The average HECM borrower will see their initial benefits increase by $ 2,500 tomorrow.  The volatility continues.

While the majority of reverse mortgages originated continue to be FHA insured HECMs, regulators and legislators are voicing concerns about the need for consumer safeguards for proprietary reverse mortgage products. During a speech earlier this month, John Dugan of the Office of the Comptroller of the Currency said, “lenders are likely to develop more attractive [...]

Ding Ding!  Here comes “Round 2” from Atare Agbamu in his second installment of An Assault on Fairness: Quash Mortgagee Letter 2008-38 (Part 2).  In Round 2, he discusses how the arms-length rule in the ML has the potential to arouse anger and alienate seniors’ heirs and relatives, which he calls the “core centers of [...]

Several trade groups and the Office of the Inspector General appeared Thursday before a House Financial Services Subcommittee on Oversight and Investigations where they called for more resources to ensure HUD program’s presence in the mortgage market remains. According to a testimony from HUD, the Federal Housing Administration has seen dramatic changes in its business.  [...]

The US Department of Housing and Urban Development announced that more than $58 million is available for a broad range of housing counseling programs to help families and preserve housing.  The funding is an increase of $11 million, up 23% from last year according to a statement from HUD. “Now, more than ever, it is [...]

Former Maryland insurance broker Edward Hanson is accused of swindling seniors of $280,000 says the Washington Post.  Hanson is accused of defrauding Martha Cunningham and another couple in their 60s by persuading them to write large checks to him for services he never provided, Prince George’s County State’s Attorney Glenn F. Ivey said at a [...]