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Sales of Previously Owned US Homes Rose in December (Correct)
At Regions Financial Corp. in Birmingham, Alabama, mortgage production fell last year even as overall lending increased $4.5 billion, about 8 percent, as people took advantage of low interest rates earlier in 2013. “Consumer balance sheets are

Greystone Opens Birmingham, Alabama Office to Serve Lending Demand in ...
NEW YORK — Greystone, a leading national provider of multifamily and healthcare mortgage loans, today announced that it has expanded its footprint in the Southern U.S. with the opening of a new office in Birmingham, Alabama. Under the guidance of 

Greystone real estate lender opens Birmingham-area office
BIRMINGHAM, Alabama – New York-based Greystone has established a Birmingham-area office for its apartment and healthcare mortgage loan operations. Greystone said the new office will give the company an expanded footprint in the South and 

Timothy Ladin Joins DailyDAC LLC
DailyDAC ( provides subscribers, most of whom are private equity and family office professionals, with actionable intelligence regarding opportunities to purchase and invest in private companies. Financial Poise (http://www

Commercial Mortgage Loans in BIRMINGHAM, ALABAMA Find and compare hundreds commercial mortgage loans in BIRMINGHAM, ALABAMA. LendingUniverse - Real Estate Brokers ...

Getting A Mortgage In Your Fifties

Life insurance customers have to consider what will happen after they die. But what about mortgage shoppers?

MoneyTips member Lynn broke some new ground when she asked our community whether, as a fifty-year-old, she should avoid obtaining a 30-year mortgage because she may not live another thirty years. Should she sign a mortgage that might outlive her? Several professionals in our community offered their perspective.

Mortgage Broker Ted Rood explained that, "Most borrowers who take out 30-year loans do not take 30 years to pay them off. They either move, or refinance the loan as rates improve. You can also prepay additional principal, as much as you desire, whenever you want on a mortgage." Ted, who works in Maryland Heights, Missouri, offered Lynn some comforting words: "I wouldn't let the 30-year term scare you; it's just a means of calculating the payment you qualify at, not a requirement to pay for 30 years." Ted speaks from experience. "I recently did a 30-year loan for an 87-year old borrower. No one involved thought he'd live to be 117 years old!

Today's Headlines: HUD Changes Reverse Mortgage Rules

Something Had to Change

Reverse mortgages are a popular way for seniors to access needed funds. In a reverse mortgage, you are, in essence, incrementally selling your home back to a lender with the proceeds set up as a line of credit. You can use that line of credit right away, or you can allow that credit to ride for more challenging times down the road.

The Department of Housing and Urban Development (HUD) backs reverse mortgages through the Home Equity Conversion Mortgage (HECM) program. Thanks to the HECM program, you can never owe more on your reverse mortgage than your home is worth. In addition, as long as you meet loan obligations such as paying property taxes and properly maintaining your home, you can defer payments on the reverse mortgage until you die or move out.

Those are great features for senior consumers but terrible ones for insurers. Tack on a rise in foreclosures and interest rate concerns that raise volatility, and the HECM program becomes a money-losing proposition for the government (and therefore, eventually, for taxpayers).