The average reverse mortgage borrower will see their Initial Benefits stay the same as last week. Ibis considers an average borrower to be a 73-year old in a $250,000 home that chooses a LIBOR+250 HECM.  The rates as of 3/30/10 are:

American Advisors Group (AAG) announced the activation of a new $10 million warehouse facility to fund its reverse mortgage production. The new fuding capacity along with its “full eagle” authority allow it to transition from a broker to a reverse mortgage banker. “The capacity this line provides allows us to move our production onto our [...]

“It’s coming,” said Joe Demarkey, Assistant Vice President of Strategic Business Development for MetLife in response to a question about whether the US Department of Housing and Urban Development (HUD) would start requiring lenders perform a credit underwrite for reverse mortgage borrowers. The first step towards a type of underwrite will be through new HECM [...]

Consumer Credit Counseling Service of Montana is now offering free reverse mortgage counseling for the next six months said a company statement. The free counseling is possible after receiving $90,000 to deliver HECM counseling services through a US Department of Housing and Urban Development grant. “We determined that it best meets both the consumer and [...]

Reverse Fortunes Weekly Podcast Episode #96 Reverse Mortgage Pricing Wars To listen login or become a free member to listen to past & current episodes Talking Points: Price Wars for reverse mortgages: No service fee / No Origination? Technical foreclosures: are seniors really at risk? NRMLA kicks PR initiative into high gear Pockets of resistance: [...]

MetLife Bank announced a new pricing option available through both its retail and wholesale channels for its fixed rate reverse mortgage product to make thousands more dollars available to borrowers at a lower cost. This new pricing option, which applies to the HECM fixed product will eliminate the origination fee and servicing fee, meaning that [...]