Here are a list of some helpful Reverse Mortgage Sites and Resources:

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!

Low Appraisals for Reverse Mortgages

While concerns about low appraisals are legitimate, the problem is not necessarily with the appraiser’s Home Valuation Code of Conduct.  This was stated by a key federal regulator in front of an angry crowd of real estate professionals in San Diego.

“We keep trying to find a provision that is causing problems, but we can’t,” Alfred Pollard of the Federal Housing Finance Agency said at the National Association of Realtors’ annual convention. NAR members are hopping mad at delayed closings and lost transactions.

In a survey conducted earlier in the year, three our of four agents said it is taking longer to get appraisals and the holdup is affecting their sales. But Mr. Pollard, the FHFA’s general counsel, said that a few lost deals may be the price that has to be paid to rid the marketplace of lousy appraisers.   “The reality is that no matter how you look at it,” the increase in complaints coincided not only with the “huge decline in prices that took place last year” but also at a time when mortgage rates hit bottom and lenders strained to handle the volume of applications. “  However, a Reverse Mortgage still might work for you.  Click here to Find Out.

Reverse Mortgage Appraisals

Available Reverse Mortgage Lenders are Shrinking

There have been many changes to Reverse Mortgages in general in the last year.  Independent reverse mortgage bankers are now facing increased net worth requirements which could change the way they currently operate.

Fannie Mae announced earlier this week that it was increasing the minimum required net worth requirement.    Over the last 12 months, Fannie Mae has increased approved sellers net worth requirements and they will be enacted by the end of the year.  That’s no small jump for mortgage bankers.

Besides FNMA, the Federal Housing Administration is proposing a rule to increase lender net worth requirements to $1.25 million and would become active within one year of the enactment of the rule said a statement from HUD.

With FNMA approval being out of reach of most mortgage bankers, the number of reverse mortgage lenders who are able to see the benefits of delivering directly to the GSE will shrink.

However, this also presents an opportunity for FNMA approved seller/servicers to act as investors to mortgage bankers who can’t meet its net worth requirements.