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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…

Get the facts; Today’s reverse mortgages are much better than yesterday’s

The first reverse mortgage (RM) was done in 1961 to help Nellie Young stay in her home after her husband died.  Nellie Young was the widow of a high school football coach and Nelson Haynes of Deering Savings & Loan created a new program called a RM that helped her…