Over the weekend, the New York Times columnist Bob Tedeschi wrote about reverse mortgages and why the Housing and Economic Recovery Act matters to New York area residents.  The new laws are intended to give older homeowners access to more of their homes’ equity, provide stricter consumer protection, and, most important for New York-area […]

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The National Reverse Mortgage Lenders Association recently announced that the industry has closed 112,100 Home Equity Conversion Mortgages or HECMs in Fiscal Year (FY) 2008, which ended September 30, 2008, surpassing the record loan volume for FY 2007, according to data provided by the Department of Housing and Urban Development (HUD).  Reverse mortgages continue to […]

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Cook County Sheriff has announced its suspending evictions for foreclosures where lenders do not provide adequate notice to people that are living in houses as a tenant rather than the owner.  The sheriff’s office has seen almost double the number of foreclosures from last year and the suspension on evictions has received a large amount […]

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The National Reverse Mortgage Lenders Association recently announced that the Department of Housing and Urban Development (HUD) approved a single national loan limit of $417,000 for federally insured Home Equity Conversion Mortgage (HECM) reverse mortgages. The new, higher lending limit will enable borrowers to obtain a substantially greater benefit from their homes, if their home […]

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The Federal Reserve recently released its comprehensive report on banks’ 2007 lending practices  that showed that overall mortgage lending dropped sharply.  Total originations dropped 25% from 2006 and that nearly one in three applicants were denied.  The reports findings are based upon information collected from mortgage lending institutions under the Home Mortgage Disclosure Act […]

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With the recent government take over of Fannie Mae and Freddie Mac, many people are proclaiming that this may be the first step towards setting the housing market back on the right course.  Whether you agree with this or not, its important to realize that this will provide some additional support for the senior housing […]

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