Information about reverse mortgages and pre-payment penalties. A mortgage prepayment penalty is a clause written into a mortgage to discourage mortgage holders from refinancing or paying off their loan early. Are there different forms of prepayment penalty clauses? Yes, there are hard prepayment penalty clauses and soft prepayment penalty…

Tips and Surprising Information you should know for an answer to the question, Is There A Choice How I Receive My Cash From a Reverse Mortgage? The answer to the question Is there a choice how I receive my cash from a reverse mortgage? is simply: yes! There are…

I missed this yesterday from Bank of America: Bank of America announced that it is the first mortgage servicer to sign an agreement formally committing to participation in the pending second-lien component of the federal government’s Home Affordable Modification Program (HAMP). The formal action follows a verbal commitment to…

From BofA : Bank of America Becomes First Mortgage Servicer to Sign Contract for Home Affordable Second-Lien Modification Program Bank of America announced that it is the first mortgage servicer to sign an agreement formally committing to participation in the pending second-lien component of the federal government’s Home Affordable…

Helpful information for seniors who are considering a reverse mortgage who already have a first or second mortgage on the home. Description of a reverse mortgage is converting the equity in your home into a mortgage which you don’t have to pay back until you either: pass away, permanently…

From HUD: HUD takes action to speed resale of foreclosed properties to new owners (ht Soylent Green is People) … With certain exceptions, FHA currently prohibits insuring a mortgage on a home owned by the seller for less than 90 days. This temporary waiver will give FHA borrowers access to…

UPDATE: The trials modification period was originally 3 months, and then was extended to 5 months, and then extended to the end of January. This means that for the borrowers in the trial modification program, there will be no further extensions. For borrowers just entering the trial phase, they will…

Diana Olick at CNBC has an interesting story: Big Banks Accused of Short Sale Fraud [T]here appears to be yet a new mortgage fraud out there today, allegedly perpetuated by agents of, yes, the big banks. … Since many second lien holders are getting very little, they are now…

Enjoy your retirement, get paid to live in your own home forever and never worry about what happens to a reverse mortgage if one borrower passes away. Reverse mortgages are a safe and secure way to borrow money against the equity you have built up on your home. Reverse…

Tips to help you get started, decide if you qualify, and cash in on reverse mortgages. Reverse mortgages are a relatively new type of loan that is gaining popularity in the United States. They allow seniors 62 and older to liquidate the equity they have already paid into their…