As the reverse mortgage industry faces a $798 million subsidy request, there is plenty of discussion from industry leaders and politicians about how to change the program to ensure its success and viability.    The knee jerk reaction from most is to cut the principal limit to ensure that no subsidy is needed for the government [...]

A new article from the Wall Street Journal details how a retired auto mechanic used the money he received from a reverse mortgage to pay off his existing $70,000 mortgage and "piddled away" the remaining $24,000 on things like restaurant meals for his four girlfriends, he says. Unfortunately, the owner of the Orlando, Fla., title [...]

These days it’s pretty rare to come across a balanced article on reverse mortgages but Housing Wire’s Kelly Curan does a great job describing the state of the industry and the challenges it faces. Instead of re-hashing the story here, HousingWire was happy to provide RMD readers with access to the article which is only [...]

MortgageOrb editor Phill Hall sits down with  John LaRose, CEO of reverse mortgage subservicer Celink to talk about how the industry is handling the recession and the challenges it faces in the coming years. Specifically, LaRose tells MortgageOrb that the two most significant issues facing the industry are the reliance on Fannie Mae and the [...]

The Office of the Inspector General for the U. S. Department of Housing and Urban Development’s (HUD) reviewed Bank of America’s home equity conversion mortgage (HECM) servicing division in Seattle, Washington and found that the servicer did not comply with two HUD requirements in its administration of HECM loans. According to the report, Bank of [...]

Data released from Zillow’s second quarter Real Estate Market Report shows that American homeowners are much more realistic about their own homes’ values than they were one year ago, but are more optimistic about the future than at any other time in the past year. Homeowners’ relatively more realistic perceptions of home values over the [...]