Josh Borba's (joshborba) Blog

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Mortgage and Lending - Josh Borba - MLS Mortgage / MLS Reverse Mortgage - NMLS #76821
RECENT BLOG POSTS
We all know that there are only two guarantees in life: death and taxes. Seeing as none of us are going to get out of here alive, it seems appropriate to discuss what happens when the last surviving spouse passes away when a reverse mortgage is secured by the property.  This is a very common ques...
07/14/2009
The National Reverse Mortgage Lenders Association (NRMLA) compiled these 2008 year-end statistics about Home Equity Conversion Mortgage production: Overall unit volume of federally insured HECMs was 115,176, up 6.4% from 2007 volume based on data released in December by the Department of Housing ...
03/25/2009
NRMLA was successful again at having the cap on HECM lending increased. This is great news for borrowers and lenders alike. The HECM cap limit issue has been a concern for several years now, seeing as though we reach our cap several years back. NRMLA is pleased to report that the omnibus spending...
03/12/2009
Mortgagee Letter 2009-07 Raises Limits to $625,500 for the Home Equity Conversion Mortgage (HECM) The U.S. Department of Housing and Urban Development published Mortgagee Letter 2009-07, which officially raises the national limit for Home Equity Conversion Mortgages from $417,000 to $625,500 for ...
02/25/2009
I just came accross this on HUD's website. We are all well aware of what's happening in the current real estate market. Every forclosure effects the real estate market and is pushing home prices down. This resource that could benefit someone you know and perhaps help someone save their home. In ...
02/24/2009
The economic stimulus bill signed into law by President Obama yesterday (2/17/09) raises the single national loan limit for HECMs (Home Equity Conversion Mortgage) to 150% of the Freddie Mac loan limit. Currently, that would create a HECM limit of $625,500. The higher limit is only applicable for...
02/18/2009
Rates on Fixed Rate Reverse Mortgages have increased slightly to 5.63% from 5.56%. That is still a fantastic rate. For more information visit www.mlsreversemortgage.com. Fixed rate reverse mortgages continue to gain popularity, although they are not right for everyone. They require a full draw of...
02/11/2009
Did you know that your senior clients can purchase a home with a HECM reverse mortgage? It's true, as of January 1, 2009,  FHA began insuring reverse mortgage loans for Seniors to purchase homes. Reverse mortgages have traditionally been available for refinance loans in the past, provided the Sen...
02/10/2009
By Mike Borba (President Borba Investments, Inc. dba MLS Reverse Mortgage) First and foremost; the bank does not, nor do they want to own your home. So why do so many people believe this? Prior to FHA getting involved in 1988, the lenders would take an equity position in their Borrowers homes.  T...
02/10/2009
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