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FHA increases RM Lending Limit for 2021

Reverse Mortgage Lending Limit Rises to Over $822k in 2021 The lending limit for federally-backed reverse mortgages is increasing for the fifth consecutive year in a row, set to hit $822,375 in 2021. The Department of Housing and Urban Development (HUD) announced on Wednesday via Mortgagee Letter (ML) 2020-42 a maximum claim…

Spending more time at home? Fix it up just how you have dreamed of with our digital contact Reverse Mortgage.

We have all spent more time at home than we ever imagined in the last 9 months.  Your world has changed immensely over the Coronavirus pandemic, yet your home has stayed the same.  A realtor client of mine called me the other day to tell me they decided to finally…

SSA advice on starting Social Security & Medicare benefits

Written By WWW.SSA.GOV    At Social Security, we’re often asked, “What’s the best age to start receiving retirement benefits?” The answer is that there’s not a single “best age” for everyone and, ultimately, it’s your choice. The most important thing is to make an informed decision. Base your decision about…

Effectively use home equity in your retirement plan for the bucketing approach

My kids have been putting some money aside in a secret hiding spot so they can buy the newest and greatest video game system.  Without knowing it, they have been using a type of bucketing system to accomplish their goals.  Investopedia defines bucketing for retirement like this: “Bucketing segments funds…

0.6% or 5.5% growth on your savings?

So much of our lives are spent in preparation for retirement. As young people, we are taught to get a good education so that we can earn enough to live comfortably and get money saved for the future. Once we graduate and get a good job, we begin to put…

Chase Bank Halts HELOC applications, but Reverse Mortgage Lines of Credit continue on and are guaranteed!

Last week, JPMorgan Chase announced they stopped accepting applications for Home Equity Lines of Credit (HELOC) loans.  They cited the fact that rising unemployment rates could cause home values to fall.  In 2008, the last time home values crashed the banks first halted taking applications for HELOCS, then they froze…

Former CDC director: this vitamin may reduce the risk of getting COVID19

Author: Dr. Tom Frieden is former director of the U.S. Centers for Disease Control and Prevention (CDC) and former commissioner of the New York City Health Department. He is currently president and CEO of Resolve to Save Lives, a global non-profit initiative funded by Bloomberg Philanthropies, the Chan Zuckerberg Initiative,…

Breaking: Reverse Mortgage cash payouts are the highest in years, but it won’t last.

There are 3 main factors that are used to calculate how much a borrower can pull out of her home on an FHA insured HECM (Home Equity Conversion Mortgage) Reverse Mortgage (RM).  Age, Interest Rate, & home value. Age – at least one of the borrowers must be 62 by…