The National Revere Mortgage Lenders Association (NRMLA), puts out a monthly magazine appropriately named "Reverse Mortgage". ..
69-year-old Alice decides to sell her home and downsize. She sells her home for $325,000 and after $18,000 in closing costs and paying off a $30,000 HELOC balance has $277,000 remaining. However, she has fallen in love with a new patio home for $400,000. She knows she can’t afford it because she cannot afford a new mortgage payment plus the HOA dues on her SS and pension of $1,850 per month. But what if she didn’t have a mortgage payment*?...
In case you didn’t know, I have a 30 minutes radio show that airs on KLZ AM 560 every Thursday afternoon at 2:30 PM and replays on Saturday and Sunday. On October 18th, 25th and November 1st I discussed how to shop for a Home Equity Conversion Mortgage (HECM).This is the name for the FHA insured reverse mortgage. ..
On Friday, September 28th , the Federal Housing Administration (FHA) announced it will require a second appraisal on Home Equity Conversion Mortgages (HECM) that have been flagged by the agency as having the potential for an inflated property valuation (appraisal). Beginning on October 1st, lenders will have to submit all appraisals that have an FHA case number of October 1, 2018 or later, to undergo a “collateral risk assessment” conducted by FHA. ..
Get this 28 page Consumer Guide packed with all the facts you need to make an informed decision to see if a reverse mortgage is right for you.
American Liberty Mortgage, Inc.
Bruce E. Simmons, CRMP
Reverse Mortgage Manager
1932 W 33rd Ave
Denver, CO 80211
Direct: (303) 467-7821
Cell: (303) 513-2748
Toll Free: 1-877-467-7801
Fax: (303) 600-7871