McGowin-King Mortgage

What is a non-recourse loan?

dandelionadmin — Fri, 11 Sep 2015 19:53:03 +0000

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

The post What is a non-recourse loan? first appeared on McGowin-King Mortgage.

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

dandelionadmin — Tue, 02 Sep 2014 20:45:31 +0000

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

The post For Seniors: The good and bad of the Fed’s monetary policy first appeared on McGowin-King Mortgage.

AARP Article

dandelionadmin — Thu, 01 May 2014 14:16:36 +0000

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

The post AARP Article first appeared on McGowin-King Mortgage.

First-hand Reverse Mortgage Account

dandelionadmin — Mon, 14 Apr 2014 20:36:44 +0000

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

The post First-hand Reverse Mortgage Account first appeared on McGowin-King Mortgage.

GNMA Participant Letter limits HECM HMBS pool.

dandelionadmin — Fri, 04 Apr 2014 15:43:48 +0000

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

The post GNMA Participant Letter limits HECM HMBS pool. first appeared on McGowin-King Mortgage.

Kudos to Birmingham’s Stewart Welch

dandelionadmin — Mon, 24 Mar 2014 16:17:24 +0000

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

The post Kudos to Birmingham’s Stewart Welch first appeared on McGowin-King Mortgage.

Yay! Kipplinger Gets It Right!

dandelionadmin — Mon, 17 Mar 2014 15:53:55 +0000

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

The post Yay! Kipplinger Gets It Right! first appeared on McGowin-King Mortgage.

Senior Swimming Pool

dandelionadmin — Wed, 12 Mar 2014 19:42:42 +0000

Not everyone can afford a swimming pool – here is one senior homeowner’s solution.

The post Senior Swimming Pool first appeared on McGowin-King Mortgage.

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

dandelionadmin — Fri, 24 Jan 2014 15:53:08 +0000

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

The post Who is caring for the caregivers? Can a HECM help? first appeared on McGowin-King Mortgage.

Alabama Reverse Mortgage update

dandelionadmin — Wed, 15 Jan 2014 15:25:57 +0000

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

The post Alabama Reverse Mortgage update first appeared on McGowin-King Mortgage.