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Archive for the ‘Reverse Mortgage’ Category

House passes bill to stabilize reverse mortgage

reverse_mortgage_01_sxc.huA significantly important step has been taken by the industry of reverse mortgage only yesterday and it was the passing of the Stabilization Bill for Reverse Mortgage.

The Bill can help HUD in making all the necessary changes and alterations to Reverse Mortgage through the HUD Mortagagee Letters instead of the more standard  process for rule making. This process for rule making has always remained a rather time consuming process. In fact, it would not be entirely wrong to call the process a time devouring one, and would be to say in the least!

A bill in order to be exercised should be passed as a law. Therefore in order to make the bill be effective, the next important step should be to pass it as a law. For, when the bill is passed as a law, the Senate can then be able to pass the bill in the same language, or a similar language.

Peter Bell, the CEO and President of the National Reverse Mortgage Lenders Association, has said in a statement that this was a “major step” which is now done with while “one more” step is left to be done. The statement was made by the CEO and President of the Association under a unanimous consent, following the passing of the bill. It is true that the NRMLA has been working since really long in order to get a law such as this passed. The advocates of the industry have also been working for quite long in order to have the legislation passed. As the bill turns into law, it would be more like fruition after a struggle that has lasted for really long. Read the rest of this entry »

Creating Awareness for Forward and Reverse Mortgage

Picture Credit : financialproregistry.com

Picture Credit : financialproregistry.com

The blog has explored about different subjects, which have raised many queries associated with the better future of the loans as well as mortgage industry.

Is the reverse mortgage industry can become the suitable guide for the senior individuals belonging to our society? Can the personnel responsible for providing the mortgage amount become the correct person for helping senior people of community in all the situations, needing additional amount of finance? Is it possible that senior people consider reverse mortgage as one of the best and effective ways of receiving the needed financial assistance for payment of different types of care insurance premiums for longtime? The response to all these situations and queries associated with the mortgage sector is No.

Whether you talk about the forward mortgage or the reverse mortgage, you can never expect them as the top preference of the aged people seeking for financial assistance for getting money for buying homes or other needs. If you have a look over the past and present scenario of the mortgage sector, you may easily find that individuals have never considered the availing of loans or mortgages at the initial stage of requiring finance. Read the rest of this entry »

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