Our Reverse Mortgage Blog

You probably have heard about the "sub-prime" mortgage meltdown going on right now in the United States. Over the last several years, lenders have made it easier and easier to get loans. People with credit issues, unable to document income, instability in employment, and other issues have been allowed to obtain mortgages. Default rates have soared and many investors are now seeing that they should have not done these loans. Many people also got loans that had an interest rate change within 2 or 3 years that in some cases, nearly doubled their mortgage payments. Due to these loans, over 120 lenders have closed there doors since January with more to follow. New guidelines for qualifying for loans have been put in place and we are seeing the industry head back to common sense lending.

All this said, we see little impact on government insured reverse mortgages. These very stable loans continue to help seniors enjoy the freedoms of using built up equity to enhance their lifestyle while staying in their home.

If you happen to be a senior that has one of the loans currently, you would be wise to get a mortgage analysis from an experienced lender to help you plan your mortgage for the future. We would be happy to provide a free mortgage analysis for you. Just give us a call or contact us through this website.

Posted by on September 5th, 2007 10:29 PMPost a Comment (0)
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Certified Senior Advisors (CSAs) have supplemented their individual professional licenses, credentials, and education with knowledge about aging and working with seniors. The CSA designation alone does not imply expertise in financial, health or social matters. For details, visit www.csa.us. Gary W Smith, CSA is a member in good standing of this Society.

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