Tag: Year

Reverse Mortgage Loan Limits Remain In Place At Least until End of the Year

Reverse Mortgage Loan Limits Remain In Place At Least until End of the Year

Seniors counting on securing the most money they can from a reverse mortgage need to act now while interest rates are low and loan limits are high, according to Jim Cory from Legacy Reverse Mortgage.

The amount of cash available to homeowners through a reverse mortgage is limited by federal regulations. For now, the Federal Housing Administration (FHA) has decided to leave the limit at $ 625,500, but industry experts believe that could change come next year.

In response to the financial crisis, the FHA raised the maximum amount a reverse mortgage borrower’s property value could be calculated at from $ 417,000 to the current level in February 2009. FHA officials had previously announced that loan maximums would revert back to pre-February levels on October 1, 2011.

However, they now say the higher limit will likely remain in place at least through the end of the year.

October 1 is the beginning of the government’s fiscal year. Historically, officials make changes to many programs effective that day. So there is a possibility for seniors counting on maximizing the amount of money they can receive could be in for a disappointment if they wait too long.

Many industry experts expect to see a number of changes from FHA in the next six to twelve months.

These same industry experts believe that by acting now while interest rates are at records lows, reverse mortgage borrowers will maximize their options.

Regulatory uncertainty is only one factor driving seniors to consider locking in a reverse mortgage sooner rather than later. Low interest rates allow homeowners to unlock the most equity from their homes, while 10-year Treasury notes, a key industry benchmark rate, sit at historic lows.

In many areas, home values are continuing to decline. Since reverse mortgages limits are contingent on property appraisal amounts, borrowers are looking to lock in higher values before the real estate market gets potentially any worse.

The industry is doing all it can to help keep the higher loan limits so that seniors can get the most benefit from their homes.

Peter Bell, president of the National Reverse Mortgage Lenders Association has said, “We’re glad to see FHA take this interim step. It eliminates uncertainty for loan applicants who might have been concerned about not getting their loans before the limits possibly dropped.”

The focus now, according to Peter, will be on persuading HUD and lawmakers to retain the higher limit beyond calendar year 2011.

Since loan limits vary in some parts of the country, it’s also important that seniors considering a reverse mortgage contact a loan specialist to learn about the specific benefits available for their unique situation.

If you’re a California senior interested in learning more about securing the most money your home equity can afford you through a reverse mortgage, please take a moment today to call and speak with a Legacy Reverse Mortgage representative by dialing (800) 991-4613.

Legacy Reverse Mortgage offers Senior Reverse Mortgage services in California. If you’re a California senior interested in learning more about securing the most money your home equity can afford you through a reverse mortgage, please take a moment today to call and speak with a Legacy Reverse Mortgage representative by dialing (800) 991-4613.

Chinese Dating – Superstitions Associated With New Year

Chinese Dating – Superstitions Associated With New Year

China, one of the most ancient cultures across the globe, is quite well known for its rich traditions and customs. At the same time, like most other ancient cultures, Chinese society is also replete with a variety of myths and superstitions. Even though a majority of young Chinese people do not put much faith in these ancient beliefs, they are still prevalent in most households. For people, intending to use Chinese dating websites, a basic knowledge of these superstitions can go a long way in preventing any misunderstandings or conflicts with their Chinese dating partners. There are some specific superstitions associated with New Year, which most Chinese people adhere to quite religiously.

Most Chinese people abstain from eating meat on the first day of the New Year, as they believe that this will ensure a happy and long life. It is also customary to put away all brooms, brushes, dusters, dust pans, and other equipments used for cleaning on New Year’s eve as using them on New Year’s Day is believed to wipe out good luck from the home. Until the fifth day, the entire dust and rubbish is swept into the middle of the house and then placed into the corners where it must not be tramped over. If people ask their Chinese dating partners why the dust and rubbish is not swept over the threshold, they are informed about it being considered akin to sweeping away a family member.

It is also considered important for people to avoid lending anything on New Year Day and also to pay all debts by this time, as well as abstain from using negative terms, foul language and bad words. Every mention of death and misery is completely prohibited and most people using Chinese dating sites often feel surprised about their dating partners not using the number “four”. This is because in Chinese the sound of number “four” is same as the sound of death and hence is to be avoided at all costs.

Are you looking for a genuine website for dating Chinese men and women online? www.OnlineChineseDating.com helps you find reliable dating sites by providing honest reviews about various online Chinese dating websites. Coco Chen writes articles with online dating tips for great dating experience.

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