With financing harder to qualify for these days, wouldn’t you think builders and developers would be jumping at the opportunity to learn more about the HECM for purchase program?  Michael Branson from All Reverse Mortgage Company details that two of their customers have been told they couldn’t use a HECM for purchase because they weren’t [...]

When I posted about seniors being one of the fastest growing group of Facebook users, RMD readers seemed interested so I wanted to follow up with ReadWriteWeb’s How To Reach Baby Boomers With Social Media.  RWW points to a report from Forrester Research which shows more than 60 percent of boomers actively consume socially created [...]

Harborstone Credit Union based in Tacoma, Washington announced it will start to offer reverse mortgage services to its members by partnering with Security Reverse Mortgage.  The agreement will utilize the Security Reverse Credit Union Program(TM) to educate, process, and fund reverse mortgage loans for its senior members. "Harborstone Credit Union is very pleased to add [...]

When OneWest Bank announced that it had closed on the deal to purchase IndyMac, the company said it would continue to operate Financial Freedom but didn’t mention anything about laying off some of its employees.  Earlier this morning there was a conference call where I’m told Michelle Minier read a script to announce layoffs and [...]

Earlier this week, the Arizona House Banking and Insurance Committee agreed to set up new regulations for companies offering reverse mortgages.  HB 2513 includes some mandatory disclosures and counseling requirements which were already required by HUD, but Robert Zumoff, an assistant state attorney general said “proprietary” lending is not covered.      "This is a bill that [...]

Home Equity Income Trust provided additional information regarding its announcement that it intends to apply to the Minister of Finance for its operating subsidiary, Canadian Home Income Plan Corporation ("CHIP"), to continue as a federally regulated Schedule I bank. CHIP currently operates as a financial services company exclusively dedicated to reverse mortgages.  By becoming a [...]