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Beth Paterson, CRMP
Executive Vice President NMLS #342859,  Reverse Mortgages SIDAC NMLS #173899
4707 Highway 61 #235
St. Paul,  Minnesota  55110
Comments
"HUD announced the HECM Saver and HECM Standard today in their Mortgagee Letter 2010-34. It will be interesting to see what difference it makes in the reverse mortgage industry..."    View Comment
"Liz, while HUD has not released their Mortgage Letter, during a conference call with industry leaders they stated the intention to roll out the "HECM Saver" by October 4th. The current product will be called the "HECM Standard" according to HUD during the conference call."    View Comment
"Frank, I've provided a side-by-side explanation and comparison of the reverse mortgage fees to a conventional loan at http://bethsreversemortgageblog.wordpress.com/2009/06/27/reverse-mortgage-closing-costs-high-or-mythical/ You are correct about higher risks to the investors. The benefits seniors receive from the reverse mortgage is the #1 selling point. The third-party counseling is just one of the many protections for reverse mortgages. While the third-party counseling offers a protection for..."    View Comment
"Brian, I'm glad that the reverse mortgage has benefited your mother. jdr, if someone is in the nursing home permanently the reverse mortgage would not be appropriate. However if one is in the nursing home short term, i.e. for rehab a reverse mortgage can be a wonderful solution to help them move back to their home. The funds from the reverse mortgage can be used to modify their home and/or pay for home care. Most seniors want to stay in their home rather than be in a nursing home and the reverse..."    View Comment
"Frank, thanks for your comments. I just did a post this week regarding the protections including the counseling, titled "You Need To Know Reverse Mortgage Borrowers Are Highly Protected!" Regarding the costs, I have a post doing a side-by-side comparison titled "Reverse Mortgage Costs - High or Mythical?" You're right, the additional benefits of the FHA Mortgage Insurance Premium outweigh the cost. These include guaranteeing the funds are available for you; guaranteeing the..."    View Comment
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