I am wondering if any of these positions will be for their Reverse Mortgage operations…

Quicken Loans Inc., the nation’s largest online lender, is hosting a career fair on Saturday, September 17, 2011 from 10 a.m. to 1 p.m. at its Detroit headquarters inside the Compuware Building. The company is seeking to hire more than 500 team members for several areas of the business including mortgage banking, marketing, technology and more.

A listing of available positions can be found at http://www.quickenloanscareers.com.

The company also operates a centralized loan processing facility in Michigan as well as its San Diego-based One Reverse Mortgage unit.

Source: DigitalJournal.com

Gary is a Reverse Mortgage and FHA Loan Professional, who will gladly assist seniors in Colorado, Utah, and the surround areas.

Don’t hesitate to call Gary directly at 1-888-546-9927.

Reverse Mortgages offer seniors the ability to access the equity in their homes so that they may age in place, improve the quality of their lives and live a more fulfilling retirement. Seniors 62 or older can convert part of the equity in their home into tax-free income without selling the home or giving up title. Borrowers can use the funds any way they wish and they make no payments on a reverse mortgage during the life of the loan.

Since you are not required to make payments, the risk of losing your home for not making payments is removed.
There are no income, health, or credit qualifications needed. Rather than making payments the mortgage is paid off when the home is no longer the primary residence of the borrower.
As a non-recourse loan, the borrowers are never required to pay more than the home is worth.
The older a person is the more one can access.
When using the HECM line of credit option, the unused portion of the line of credit grows.
The proceeds are tax free* and Social Security and Medicare are not affected. *Consult a tax advisor.
An important consumer safeguard is the FHA requirement that the borrower obtain third party counseling.
There are no restrictions on how the proceeds can be used.
You can stay in your home as long as you choose and access the cash now.

Now you can even use a reverse mortgage to purchase a home, perfect for thode who are thinking about downsizing.

Here is some news about the new jumbo product from Generation Mortgage.

The product is tailored specifically for seniors whose homes appraise higher than than $1,000,000 said the company.

“Many owners of higher-valued homes find themselves in the position of being house rich and cash poor,” said Jeff Lewis, Chairman of Generation Mortgage. “With our Plus loan, these owners can receive the liquidity they require without having to sell their home or other assets. And, with an improving real estate market, this offering becomes even more attractive.”

According to the company, the minimum home value eligible is $500,000.  Borrowers are required to receive a HECM counseling certificate in order to obtain the loan and the product includes a $25 servicing fee (not a set aside).  Additionally, seniors can use the Prime to purchase a home.

When we have more details and a calculator we will post them here…

In the meantime, simply call 1-888-823-6125 to speak with an expert.

Reverse Mortgage Fees

One of the major complaints about Reverse Mortgages as a whole is that they are too expensive.  Well, that problem has now been fixed and this article will explain how lenders have removed their service fee, taken out their origination fee, and what these changes mean for you.

The Reverse Mortgage is a loan, and like any normal forward mortgage, it has a service fee.  However, in a Reverse Mortgage, or HECM which stands for Home Equity Conversion Mortgage, the service fee is collected out the loan proceeds and is paid each month by your lender.  By removing this fee, Borrowers can now receive much more money from their loan than ever before.

Along with removing the service fee, Reverse Mortgage Lenders have also removed the Loan’s Origination Fee!  There are two major charges involved with this product. The Mortgage Insurance Premium, which is an amount that calculated by taking 2% of the home’s appraised value.  The other is the Origination Fee which is also calculated by taking 2% of the home’s value, although recently most lenders have capped their fee at $6,000.

Both of these major changes mean on thing:  More Money for you, the borrower!  By removing the origination fee, these banks and mortgage lenders have removed close to half of the fee’s involved in a Reverse Mortgage.  The removal of the service is also great because it should increase your available funds by $3,000-$6,000!  There is now more money available for you to pay off your current mortgage, increase income, and create investment capital for insurance policies, savings plans, bonds, and securities.  All of this should increase your enjoyment of your retirement and make sure your home is always safe from foreclosure and default.

There are several lenders, but not all, who have made these dramatic changes in the competitive nature of Reverse Mortgages.  To find out which lenders have taken out these fees to make your Reverse Mortgage better, either contact ReverseMortgageSafety.com by filling out a form or contact each lender directly to see if they have removed their fees.

Florida Reverse Mortgage Bill

Florida’s proposed reverse mortgage bill, SB 1532, passed the Florida Senate by a unanimous vote and now waits to be considered by the House of Representatives. The House version of the Bill, HB 845, is on the agenda to be reviewed by the Policy Committee on Friday.

More details will be posted here.

I think the projected volume is due the low appraisal values that are plaguing the industry.

According to a recently released report by the Department of Housing and Urban Development (HUD), the Federal Housing Administration is projecting that reverse mortgage endorsement volume will decline in 2010.  It would be the first year over year decline the industry has experienced in at least a decade. According to the report, FHA estimates the industry will endorse 106,875 HECMs during HUDs fiscal year 2010 which represent a 7% decline from endorsements in 2009.

To find out if an appraisal value will effect your Reverse Mortgage, simply call the help line at 1-888-823-6125.

The US Department of Housing and Urban Development has finally officially extended the loan limits for its FHA insured reverse mortgage program with Mortgagee Letter 2009-50.

There was a risk that after the end of the year, Reverse Mortgage Loan limits may have been reduced back to the limit previously set at $417,000. The excellent news is that the the lending limit is now going to be extended for another year.

The current CR mandates that the revised FHA loan limits for 2010 are set at the higher of the loan limits established under the Economic Stimulus Act of 2008 (ESA) or those loan limits otherwise established for 2010 as amended by the Housing and Economic Recovery Act of 2008 (HERA).

Under provisions of the recent CR, the national FHA loan limit for the HECM program in 2010 remains at $625,500 (150 percent of the national conforming limit). In the special exception areas (AK/HI/GU/VI), the maximum claim amount on HECM mortgages is the same $625,500 limit as in all other areas. The loan limit shall be effective for all HECMs that have been assigned a FHA case number on or after the effective date of this Mortgagee Letter.

To read about the increase in lending limits, click here!

Reverse Mortgage Fraud
Reverse Mortgage Requirements
Reverse Mortgage Calculation
Reverse Mortgage Loan Officer
Reverse Mortgage Underwriting

When we find more sites will list them here… Enjoy!