On Monday I sent an email to all my fence sitter clients. That is people that want to get a reverse mortgage but are waiting for their homes value to continue to rise. In my email, I told them that lenders have stopped all new applications for Homesafe reverse mortgages. Apparently they needed to regroup and analyze the market. When they lifted the freeze, they came back with slightly higher interest rate but drastically cut the amount of money they will lend by 28%!, based on your homes current value. It doesn't take a rocket scientist to know why they did this. The lenders really got burned in 2008, because with a reverse mortgage, you can never owe more that your home is worth.
So when the homeowners were smiling, the lenders were crying.
Use my free mortgage calculator to find out how much you can qualify for. www.sunshinestatereverse.com
Like the Kenny Rogers song says "You've got to know when to hold em, know when to fold them"
