New Year Bringing Changes and Higher Rates

Rates are on the rise as we head into a new year. For the last couple of weeks we have seen both forward and reverse mortgages swing upward. No longer are analysts talking about lower rates. The push is for an improved economy and that can only be accomplished if companies are getting more profits (that's more interest, for those with mortgages).
Overall, rates are still historically low and now is a great time to check on what is available for your own personal situation. Whether a reverse mortgage will benefit you or not all starts with getting an free analysis from a good reverse mortgage originator.
More changes are coming next year and I will keep you informed as we move ahead.

More Lenders Offering HECM Purchase Loans

Although there was a slow start to lenders offering the ability to purchase a home using a reverse mortgage, the industry is now coming on board with the idea of offering this unique loan program. Many seniors thinking of making a housing change and not wanting a mortgage have previously only been able to buy using the cash they had on hand or had within the equity of the home they were selling.
A HECM purchase loan allows a home buyer to buy a home with no mortgage payment. The money used for down payment is matched with the available reverse mortgage benefit allowing for either an ability to not use all your money or use all your money and buy more home. Check out WashingtonReverse.com for details on this great home buying loan program.

New Pamphlets Issued

Updates for many of the reverse mortgage handbooks and guides for information have now been published and are available. These publications are designed to more easily explain how a reverse mortgage can benefit the senior home owner:
Reverse Mortgage Loans - Borrowing Against Your Home (An AARP Publication)
Just the FAQs: Answers to Common Questions About Reverse Mortgages (A NRMLA Publication)
The NRMLA Guide to Aging in Place (A NRMLA Publication)
All of these publications should be read before you go to or call for your counseling session. Locations for counseling can be obtained be visiting http://www.washingtonreverse.com/ and clicking on "Counseling".