Many blogs are also reporting that new loan products might be released in upcoming months. Currently, FHA has extended their $625,500 maximum claim limit on HECMs through 2012. Still, as home values continue to rise, the demand for jumbo propriety loans might also increase. This has owners predicting that a new jumbo product will be released within the year.
However, people interested in a propriety loan KickAss Torrents should be aware of a few different things. First, these loans will not be insured by the federal government. Since these loans are not insured, it is likely that borrowers will be required to have a great deal of equity in their home to qualify. Still, if and when this product is released, it will be interesting to see how these loans differ from HECMs.
Another interesting piece of information predicted in several reverse mortgage blogs is that one major lender has proposed the idea of using the HECM Saver as a tool to be used by seniors who are not yet eligible for Social Security. While waiting for Social Security benefits, seniors would draw income from a line of credit made available through the HECM Saver. In theory, this would give seniors a low-cost way to turn their home equity into a source of income; thus allowing seniors to wait to claim benefits until they reach full retirement age, which would increase their benefits in the future. Regardless of whether this idea becomes a reality, the constant plans for new products prove that the industry is one driven by innovation and continued development.