Reverse Fortunes is providing RMD readers with another free reverse mortgage training session on May 6th at 1:00 PM (EST). They will discuss how to fully inform your borrowers about the advantages and disadvantages of the fixed rate versus the adjustable rate product. They will also cover the following: Are you an “agent” or a [...]

Financial Freedom’s servicer rating has been upgraded to ‘RPS3′ from ‘RPS3-’ said a statement from Fitch Ratings. A subsidiary of One West Bank, FSB, Financial Freedom is a reverse mortgage lender headquartered in Irvine, CA and conducts its servicing operations from Austin, TX, Kalamazoo, MI and Norcross, GA. As of Dec. 31, 2009, Financial Freedom [...]

During the National Reverse Mortgage Lenders Association’s Road Show, Erica Jessup, program specialist at the US Department of Housing and Urban Development said complaints about non-borrowing spouses being forced to move out of the home after the HECM borrower passes away are increasing. “These borrowers were told the loan was assumable, or a loan officer [...]

Some buzz has circled recently around one type of reverse mortgage that gives new meaning to the phrase: “All in the family.” Private reverse mortgages, which place a family member in the role of financier, are being talked about as one alternative to government-insured or proprietary products for seniors. But, setting up a private reverse [...]

The Massachusetts Senate has introduced new legislation to establish specific reverse mortgage requirements for borrowers and lenders. According to S2355, lenders are not allowed to originate a reverse mortgage loan unless the borrower “affirmatively opts in writing for the reverse mortgage and has received certification from a counselor with a third­party organization” and in person [...]

The House Financial Services Committee approved the FHA Reform Act of 2010 (H.R. 5072) to ensure that the Federal Housing Administration (FHA) remains viable and continues its mission of insuring mortgage loans. Congresswoman Maxine Waters (D-CA), Chairwoman of the Housing and Community Opportunity Subcommittee, said yesterday she drafted the bill in response to recent events [...]