In The News

Minnesota Reverse Mortgages in News

Reverse mortages in the newsCheck back regularly to view new reverse mortgage articles as they are added.

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    • Travis Griffin, a retirement income certified professional, has a good article in Forbes, What You Should Know About Reverse Mortgages.
    • Wade Pfau, Professor at The American College, shares about the HECM For Purchase in Forbes. He outlines how seniors can use the reverse mortgage to their advantage for purchasing a new home.
    • Family Circle magazine did an article, A Mortgage That Pays You, interviewing nationally syndicated financial columnist Terri Savage, who helped her father get a reverse mortgage as well as the National Reverse Mortgage Lenders Association (NRMLA) president and CEO Peter Bell.

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  • Actions speak louder than words writes Terry Savage her article in the Huff Post, Reverse Your Mortgage, sharing info about reverse mortgages and that she helped her father take out a reverse mortgage almost 20 years ago and at 93 he is still living in the condo and the reverse mortgage worked for him.  The one correction to the article is that lenders have not charged a servicing fee for several years now.

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  • Bank of America is exiting reverse mortgages. Servicing will continue on current loans so no worries if your loan is with BoA! It was a BoA business decision. OTHER REVERSE MORTGAGE LENDERS ARE STILL SECURE AND OFFERING REVERSE MORTGAGES AND WILL CONTINUE TO DO SO.  Reverse Mortgages SIDAC can assist with reverse mortgages in Minnesota as we work with more than one lender.

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  1. Yes, the older one is the more funds they can receive however, waiting until one is older before doing a reverse mortgage may not necessarily mean more funds. This is because of potential changes in the market including higher interest rates (which affect the amount one can borrower) and potential cuts in the Principal Limit expected to be made by HUD.
  2. And to the statement that the loans aren’t cheap I want to note that reverse mortgages have the same costs as conventional or traditional mortgages… the difference is the FHA Mortgage Insurance Premium. See a cost comparison at: “Reverse Mortgage Costs – High or Mythical?” and an explanation of the costs at: “Do You Understand The Reverse Mortgage Closing Costs?”
  • Tom Kelly wrote an article addressing the negative, reverse mortgage bashing that is happening. Read, “Reverse Mortgages shouldn’t be lumped into ‘bad’ category” in the August 16, 2009 issues of The Spokeman-Review.

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  • Finance and Commerce quotes Beth Paterson regarding Governor Pawlenty’s veto of the Minnesota reverse mortgage bill SF489/Chapter 127. Click here to read the article.
  • Pioneer Press covers Minnesota mortgage laws in Saturday, May 23rd, Business section. To read the comment on reverse mortgages in Minnesota click here to read.
  • The Reverse Mortgage Daily has kept the industry up to date on the Minnesota legislation. You can view one of their articles, “Minnesota Reverse Mortgage Bill Sent To Governor For Signature” by clicking here.

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