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A reverse mortgage is essentially a special type of loan that seniors can use to convert the equity in their homes to cash. At one time, the only way to get money from your home was to sell it and move or borrow money against it. One of the pros of a reverse mortgage is …

Second mortgage rates are dropping, but lenders are tightening up the qualification requirements for home equity loans and lines of credit. In professional basketball, there are high percentage shots (dunks), and last-second, circus attempts thrown up to beat the clock. The climate of today’s environment for second mortgages is somewhere in between, something like the …

Effective March 6, 2008, HUD will offer temporary FHA loan limits that will range from $271,050 to $729,750 (Limits). Overall, the change in loan limits will help provide economic stability to America’s communities and give nearly 240,000 additional homeowners and homebuyers a safer, more affordable mortgage alternative. The maximum amount of $729,750 will only be …

I am pleased to announce that Nehemiah was victorious in its litigation against HUD! See letter below… Steve Judge Lawrence K. Karlton of the United States District Court for the Eastern District of California upheld Nehemiah’s motion for summary judgment. The Court Clerk’s Office is directed to enter judgment and close the case. To be …

In response to their growing popularity, ALendingPro.com has begun to specialize in, and offers reverse mortgages to qualified senior citizens. In previous years, only about 50,000 reverse mortgages were acquired, but this figure is expected to rise dramatically as the "baby boomer" generation ages. Many see reverse mortgages as the new key to making the assets …

Judges in at Least 5 States Have Stopped Foreclosure Proceedings Because Banks Couldn’t Prove Mortgage Ownership.

Recent news I wanted to share…. Top lenders react to drop in house values WASHINGTON — In one brief phone call, Nancy Corazzi’s lender yanked away what was left of the $95,000 home equity line of credit that she and her husband took out five months ago. The lender informed her that her Howard County, …

Six of the big mortgage companies involved the Hope NOW Alliance announced that the Alliance is expanding its efforts to help homeowners facing foreclosure. The rate freeze program announced by President Bush in December applied only to borrowers who were facing resets on subprime adjustable rate mortgages but who were current, in fact had never …

Welcome to my Financial Foundations blog. I hope to be able to answer your questions and discuss the often confusing topics of Credit Restoration, Foreclosure Prevention, Mortgages, Real Estate and Insurance. If you find some postings a bit dated, it’s because I migrated all the existing content from my old blog into this one. I …