MarketWatch - Stock Market Quotes, Business News, Financial News
Bulletin
Investor Alert

London Markets Close in:

need to know
BioCryst shars plunge after disappointing study
Apollo Education Group to be taken private
Oil sinks again as fears of oversupply persist
Apple supplier Imagination Tech warns of loss
India is world's fastest-growing major economy
Volkswagen's quality-control chief resigns
White House to ask for Zika research funding
Struggling LeapFrog bought by VTech


Rubio in freefall in New Hampshire betting
Voter turnout in each U.S. state (24/7 Wall St.)
New record of Americans giving up citizenship

These ‘Buffett stocks’ are bargains in this market

Why a selloff in European bank stocks is ominous
Bank stocks have taken enough: analyst

Hasbro blows past estimates as Star Wars boosts revenue
Hasbro blows past estimates on Star Wars boost
What to look for from Disney: Star Wars, ESPN

Randgold raises dividend after record output
Rio Tinto, 5 others quit London Metal Exchange
Moody’s cuts rating on W. Australia iron ore

Fundamentals are no longer relevant for gold
Anglo American CEO: Tough 2016 ahead

Venezuela can’t get Saudis to cut oil production
Only place left to invest if ‘Oilmageddon’ hits
Iran sets crude oil export volumes for Europe
Mark Mobius no longer investing in Petrobras


What are the 8 strongest S&P energy stocks?

Why Chipotle will close every store for a few hours on Feb. 8
Chipotle will close every store for a few hours today
VOTE: If not Chipotle, where would you eat?

China’s forex reserves poised for another record drop
China’s foreign-currency reserves drop $99 bln
Will China soon burn through its reserves?
When is China stock market closed for holiday?
Japan's current account surplus quadruples


In U.S., socialism is no longer a dirty word


Bill Clinton blasts Bernie Sanders as ‘the enemy of all things big’
Bill Clinton blasts Sanders as ‘enemy of all things big’
Republican Primary: 3 things to watch


All the bad things Hillary Clinton
has done

Polls show Sanders nearly even with Clinton
Why do young voters like Sanders so much?

Tesla earnings: Model 3 spending, Model X sales in focus
Tesla earnings: Model 3, Model X in focus
Disney, Coca-Cola headline earnings week

Ford to double Mexico factory capacity in 2018
Ford to double Mexico factory capacity

John Bogle dismisses index-fund 'danger'
John Bogle dismisses index-fund ‘danger’

Wanted at Vanguard: A CFO

New refugee crisis looms at Turkey’s border

Soros: EU is ‘on the verge of collapse’
What I learned traveling with Europe’s migrants
Europe wakes up to the danger of immigration


Lehman Brothers lives on,
as a spirit

N. Korea faces new sanctions after rocket test
North Korea fires long-range rocket
The 6 most corrupt countries in the world


Investors dump stocks, scoop up bonds for 5th straight week
Investors again dump stocks, scoop up bonds
FANG stocks take big bite out of Nasdaq

20 dividend stocks that Wall Street loves the most
The 20 dividend stocks that Wall Street loves most
Dividend stocks that will give you a raise


/conga/frontpage.html 367324

Markets »

