Posts with tag reverse mortgages

You may recall the story of Texana Hollis, the 101-year-old Detroit woman who lost her home due to her son's ill-advised borrowing, but was set to reoccupy the property after a groundswell of public support. Now Hollis (pictured above) faces yet another obstacle in returning to her family home of nearly 60 years: The... Continue Reading »

Baby boomers may be in a better position than most to buy homes, but not before helping Junior out of a bind. A national survey found that at least two-thirds of boomers age 45 and up want to help their children or grandchildren with a home down payment. The study, conducted by Meredith Research Solutions for Better Homes... Continue Reading »

Seniors who took reverse mortgages are being pushed into foreclosure by HUD, according to a lawsuit filed by the AARP. Are all seniors who took a reverse mortgage at risk? No, only those who decided to put only one spouse on the reverse mortgage. Why would a couple decide to leave a spouse off the reverse mortgage? Peter... Continue Reading »

Bank of America, the second largest reverse mortgage lender in the country behind Wells Fargo, is shutting its doors to reverse mortgages so that it can focus on its core business. The North Carolina-based lender will continue to serve those who already have an existing reverse mortgage with it. Its decision to exit had a... Continue Reading »

Reverse mortgages are a common money-raiser for senior-citizen homeowners. Unfortunately the high fees associated with reverse mortgages often make them a poor choice. But a new program from the Federal Housing Administration called the Home Equity Conversion Mortgage Saver (HECM Saver) helps lower some of the costs... Continue Reading »