Zillow is emerging as a powerhouse of unfettered opinion in the housing sector, based on their love for housing market data.  Regional recovery is still mixed so we are going to need more than optimism to believe that this market is beginning to stabilize.  Zillow Chief Economist Stan Humphries has been in the public eye in the last few days and he outlined the housing market drivers that could stimulate or stall any recovery on CBS Moneywatch.  In the true spirit of journalism, here is a voice that doesn’t have ties to your net worth or your bonus.

Abuse to one person may be fair play to another.  Where do you stand today on the field of credit?  Many of us have watched our net worth plummet and our retirement savings disappear. Some of us have received handsome performance bonuses for generating substantial profits based on formulas that don’t take into consideration looming write-downs that substantially influence our financial system.  Do you think that regulation will help curb the instability?

I’ve attached a list that I was given for your review.  The list was described to me as potential costs that might be included in the APR (Annual Percentage Rate) of a mortgage.

Do you see anything that shoudn’t be there?  Or should be added?

APR_fees

Here’s a note that came out of the HUD newsletter on October 1st:

The National Housing Act requires that elderly homeowners seeking an FHA Home Equity Conversion Mortgage – a “reverse mortgage” – must receive counseling “provided by counselors who meet qualification standards..”    A final rule published in the September 2nd, Federal Register establishes a roster of counselors who have met these standards and from which counselors should be chosen.  For more, visit http://edocket.access.gpo.gov/2009/E9-21076.htm

It is usually a rather expensive means of gaining access to home equity, but in some cases a reverse mortgage  may fill a gap that is ultimately a real help.  The number of professionals working in this field today is growing rapidy.  Look for experience and a good referral.