45.88MDow Volume:
Avg Vol: 128.61M
Unchanged
105
Decliners
5214
Advancers
888
Price Chg %Chg 1 Day
Range: 1 Day
  • 1 Day
  • 5 Days
  • 1 Month
  • 3 Months
  • 6 Months
  • 1 Year
  • 2 Years
Dow
/quotes/zigman/627449/realtime 15,839 -366 2.26%
Nasdaq
/quotes/zigman/12633936/realtime 4,239 -124 2.84%
S&P 500
/quotes/zigman/3870025/realtime 1,837 -43 2.30%
GlobalDow
/quotes/zigman/629063/realtime 2,093 -46 2.13%
Gold
/quotes/zigman/33772884/delayed 1,193 +35 3.02%
Oil
/quotes/zigman/2260836/delayed 30.39 -0.50 1.62%
FTSE 100
/quotes/zigman/3173262/delayed 5,703 -145 2.48%
DAX
/quotes/zigman/2380246/delayed 9,009 -277 2.98%
CAC 40
/quotes/zigman/3173214/delayed 4,078 -123 2.92%
FTSE MIB
/quotes/zigman/1482176/delayed 16,570 -680 3.94%
IBEX 35
/quotes/zigman/2759620/delayed 8,171 -329 3.87%
Stoxx 600
/quotes/zigman/2380150/delayed 316 -10 3.10%
Asia Dow
/quotes/zigman/6959860/realtime 2,513 +2 0.09%
Nikkei 225
/quotes/zigman/5986735/delayed 17,004 +185 1.10%
Hang Seng
/quotes/zigman/2622475/delayed 19,288 +105 0.55%
Shanghai
/quotes/zigman/1859015/delayed 2,763 -18 0.63%
Sensex
/quotes/zigman/1652085/delayed 24,287 -330 1.34%
Singapore
/quotes/zigman/1709939/delayed 2,623 +65 2.53%
Euro
/quotes/zigman/16008136/realtime/sampled 1.12 +0.00 0.12%
Yen
/quotes/zigman/16008150/realtime/sampled 115.42 -1.45 1.24%
Pound
/quotes/zigman/16008140/realtime/sampled 1.44 -0.01 0.69%
Australia$
/quotes/zigman/16008115/realtime/sampled 0.71 +0.00 0.06%
DXY Index
/quotes/zigman/1652083/delayed 97.03 -0.01 0.01%
WSJ $ Idx
/quotes/zigman/41508961/realtime 89.73 -0.08 0.09%
U.S. 10yr
/quotes/zigman/15866666/realtime 1.75 -0.09 4.81%
German 10y
/quotes/zigman/15866409/realtime 0.22 -0.07 24.99%
Italy 10yr
/quotes/zigman/15866497/realtime 1.70 +0.14 9.21%
Spain 10yr
/quotes/zigman/15866444/realtime 1.76 +0.11 6.81%
U.K. 10yr
/quotes/zigman/15866328/realtime 1.42 -0.15 9.55%
Japan 10yr
/quotes/zigman/15866525/realtime 0.04 +0.01 25.61%
Crude Oil
/quotes/zigman/2260836/delayed 30 -1 1.62%
Gold
/quotes/zigman/33772884/delayed 1,193 +35 3.02%
Corn
/quotes/zigman/25518691/delayed 364 -2 0.55%
DJIA F
/quotes/zigman/48241424/delayed 15,823 -308 1.91%
S&P F
/quotes/zigman/43106711/delayed 1,838 -37 1.97%
Silver
/quotes/zigman/32655632/delayed 15 +1 3.87%

Quotes

Symbol Price Change % Change
FB /quotes/zigman/9962609/composite 99.51 -4.56 -4.38%
AAPL /quotes/zigman/68270/composite 93.89 -0.13 -0.14%
GOOG /quotes/zigman/59527964/composite 670.38 -13.20 -1.93%
BAC /quotes/zigman/190927/composite 12.16 -0.79 -6.10%
C /quotes/zigman/5065548/composite 37.96 -1.90 -4.77%
F /quotes/zigman/264304/composite 11.36 -0.10 -0.83%
T /quotes/zigman/398198/composite 36.72 -0.16 -0.43%
BP /quotes/zigman/247026/composite 29.59 -0.87 -2.86%
GE /quotes/zigman/227468/composite 27.88 -0.66 -2.31%
Visit the quote page and your most recently viewed stocks will automatically be displayed here.
Please log in to view your watchlist
MarketWatch Portfolio

World News from MarketWatch

Rates »

5 yr CD
1.3%
2 yr CD
0.7%
1 yr CD
0.5%
MMA $10K+
0.2%
MMA $50K+
0.4%

National averages from Bankrate.com

You Don’t Need Another Credit Card, You Need A Better One.
Avg. APR Last Week 6 Months
Low Interest 11.96% 11.88% 11.62%
Business 13.12% 13.11% 12.85%
Student 13.42% 13.42% 13.14%
Balance Transfer 14.35% 14.30% 14.12%
Airline 15.17% 15.16% 15.10%
Cash Back 15.26% 15.23% 15.27%
Reward 15.28% 15.25% 15.14%
Instant Approval 18.21% 18.18% 18.00%
Bad Credit 22.88% 22.88% 22.73%
Source:CreditCards.com

Top 3 from Barron's

Today's list of the most-viewed stories from Barron's. More »

  1. 1.
  2. 2.
  3. 3.

