Late last night, the House and Senate passed an extension of the $625,500 loan limit for reverse mortgages through December 31, 2010.  Loan limits for the Home Equity Conversion Mortgage (HECM) would’ve returned to $417,000 at the end of the year if the extension wasn’t passed. Also included in the continuing resolution (H.R. 2996), was [...]

The US Department of Housing and Urban Development announced its Mortgagee Review Board (MRB) is proposing to permanently withdraw the HUD/FHA approval of Financial Mortgage USA, Inc., a reverse mortgage lender based in Honolulu, Hawaii. HUD’s MRB alleges the Company failed to implement an FHA-required quality control plan; separate its lending operations from those of [...]

Leave it to a witty journalist to get creative around Halloween by writing a story like Trick or treat: Reverse mortgages can be foreclosures in disguise. TampaBay.com writer James Thorne writes that:

Housingwire sat in on a reverse mortgage securitization session at the Information Management Network’s 15th annual ABS East conference in Miami and writes that over the last two years the structure has moved beyond the needs-based senior and now see a significant mix of borrowers tapping into the market. According to HW, panelists said that [...]

Results from Golden Gateway Financial’s reverse mortgage calculator showed that falling home values continue to negatively impact the amount of money available to Americans through a reverse mortgage. Despite falling home values, the company also reported a increase of nearly 90 percent in the number of individuals researching reverse mortgages compared to the previous quarter

Overall, Americans did not do well on a survey of their long-term care knowledge according to MetLife Mature Institute (MMI).  According to a recent survey, most know what long-term care is and how much it costs, but their scores fall short regarding how many people will need it and how they will pay for it. [...]