Reverse Mortgage Content Index - Page 1

A reverse mortgage is when you tap into your home's equity and receive monthly payments from a lender. Reverse mortgages are usually granted to retired or older people to help them make ends meet. The reverse mortgage must be repaid upon the death of the homeowner or when the home is sold. A reverse mortgage is also known as a home equity conversion mortgage or HECM. For more related stories click on the related articles listed below.

**More Reasons Why Your House Won't Sell** If you are getting the showings, but your house won't sell, what should you do. Make sure that you understand the listing price of your home and that it is competitive with other homes. Make sure that the condition of your home is in as good a shape as possible. While you can't change the location of the home, location, location, location is still the norm in real estate and you should understand how that affects your home. Finally, make sure you understand the market when it comes to the commission you are paying your broker and how much of that commission will be paid to the agent that brings a buyer to buy your home. If you don't understand each of these issues, you have added more reasons to why your house won't sell.

Senior's Home Equity may be at risk from reverse mortgage lending abusers, according to a report from the National Consumer Law Center. Reverse mortgages are being used by abusers of the subprime mortgage market as “tools” to profit from seniors. The National Consumer Law Center thinks that if protections aren’t put in place soon, not only will the life savings of senior citizens become depleted, but so will our tax dollars and economy. Read the full story on reverse mortgage abuse below from the National Consumer Law Center.

**Taylor Bean And Whitaker: Continuing Mortgage Lender Problems** Problems persist with Taylor Bean and Whitaker loans, including those loans handles by Cenlar Bank. The continuing mortgage lender problems have these mortgage borrowers scrambling for answers. Call centers are overwhelmed and mortgage borrowers' questions remain unanswered. What do you do if you receive letters from two different mortgage servicing companies claiming that each one of them is going to service your Taylor Bean and Whitaker loan?

How much should I save each month? That's a question many Americans are pondering in the aftermath of the Great Recession. Some things never change: The more you save earlier in life, the more savings you'll have for retirement. This article includes money-saving tips, as well as a discussion of short-term and long-term financial goals, including saving for retirement. Also included are tips to help you plan our how much you should save each month.

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How do you know if you're the victim of a real estate fraud, a housing scam or mortgage fraud? A reader listed his house for sale with an investor who was also a Realtor. The investor/Realtor transferred ownership of the homeowner's property to himself using a quit claim deed, but left the homeowner on the hook for the mortgage. Is he the victim of a housing scam or mortgage fraud?

In its 2008 survey of mortgage fraud, the FBI concluded there is a strong correlation between mortgage fraud and distressed real estate markets. Indeed, some of the states with the highest levels of mortgage fraud also had the highest levels of foreclosures. But new mortgage fraud scams emerged in 2008 that tested the abilities of the FBI to contain them. Here is a look at the newest mortgage fraud scams.

Mortgage fraud and mortgage scams increased dramatically in 2008, as homeowners found themselves pushed into mortgages they couldn't afford, or lenders realized they had approved loans based on false premises. The survey found that mortgage fraud complaints surged in 2008. At least 63 percent of all pending FBI mortgage fraud investigations during FY200 involved dollar losses totaling more than $1 million. There were nearly 64,000 Suspicious Activity Reports (SARs) filed in FY2008, with losses of more than $1.4 billion, an increase of 83 percent over FY2007.

Lowering your monthly mortgage payment by refinancing should be one of your goals if you decide to refinance. But that is only one of three issues that you should consider once you decide to refinance. Falling home values have caused many homeowners to be unable to refinance and lower their monthly mortgage payments. But the Obama administration's newly enacted change to the Making Home Affordable program that will allow homeowners greater ability to refinance their homes even if the value of their mortgage is up to 125 percent higher than the value of their home, more people may benefit from the program.