Visit Barrons.com

SPONSORED SECTIONS

Trending Tickers
  • /quotes/zigman/41663/composite GLD+1.80%
  • /quotes/zigman/3059264/composite DUST-12.22%
  • /quotes/zigman/9021597/composite YELP-11.49%
  • /quotes/zigman/246527/composite WMB-24.71%
  • /quotes/zigman/59392505/composite NUGT+9.92%
X
Powered by StockTwits
Link to MarketWatch's Slice.

As of July 2, 2013, the SmartMoney content you loved now lives on MarketWatch.

MarketWatch will continue to provide the same important news and information you rely on every day. And, as a MarketWatch user, you will be able to enjoy:

  • Personalized news and quote email alerts
  • Editorial e-newsletters about personal finance, mutual funds and market-specific coverage
  • Premium newsletters by our market experts
  • Games, such as Virtual Stock Exchange and Beat the Darts
  • Free WSJ.com registration

SmartMoney Blogs

Encore
A blog about living in and planning for retirement

New Barriers To Reverse Mortgages

iStockphoto

Changes are in store for the way reverse mortgages are processed that might make it more difficult for some borrowers to qualify.

For fees that can amount to as much as 5% of a home’s value, reverse mortgages allow people age 62 or older to convert their home equity into cash. The homeowner can elect to receive a lump sum, a line of credit or monthly payments. The loan is due, with interest, when the borrower dies, moves, sells the house or fails to pay property taxes or homeowner’s insurance.

In the past, the amount a borrower received was determined by his or her age and property value, says Peter Bell, president of the National Reverse Mortgage Lenders Association. But on Oct. 5, the Federal Housing Administration, which insures virtually all reverse mortgages, told lenders that they are also free to consider a borrower’s “financial capacity and credit assessment criteria … in the origination and approval of” reverse mortgages.

Starting a week ago, MetLife Bank, the largest originator of reverse mortgages, began examining applicants’ finances. The goal: To gauge whether they have enough in the way of income and assets to cover the ongoing costs of defraying property taxes and homeowner’s insurance premiums.

Mr. Bell says the U.S. Department of Housing and Urban Development, which oversees FHA, is working on new regulations–likely to debut in 2012–that would require lenders to perform such financial underwriting. As a result, he adds, “it is possible that some borrowers who could have gotten a reverse mortgage before” will no longer qualify.

Still, Mr. Bell says, the number of people likely to be affected will be nowhere near the numbers impacted when, in response to falling home values, HUD cut the amount of equity that reverse-mortgage borrowers could extract from their homes. From fiscal year 2008 to 2011, the volume of Federally-insured “home-equity-conversion” reverse mortgages fell 35%.

The new regulations are also likely to give lenders the right to require borrowers with smaller financial cushions to receive monthly payments, rather than a lump sum. To ensure that borrowers have enough cash to cover their property taxes and homeowner’s insurance premiums, the new regulations may also allow lenders to set aside a portion of a reverse mortgage’s proceeds for those expenses.

In recent years, the number of reverse mortgage borrowers at risk of default on these loans due to an inability to pay insurance and property tax bills has risen. Mr. Bell says a new counseling program has put about 60% to 70% of those in arrears on a path towards retaining their homes.

Comments

We welcome thoughtful comments from readers. Please comply with our guidelines. Our blogs do not require the use of your real name.

Comments (5 of 9)

View all Comments »
    • Despite the new barriers to reverse mortgages, many companies are utilizing technology to get better offers for the visitors. I stumbled across this website before finding this article and they specialize on reverse mortgage Florida. http://www.shopreversemortgages.com/florida/

    • Wow! this cartoon type YouTube video I have viewed when I was in primary level and at the present I am in university and viewing that over again at this time.

