Rick Kellow's (dad4_2) Blog

Mortgage and Lending - Cherry Creek Mortgage
Seniors over the age of 62 areholding $3.3 trillion in home equity Excerpted from RiskSpan, a leading provider of analytical software and advisory services, "Today, seniors over the age of 62 are holding $3.3 trillion in home equity. Over the next 10-20 years, even with modest to flat home price ...
As reverse mortgages   have increased in popularity, so have the myths about these unique loans. While there's better information available today, many seniors and their adult children who are exploring reverse mortgages still encounter a host of misconceptions. Here's a look at common myths and...
  Mortgage Daily reported that Rates look to be going down to record lows... Mortgage rates recently fell to their lowest levels on record. But potential moves discussed Thursday by a Federal Reserve Board governor could have new records on the horizon.On Thursday, Oct. 6, Freddie Mac reported th...
Finally something to live in Wisconsin for... as reported by Mortgage News Daily... Four cities in Wisconsin were among the locales with the highest credit scores. Texas, on the other hand, had four of the worst-ranking cities.In Wausau, Wis., the average credit score is 789. That was the highest...
Twenty-three metropolitan areas are now listed on the National Association of Home Builders (NAHB)/First American Improving Markets Index (IMI) released on Thursday.  This is nearly double the 12 markets listed as improving when the first index was released in September. NAHB defines an improvin...
Wells Fargo announced that they are exiting the reverse mortgage business, after more than 20 years of offering reverse mortgages.  While it may not have been the shot heard around the world, it is interesting that Wells Fargo is not alone.  Bank of America announced their exit from the reverse m...
Within less than a year both Bank of America and now Wells Fargo have exited reverse mortgage market.  The reasons for the departures may have more to do with infrastructure set-ups, being able to achieve profitability, and getting in compliance with changing regulations from the Department of Ho...
If you’ve been turned down for a traditional home equity line of credit (HELOC), you may still be able to get the money you need by tapping into your home’s equity using a reverse mortgage.  While a HELOC may not be an option for you during these tight credit times, if you’re a homeowner aged 62 ...
There is a vast amount of information available on reverse mortgages. When making a decision as big as this one, it is no wonder that many people do their homework. Researching reverse mortgages is good preparation for a required HECM counseling appointment.  FHA funds housing counseling agencies...
According to a recent AARP study 31.6 percent of seniors have experienced a substantial decline in home values in the past three years, and a fourth have exhausted their personal savings. Overall, more than half of those surveyed age 50+ were not too or not at all confident that they will have e...

Rick Kellow

FHA & Reverse Mortgage Expert
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