Comments on: Senate Bill Specifics Revealed

By: Shelby L Clinard

Shelby L Clinard — Sun, 17 Feb 2008 17:40:10 +0000

Any Idea when this will become law. We are trapped in our house. Can’t sell because of Market & Ivan. We a 70 have a motorhome and planned to use proceeds from home to travel. Please get us some help.

By: Peter G. Miller

Peter G. Miller — Tue, 01 Jan 2008 15:23:32 +0000

BK –

What is the fair market value of your property?

Thanks.

Peter

By: Peter G. Miller

Peter G. Miller — Tue, 01 Jan 2008 15:21:12 +0000

Scott –

I am not sure that FHA reform is a done deal. Yes, bills have passed both houses of Congress, but the bills are significantly different. As well, President Bush does not seem enthusiastic about anything except what he wants.

By: Scott D

Scott D — Mon, 31 Dec 2007 19:45:44 +0000

Do you have any ideas as to the timeline for loan limit approval? My LO’s have considerable pipeline business waiting for this. Hopefully this will be the product enhancement to get the fence dwellers off and to make a move!

Thanks!

By: B.K. DAVIS

B.K. DAVIS — Mon, 31 Dec 2007 17:46:49 +0000

I am 87 years old and I owe $380,000 on my home.
Unless the limit is increased. I will lose my home.
I need help on this one.

By: B.K. DAVIS

B.K. DAVIS — Mon, 31 Dec 2007 17:44:40 +0000

For California, $417,000 is too low. I am 87 and I owe $400,000, if I am unable to get a reverse mortgage, my home will be foreclosed.

By: Dennis

Dennis — Fri, 21 Dec 2007 17:57:52 +0000

The House bill is looking for $600,000+ (I can’t remember the exact number) for the lending limit and the Senate bill is at $417,000, the conforming limit. Chances are that they will end up at the $417,000….. but there still are other areas that are different. My guess is that it will be a while longer until we get a bill that is signed by the President.

By: S. Gaskill

S. Gaskill — Thu, 20 Dec 2007 21:49:42 +0000

Thank you for your response on the matter. This makes much more sense to me now. However I was under the impression that both bills agree that the lending limit for HECM’s needs to be pushed up to the GSE. Is that not true? I have tried to read my way through the legal jargon but sometimes get lost in the middle.

Thank you,

By: Dennis

Dennis — Thu, 20 Dec 2007 19:45:53 +0000

S. Gaskill-

The way I understand it, is that HUD, Lenders, etc. have 6 months to implement the bill. The loan limit increase would be a quick fix. But at this point the House bll and the Senate bill are far apart. They first need to agree on one bill, and part of that is a lending limit.

By: S. Gaskill

S. Gaskill — Thu, 20 Dec 2007 05:27:50 +0000

I may be reading it wrong, but as I viewed this Bill under section 122 Implementation, that there was no 6 month wait for the Act to take effect. My read if I understood it correctly states immediate effect from the date of enactment. What am I missing. I have a lot of reverse mortgage clients that are just waiting for the increase in lending limits and are very anxious to know when it can be done. If it is going to be another 6 months after the legislature figures out how to mark up the bill and get it to the white house they want to know. Any help with this one would be appreciated.

Thank you,
S. Gaskill