    • he was fed up with quote my bitching so he beilad because i would not pay him anymore to do nothing. He refused to change my decree papers prior to a final sign off on them to state for Adultery he worded the papers to state i got 1/2 of all of the 401K, IRA, Bonus program, and the company stock as of what was left in it as of the day before the decree papers were signed instead of what was in those accounts at the beginning of the divorce for the last yr. Of course my ex pulled out over $14,000.00 out of just one of his 401K’s and pulled out all the other money out just before the signing of the decree. Now that atty. contends because my previous atty.’s did not do Discovery that he had no way to find out what my ex had in those acct.’s. But i was Pro Se for 2 wks and I DID do the Interrogatories and Discovery. That same atty. was aware of it and had them in his office for the last 7 months. My ex’s atty. told me he refused to respond to them as i did not respond to his. Which i did but the first atty. I had did not send them to him. I have no job and have filed for disability and just got news yesterday i was approved( after waiting 2 yrs). the mortgage co. for the Boise home is GMAC. I am going to send them the 41 page questionaire on who owns the note. My home in Oregon is in the same situation. I actually had to get written permission from my ex to even talk to Carrington Mortgage to make house payments on the home i owned prior to marrying this idiot. I know that the note on it has been bought out at least once as Carrington was not the original holder of the note. I am filing complaints with the Idaho State Bar for the 3 atty.’s i have had who have screwed up my divorce beyond belief but in the mean time i am looking at two foreclosures. My ex filed bankruptcy on May 19, 2009 and remarried another sucker on May 22, 2009 so her income would not count against his bankruptcy. between the two of them they have approx. $6,500.00 a month in income and are now in the process of buying a new $300,000.00 home one month after his bankruptcy was discharged. I have spent all my money that should have gone to paying house payments on Atty.’s I sold my 52 Chevy to pay the last one then after the last payment i made to him which i had to use my house payment to pay him another $900.00 he told me i was bitching too much about the QDRO not being done. Any ideas? I am desperate. I have no where to go and i also have the poor innocent cats my ex left with me who will be put to sleep if i have no home for them either. I am taking my ex back into court Pro Se again for contempt charges but he has a very good atty. court is Nov. 18, 2009.

    • Finding this “new program” is like looking for needle in hay stack. I have called a lot of organizations and they say there is no program and they do not have support counseling to HELP homeowners. Only counseling is to assist in analyzing their ability to get a reverse mortgage. Funds are being used to screen potential borrowers, NOT TO HELP HOMEOWNERS.

    • Reverse mortgages are definitely not right for everyone. However, they are also able to save people who cannot pay their current mortgage. For a great resource, visit http://www.seniorreversemortgage.com for free information.

About Encore

  • Encore examines the changing nature of retirement, from new rules and guidelines for financial security to the shifting identities and priorities of today’s retirees. The blog also explores news that affects retirement, from the Wall Street Journal Digital Network and around the web. Lead bloggers are reporter Catey Hill and senior editor Jeremy Olshan. Other contributors include The Wall Street Journal’s retirement columnists Glenn Ruffenach and Anne Tergesen; the Director for the Center for Retirement Research at Boston College, Alicia Munnell; and the Director of Research for Pinnacle Advisory Group, Michael Kitces, CFP.

MarketWatch - Stock Market Quotes, Business News, Financial News
Bulletin
Investor Alert

London Markets Close in:

need to know
BioCryst shars plunge after disappointing study
Apollo Education Group to be taken private
Oil sinks again as fears of oversupply persist
Apple supplier Imagination Tech warns of loss
India is world's fastest-growing major economy
Volkswagen's quality-control chief resigns
White House to ask for Zika research funding
Struggling LeapFrog bought by VTech


Rubio in freefall in New Hampshire betting
Voter turnout in each U.S. state (24/7 Wall St.)
New record of Americans giving up citizenship

These ‘Buffett stocks’ are bargains in this market

Why a selloff in European bank stocks is ominous
Bank stocks have taken enough: analyst

Hasbro blows past estimates as Star Wars boosts revenue
Hasbro blows past estimates on Star Wars boost
What to look for from Disney: Star Wars, ESPN

Randgold raises dividend after record output
Rio Tinto, 5 others quit London Metal Exchange
Moody’s cuts rating on W. Australia iron ore

Fundamentals are no longer relevant for gold
Anglo American CEO: Tough 2016 ahead

Venezuela can’t get Saudis to cut oil production
Only place left to invest if ‘Oilmageddon’ hits
Iran sets crude oil export volumes for Europe
Mark Mobius no longer investing in Petrobras


What are the 8 strongest S&P energy stocks?

