Reverse mortgages can be the ship that comes in to lift financial burdens from the shoulders of seniors. Retirement years should be golden years, but when there is not enough cash flow to live comfortably, and there is constant concern about a lack of money to pay for medical expenses, home repairs, trips to visit family, groceries, and more, retirement risks becoming a burden instead of a pleasure.

The Housing and Economic Recovery Act and The American Recovery and Reinvestment Act have made the Reverse Mortgage program available to even more seniors across the US

Griffin Financial Mortgage, LLC now has the Home Equity Conversion Mortgage, HECM, for purchase loans. You are now able to use the proceeds from your reverse mortgage to purchase a new home. No more worrying about living in a home that is too large or if you will have to use your money to pay for repairs.

HUD steps up its' efforts to protect prospective reverse mortgage borrowers from being pushed into reverse mortgage counseling before they are ready. Lenders can not assist borrowers in scheduling appointments or set the reverse mortgage counseling appointment on behalf of senior borrowers.

There are changes in the way the Home Equity Conversion Mortgage (HECM) or reverse mortgage program can be implemented for mature Americans. The changes impact the requirements of Housing and Urban Development (HUD) approved counselors. This is good news for mature Americans because it allows for you to make a more informed decision regarding the HECM which is right for your needs.

A Reverse Mortgage Line of Credit that Grows in availability each month guaranteed by the federal government. This option allows borrowers a great deal of freedom when planning their finances.

A Fixed Rate Reverse Mortgage offers the long-term security of consistency and dependability. Interest rates and margins fluctuate frequently, which in turn can change the total amount of income you will receive from your reverse mortgage - but, with the benefits of a fixed rate reverse mortgage, the amount remains the same from the day you sign up to years down the road.

Implementation of "live" pricing by Fannie Mae could have unintended consequences for reverse mortgage borrowers and lenders. Recent changes to the way that Fannie Mae prices reverse mortgage rates and margins has been a sudden shock to those working in the reverse mortgage industry and has proven to be unnerving for many seniors embarking on getting a reverse mortgage.

In a recent movement by the government to help stimulate the economy and provide immediate relief to homeowners facing unaffordable payments, the U.S. Department of Housing and Urban Development (HUD) has raised the HECM reverse mortgage limits to $625,500. The implementation of this limit has increased financial options for senior homeowners during this difficult time and will significantly ease the burden of retirement during the economic downturn.

There is not as much flexibility in how you get your funds, but there are a couple of very good things that fixed rate reverse mortgages can do. For example, right now with all the increases to the margins that the adjustable rate loans have seen as of late, the fixed rate that we have offers borrowers more cash in their pocket than any of the adjustable options.

It may be difficult to believe that a counselor who is not a trained financial planner can adequately gauge borrowers’ entire financial picture is a short counseling session, but HUD is not saying that the counselor has to approve of the reverse mortgage...

What this does for seniors is give them an opportunity to stay in their home and gives them time… time to wait for a healthier economy to sell their home if that is their goal; time to live payment free or with additional income during a very trying time in this economy without fear of losing their home...