Submitted by Neal S. Hutchinson; Reverse Mortgage Expert Early in 2009, I had decided to change careers and based on my education and experience, several people had recommended that I explore the mortgage industry. I was talking to a couple of different mortgage brokers at the time and felt certain that this was a good...Read More
A recent Participant Memorandum by GNMA (also known as Ginnie Mae) states that it will not allow fixed rate open-ended line of credit loans in its Home Equity Conversion Mortgage (HECM) Home Mortgage Backed Securities (MBHS) pool. Translation: this affects several lenders’ fixed rate products whereby the borrower — after taking the allowable lump sum...Read More