Why Chipotle will close every store for a few hours on Feb. 8
Chipotle will close every store for a few hours today
VOTE: If not Chipotle, where would you eat?

China’s forex reserves poised for another record drop
China’s foreign-currency reserves drop $99 bln
Will China soon burn through its reserves?
When is China stock market closed for holiday?
Japan's current account surplus quadruples


In U.S., socialism is no longer a dirty word


Bill Clinton blasts Bernie Sanders as ‘the enemy of all things big’
Bill Clinton blasts Sanders as ‘enemy of all things big’
Republican Primary: 3 things to watch


All the bad things Hillary Clinton
has done

Polls show Sanders nearly even with Clinton
Why do young voters like Sanders so much?

Tesla earnings: Model 3 spending, Model X sales in focus
Tesla earnings: Model 3, Model X in focus
Disney, Coca-Cola headline earnings week

Ford to double Mexico factory capacity in 2018
Ford to double Mexico factory capacity

John Bogle dismisses index-fund 'danger'
John Bogle dismisses index-fund ‘danger’

Wanted at Vanguard: A CFO

New refugee crisis looms at Turkey’s border

Soros: EU is ‘on the verge of collapse’
What I learned traveling with Europe’s migrants
Europe wakes up to the danger of immigration


Lehman Brothers lives on,
as a spirit

N. Korea faces new sanctions after rocket test
North Korea fires long-range rocket
The 6 most corrupt countries in the world


Investors dump stocks, scoop up bonds for 5th straight week
Investors again dump stocks, scoop up bonds
FANG stocks take big bite out of Nasdaq

20 dividend stocks that Wall Street loves the most
The 20 dividend stocks that Wall Street loves most
Dividend stocks that will give you a raise


/conga/frontpage.html 367324

Markets »

45.92MDow Volume:
Avg Vol: 128.61M
Unchanged
104
Decliners
5231
Advancers
879
Price Chg %Chg 1 Day
Range: 1 Day
  • 1 Day
  • 5 Days
  • 1 Month
  • 3 Months
  • 6 Months
  • 1 Year
  • 2 Years
Dow
/quotes/zigman/627449/realtime 15,843 -362 2.23%
Nasdaq
/quotes/zigman/12633936/realtime 4,240 -123 2.83%
S&P 500
/quotes/zigman/3870025/realtime 1,837 -43 2.28%
GlobalDow
/quotes/zigman/629063/realtime 2,094 -45 2.11%
Gold
/quotes/zigman/33772884/delayed 1,192 +34 2.94%
Oil
/quotes/zigman/2260836/delayed 30.07 -0.82 2.65%
FTSE 100
/quotes/zigman/3173262/delayed 5,700 -148 2.53%
DAX
/quotes/zigman/2380246/delayed 9,005 -281 3.03%
CAC 40
/quotes/zigman/3173214/delayed 4,073 -128 3.04%
FTSE MIB
/quotes/zigman/1482176/delayed 16,544 -707 4.10%
IBEX 35
/quotes/zigman/2759620/delayed 8,155 -344 4.05%
Stoxx 600
/quotes/zigman/2380150/delayed 315 -10 3.21%
Asia Dow
/quotes/zigman/6959860/realtime 2,512 +2 0.08%
Nikkei 225
/quotes/zigman/5986735/delayed 17,004 +185 1.10%
Hang Seng
/quotes/zigman/2622475/delayed 19,288 +105 0.55%
Shanghai
/quotes/zigman/1859015/delayed 2,763 -18 0.63%
Sensex
/quotes/zigman/1652085/delayed 24,287 -330 1.34%
Singapore
/quotes/zigman/1709939/delayed 2,623 +65 2.53%
Euro
/quotes/zigman/16008136/realtime/sampled 1.12 +0.00 0.22%
Yen
/quotes/zigman/16008150/realtime/sampled 115.40 -1.47 1.26%
Pound
/quotes/zigman/16008140/realtime/sampled 1.44 -0.01 0.59%
Australia$
/quotes/zigman/16008115/realtime/sampled 0.71 +0.00 0.14%
DXY Index
/quotes/zigman/1652083/delayed 97.09 +0.04 0.05%
WSJ $ Idx
/quotes/zigman/41508961/realtime 89.73 -0.08 0.09%
U.S. 10yr
/quotes/zigman/15866666/realtime 1.75 -0.09 4.72%
German 10y
/quotes/zigman/15866409/realtime 0.22 -0.08 25.23%
Italy 10yr
/quotes/zigman/15866497/realtime 1.70 +0.14 9.12%
Spain 10yr
/quotes/zigman/15866444/realtime 1.76 +0.11 6.81%
U.K. 10yr
/quotes/zigman/15866328/realtime 1.41 -0.15 9.76%
Japan 10yr
/quotes/zigman/15866525/realtime 0.04 +0.01 25.61%
Crude Oil
/quotes/zigman/2260836/delayed 30 -1 2.65%
Gold
/quotes/zigman/33772884/delayed 1,192 +34 2.94%
Corn
/quotes/zigman/25518691/delayed 365 -1 0.27%
DJIA F
/quotes/zigman/48241424/delayed 15,807 -324 2.01%
S&P F
/quotes/zigman/43106711/delayed 1,839 -36 1.93%
Silver
/quotes/zigman/32655632/delayed 15 +1 3.80%

