What is a non-recourse loan?

A non-recourse loan means that when your home is sold to repay the loan, neither you nor your family will be required to pay more than the sales price of the home. The FHA insurance will pay for any shortfall, so long as your home sells for at least 95% of the current appraised value...Read More

For Seniors: The good and bad of the Fed’s monetary policy

One of the negatives of our Federal Reserve’s policy to expand our money supply and keep interest rates down is that seniors who have lived frugally and built up savings over the years, have not had an adequate return on those investments.  There is, however, good news.  With lower interest rates, Alabama reverse mortgage borrowers...Read More

AARP Article

Regular contributor to the AARP magazine, Jane Quinn, makes some interesting observations and recommendations. Ms. Quinn points out that 41% of American’s age 64-74 carry debt on their home. This is up an astounding 87% from just two decades ago. Later in the article, Ms. Quinn points out that a reverse mortgage is a option...Read More

First-hand Reverse Mortgage Account

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

GNMA Participant Letter limits HECM HMBS pool.

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

Kudos to Birmingham’s Stewart Welch

Media reporting on reverse mortgages has long been plagued with inaccuracies. Fortunately for prospective Birmingham reverse mortgage borrowers, Stewart Welch understands FHA's Home Equity Conversion Mortgage (HECM) program. Currently, over 99% of all reverse mortgages are HECMs and in the March 23, 2014 Sunday edition of the Birmingham News Mr. Welch explains how they can...Read More

Yay! Kipplinger Gets It Right!

Misperceptions about reverse mortgages are rampant and most date back to types of reverse mortgage loans that have not existed for over a decade.  One of the most common errors made in media reports are that upon getting a reverse mortgage the borrower loses ownership of their home.  Nothing could be further from the truth.  A...Read More

Who is caring for the caregivers? Can a HECM help?

During most of our lifetimes, we will either be a caregiver for a parent or elderly relative, or we will need someone to care for us when that time comes.  Sacrifices made by caregivers are manifold: personal money spent, time away from family and/or work, lost wages, etc. This can add up to a lot...Read More

Alabama Reverse Mortgage update

There’s good news for Alabamians who may be interested in a reverse mortgage. FHA is continuing the $625,500 ceiling on home values for reverse mortgage purposes. The limit for Alabama homes was $200,00 just seven years ago. This $625,500 is a nation-wide amount, which favors Alabamian reverse mortgage prospects. In high value property states (such as...Read More
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Better Business Bureau - Accredited Business
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