Reverse mortgage originators who fund loans through Ginnie Mae are turning to middle men in order to get needed liquidity. One of those facilitators is Knight Libertas, Jersey City, N.J., which describes itself as “the leading source of off-exchange liquidity in U.S. equities…with a greater share volume than any U.S. exchange.” David Fontanilla, formerly vice-president, [...]

Just weeks after raising $4 million from JAM Equity Partners, American Advisors Group (AAG) has started a two-part national television campaign with personalized stories of how reverse mortgages have saved homes and rescued lifestyles of senior citizens. “We have testimonials from people in tears of joy because this financial product has saved them from dire [...]

The average HECM borrower will see their initial benefits as last week. The rates as of 9/22/09 are:

Late last week the Senate passed its version of the Department of Transportation Appropriations Act of 2010 (H.R. 3288) by a vote of 73-25.  Since the bills each have their differences, both versions to go a conference committee where House and Senate members iron out the differences and return a compromised version to both the [...]

Bank of America announced that it’s suspending the origination of the fixed rate HECM product in Illinois.  According to the company’s statement, they have reviewed its current policies and procedures as they relate to a law unique to the state of Illinois called the Illinois High Risk Home Loan Act (HRHLA).  HRHLA applies to all [...]

Interesting article from American Banker which describes how regional banks are seeing older Americans struggle to repay their loans as the recession scrambles once-optimistic plans for retirement. Specifically, the article points out that senior citizens are finding it difficult to pay off their mortgage on retirement properties because they haven’t been able to sell their [...]