After June 30, 2023, the 1-month and 1-year LIBOR indices will no longer be published. Therefore, existing borrowers with LIBOR-based loans must be notified, prior to their next rate adjustment, that the variable portion of their interest rate will be tied to an alternate index. What can you tell me about the LIBOR Transition?The most […]
Rates Rise and the HECM line of credit can too!
Although the Federal Reserve again raised the short-term interest rate yesterday May 4, 2022, the impact on a reverse mortgage loan is both positive and negative. As interest rates increase, the amount that you qualify to receive at application from the reverse mortgage decreases. However, your current loan balance which needs to be paid off […]
Healthcare and a Reverse Mortgage ~ start 2022 financialy healthy!
Healthcare becomes an increasingly important issue as you age. As retirement approaches, planning to deal with declining health—and more specifically—the costs involved, can make or break the financial stability that most of us aim for at the end of our careers. One tool that older homeowners have at their disposal to meet the financial demands […]
A Good Life became Better!
In the beautiful spring month of May 2011, I received a call from a business friend who said “we are ready to sell our home of 20 + yrs. and move closer to services!” This excited announcement could only come from a couple living in the country and longing for a short commute and a […]
Loan Limit to Remain the Same
The national loan limit for ( HECM) Home Equity Conversion Mortgages will remain at $625,500 in 2015, the Department of Housing and Urban Development announced today in Mortgagee Letter 2014-25. The $625,500 loan limit also applies to traditional high-cost areas, such as Alaska, Hawaii, Guam and the U.S. Virgin Islands. To read ML 2014-25, click […]
