FHA Reverse mortgage moratorium

73, mortgage victims

Some seniors with reverse mortgages In Brooklyn have used funds for any of the following items:

  • Pay off an existing mortgage, if there are enough funds available
  • Pay off existing home equity line of credit, if there are enough funds available
  • Home remodeling or repairs
  • Living expenses

Seniors have been able to take advantage of several types of reverse mortgages in Brooklyn.

There are several types of reverse mortgage products within the FHA program. There are currently products called HECM Saver and HECM Standard. However the standard LIBOR product will soon be put on a moratorium. Therefore it will not be available. HUD housing and urban development has not yet announce the date for this moratorium.

The moratorium on standard reverse mortgages in Brooklyn, as well as other parts of the country will really hurt those applicants who have high mortgages to pay off. Basically they might not qualify if the current outstanding mortgage balance on their home is too large.

The Reverse Mortgage Department of Fort Funding Corp., NMLS 39463 is devoted to helping seniors to live comfortably.

for reverse mortgages in Brooklyn, Queens, Bronx, Staten Island, Manhattan, Nassau County, Suffolk County, NY and NJ.

Whose allegedly behind the mortgage crash

2010-10-26 22:02:47 by 2bbcats

Hey folks things are crazy. There's an article from Life Magazine 1967 the Brazen empire outlining who'd be setting decent folks up in Preditory loans. This thing was launched and many agencies & officials nationwide played along. Youtube has a story entitled "DECEPTION" Whose allegedly behind the mortgage crash. I know this is going to make a great movie. Martin Scorcesse could play the guy who set this up. It appears folks have been lied to about what really happened and why folks are angry about the economy, businesses and foreclosures. The authorities who run financial institutions and agencies had to know

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A New Day for Reverse Mortgages?  — National Mortgage Professional Magazine
“The only opportunity for reverse mortgages to be foreclosed upon are due to a lack of payment on taxes and insurance.” Needless to say, advocates of the product have often found it very difficult to sing the praises of ..

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