our privacy policy and terms of use and hope that a Reverse Mortgage Loans is right for you.
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| The State of Colorado is a state located in the Rocky Mountain region of the United States of America. Colorado may also be considered to be a part of the Western and Southwestern regions of the United States. The United States Census Bureau estimates that the state population was 4,753,377 in 2006, a 10.49% increase since U.S. Census 2000. Denver is the capital as well as the most populous city of Colorado. Citizens of Colorado are known as Coloradans. |
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