Quotes

Symbol Price Change % Change
FB /quotes/zigman/9962609/composite 99.41 -4.66 -4.48%
AAPL /quotes/zigman/68270/composite 93.76 -0.26 -0.28%
GOOG /quotes/zigman/59527964/composite 670.37 -13.20 -1.93%
BAC /quotes/zigman/190927/composite 12.17 -0.78 -6.02%
C /quotes/zigman/5065548/composite 37.96 -1.90 -4.77%
F /quotes/zigman/264304/composite 11.36 -0.10 -0.83%
T /quotes/zigman/398198/composite 36.75 -0.14 -0.37%
BP /quotes/zigman/247026/composite 29.57 -0.89 -2.92%
GE /quotes/zigman/227468/composite 27.89 -0.65 -2.29%
Visit the quote page and your most recently viewed stocks will automatically be displayed here.
Please log in to view your watchlist
MarketWatch Portfolio

World News from MarketWatch

Rates »

5 yr CD
1.3%
2 yr CD
0.7%
1 yr CD
0.5%
MMA $10K+
0.2%
MMA $50K+
0.4%

National averages from Bankrate.com

You Don’t Need Another Credit Card, You Need A Better One.
Avg. APR Last Week 6 Months
Low Interest 11.96% 11.88% 11.62%
Business 13.12% 13.11% 12.85%
Student 13.42% 13.42% 13.14%
Balance Transfer 14.35% 14.30% 14.12%
Airline 15.17% 15.16% 15.10%
Cash Back 15.26% 15.23% 15.27%
Reward 15.28% 15.25% 15.14%
Instant Approval 18.21% 18.18% 18.00%
Bad Credit 22.88% 22.88% 22.73%
Source:CreditCards.com

Top 3 from Barron's

Today's list of the most-viewed stories from Barron's. More »

  1. 1.
  2. 2.
  3. 3.

Visit Barrons.com

SPONSORED SECTIONS

Trending Tickers
  • /quotes/zigman/41663/composite GLD+1.82%
  • /quotes/zigman/3059264/composite DUST-12.23%
  • /quotes/zigman/9021597/composite YELP-11.49%
  • /quotes/zigman/246527/composite WMB-24.65%
  • /quotes/zigman/59392505/composite NUGT+9.76%
X
Powered by StockTwits
Link to MarketWatch's Slice.

As of July 2, 2013, the SmartMoney content you loved now lives on MarketWatch.

MarketWatch will continue to provide the same important news and information you rely on every day. And, as a MarketWatch user, you will be able to enjoy:

  • Personalized news and quote email alerts
  • Editorial e-newsletters about personal finance, mutual funds and market-specific coverage
  • Premium newsletters by our market experts
  • Games, such as Virtual Stock Exchange and Beat the Darts
  • Free WSJ.com registration