For those who have followed me over the years or have heard me on the radio you know that I LOVE reverse mortgage loans, but there is so much negative baggage attached to this amazing loan program. These are the top six reasons I LOVE reverse mortgage loans; Enables experienced homeowners to pay off their…
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Attention all first-time homebuyers, which is anyone who has not owned a home within the past three years, I know that doesn’t make any sense but I don’t make the rules. If you are a first-time homebuyers at or below 100 percent of area median income (AMI) and below 120 percent of AMI in high-cost…
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By: Maggie Callahan The real estate market is seeing more activity from older, single – especially divorced – women, and the reverse mortgage industry is no different. Not only is the number of baby boomer marriages ending in divorce growing faster than other groups, but widows continue to outnumber widowers. Howard Frankel, senior reverse mortgage loan officer…
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by Alex Spanko Reverse mortgages have been increasingly pitched as a way to stave off the effects of so-called “gray divorce,” and a new research brief shows just how a split can put both parties’ retirement futures at risk — and how home equity benefits one demographic in particular. Households in which at least one…
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by Maggie Callahan Big-name pitchmen like Tom Selleck and Henry Winkler have graced reverse mortgage ads for large national lenders for years, but local originators also have also found their own paths to success using TV, radio, and the internet. Michael Banner, the president of Professional Mortgage Alliance LLC in Clearwater, Fla., is no stranger…
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by Maggie Callahan As adult children become less debt-adverse and more involved in their parents’ finances, originators are noticing more receptivity and engagement from borrowers’ children during the reverse mortgage loan process. Laurie MacNaughton, a reverse mortgage specialist with Atlantic Coast Mortgage in the Washington, D.C. area, says more adult children are picking up the…
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by Maggie Callahan Yet another poll reveals that all generations feel unprepared when it comes to retirement savings — with 21% of baby boomers lacking adequate savings to cover one month of basic expenses, according to AARP. Co-commissioned with the Association of Young Americans, the “Three Generations Survey” asked baby boomers,Generation Xers, and millennials, a…
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