California Reverse Mortgages by your Sacramento Reverse Mortgage Provider

The Wall Street Journal Right Again, About the Reverse Mortgage Loan!

by Jeffrey L. Bangerter
September 12th, 2008

There is an excellent article in The Wall Street Journal that points out that if you stick with a

Government Insured Home Equity Conversion mortgage (HECM) type of reverse mortgage then you

have no risk of the lender going out of business and you no longer receiving your payments from the


In fact the payments would then start coming from HUD if your lender went out of business.

The article does a great job of pointing out that a reverse mortgage loan “can help older homeowners

with mortgage payments, home maintenance, property taxes, among other expenses.”

You could of

course also use the money for something you want instead of just needs; you could take a dream

vacation, get a new car or just provide yourself a financial cushion.

The article also makes reference to the Lehman Brother bankruptcy and how it may affect proprietary

products also known as jumbo reverse mortgage loans.

The expert says for the moment there will be no

change; the moment was short lived as we now have only one lender left offering the jumbo reverse

mortgage loan program.

A few months ago we had five lenders offering the jumbo proprietary reverse


What I have seen with my many years in the business is that waiting rarely provides a

benefit, most often the borrower gets less the longer they wait to start, so if you are thinking of getting

a reverse mortgage you should do it now.

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