Tradition Title Agency is proud to announce that we have been nominated as the BEST OF THE BEST!
Vote for Tradition Title Agency at Reverse Mortgage Daily
Archive | July, 2011
HECM SAVER ENDORSEMENTS UP
21 Jul
Image via Wikipedia
There was a 17% increase in HECM applications in June,, according to the latest from the Federal Housing Administration. housing outlook. For the HECM Saver, There were 542 FHA endorsements in June, up 43% over May’s 365 Saver endorsements.
The HECM for Purchase also gained in June, recording 146 endorsements, up from 96 in May. June 2010 showed 101 HECM purchase loans.
So far Fiscal Year 2011 has seen 72,718 HECM applications. June’s increase in applications might be the last of the Wells Fargo loans going in.
BILL INTRODUCED TO EXTEND CONFORMING LOAN LIMITS
15 Jul
adapted from HousingWire
Rep. John Campbell (R-Calif.) and Rep. Gary Ackerman (D-N.Y.) introduced a bill last Friday that would extend the current conforming loan limit for government-backed mortgages for another two years.
The Conforming Loan Limits Extension Act, or H.R. 2508, would allow the government-sponsored enterprises and the Federal Housing Administration to guarantee or buy mortgages worth as much as $729,750 in most neighborhoods. If Congress does not pass this bill, the loan limit will drop to $625,500, though the limit will vary by county.
A recent report from the National Association of Home Builders shows that 17 million homes would become ineligible for less expensive federal funding. The drop could affect as many as 669 counties across 42 states.
How far the bill makes it through the Republican-controlled House Financial Services Committee remains a question. When the Obama administration submitted its white paper on the future of housing finance, it suggested winding down Fannie Mae and Freddie Mac, and the initial step could be allowing elevated conforming loan limits set in 2008 to expire.
Campbell said extending the loan limit would help stabilize home prices and allow for a broader recovery for the economy.
“The housing market does not need a self-inflicted wound,” Ackerman said. “With the economy remaining fragile and the housing sector still struggling to recover, now is not the time to make the cost of mortgages more expensive.”
Online – that’s where the seniors are!
7 Jul
Image via Wikipedia
Reverse mortgage lenders – get yourself a website! and a blog!
Recent data from the Pew Research Center shows that approximately four in five adults uses the Internet regularly, and the senior demographic is no exception. The study found that 87% of Internet users aged 56-64 use search engines, and the percentage was only slightly less—82%—for those in the 65-73 age group. Further, Pew says, Internet users ages 56-73 are even more likely than younger adults to have rated a product, service, or person online.
As a result, reverse mortgage lenders are ramping up efforts to occupy the online space and some are using consumer feedback and other means to manage their reputations accordingly.
Not only is it important to bolster brands online and see what consumers are saying about reverse mortgage companies and products, but addressing the negative ideas about reverse mortgages is another important action to take. The best thing you can do is address the negatives. With that, reverse mortgage companies are more likely to win the consumer appeal. One of the biggest mistakes you can make is to avoid having the conversations about the negative things.
Articles, blogs, news and statistics can be useful for people shopping for loans. In addition, a website provides a snapshot impression of your company. Clear contact information is key, and if you are aiming at the reverse mortgage market, readability in terms of large fonts or adjustable fonts is important.
Q. What is a Trust?
5 JulA. A trust is an arrangement by which you transfer ownership of your property into a trust throughout the course of your lifetime. To fully understand how a trust operates, let’s take a look at the four main components:
|
Q. Are there different types of Trusts?
|
A. Yes. Once you understand the primary mechanisms that make up a trust, you’ll need to be aware of the different types of trusts. Trusts can be designed for many different financial and personal situations. The most common trusts are: credit shelter, incentive, generation-skipping, QTIP and revocable (living) and irrevocable trusts. However, the most common of these are the revocable and irrevocable trusts. |
Q. What is a Revocable Trust?
|
A. Unlike a will, which comes into play only after you die, the living trust can start benefiting you while you are still alive. The trust is revocable in nature, which allows you to make changes to fit your personal situation. It is established by a written agreement or declaration that appoints a trustee to manage and administer the property of the grantor. As long as you’re a competent adult, you can establish one. In essence, the trust is like a rulebook for how your assets are to be handled when you die. As the grantor, or creator of the trust, you can name any competent adult as your trustee – (some people prefer to choose a bank to fill this role). |
Q. What about an Irrevocable Living Trust?
|
A. An Irrevocable Living Trust is created by a written agreement between you and the person you choose to manage the assets in the Trust. The terms of the Trust Agreement should be tailored to meet your specific needs and objectives. On your death, your trust assets will be distributed directly to your named beneficiaries without the costs, problems, publicity, or delays of Probate. All of the assets in the Trust are governed by the Trust Agreement signed by you and your Trustee. The terms of the Trust Agreement are critical in order to protect assets in the event of a catastrophic illness. The state and federal Medicaid laws have stringent requirements pertaining to Trusts. Assets in Trusts failing to meet these regulatory standards will become vulnerable in determining Medicaid eligibility. |
Title Tracks: News From The World Of Title Insurance 