AARP’s Sheilah Kast covered reverse mortgages in a 30 minutes session for Inside E Street on Retirement Living TV.  The segment includes an interview with Illinois Rep. Judy Biggert who said reverse mortgages are “a great financial tool”. Kast also interviewed Massachusetts Rep. Barney Frank who is clearly behind the product and said that, “I’ve [...]

The US Department of Housing and Urban Development published Mortgagee Letter 09-44 to provide clarification of the of the debenture interest calculation for HECM foreclosure or deed-in-lieu of Foreclosure claims. 

The average reverse mortgage borrower will see their initial benefits decrease by $2,750 today. The rates as of 10/27/09 are:

Lenders One Mortgage Cooperative announced the addition of MetLife as its newest preferred investor.  The relationship positions MetLife Home Loans Reverse Mortgage Division to purchase cooperative members’ closed reverse mortgages and fixed-rate home equity conversion mortgage (HECM) products said a company statement.  “The reverse mortgage product is very important to seniors looking for ways to [...]

Last week, a House of Representatives panel passed HR 3126 by a 39 to 29 vote to establish a regulating agency for financial products marketed and sold to US consumers which included an amendment to phase out the Home Valuation Code of Conduct.  The amendment would allow all originators, licensed or registered in accordance with [...]

Newsday continues to do a great job covering the reverse mortgage industry and over the weekend provided a well balanced article on the pros and cons of seniors using the product.  Newsday writer, Ronald E. Roel spoke with a range of people including Meg Burns, director of Single Family Program Development for the Federal Housing [...]