The Federal Housing Administration reported that reverse mortgage applications were up 2.3% in May, coming it at 8,169 units during the month.  For FY 2010, reverse mortgage applications are down 49.3% from the previous year. May marks the fourth straight month over month increase, but the industry has yet to see the increase result in more [...]

While the current recession has affected nearly every household in the United States, evidence shows that the economic crisis has been particularly severe for our country’s most vulnerable groups: children, the elderly, and the poor, practically erasing decades of improvement in material well-being. The American Life Panel (ALP) and the Health and Retirement Study (HRS), [...]

When members of the Senate and House Conference Committee meet on Tuesday to discuss the Wall Street reform bill, reverse mortgages will be a topic of discussion. According to the House offer published by US Representative Barney Frank, chairman of the House Financial Services Committee, it has accepted the Senate’s proposal to house a new consumer [...]

The Washington Post is reporting that reverse mortgage lenders will receive guidance from the US Department of Housing and Urban Development this summer on how handle taxes and insurance default for the HECM program. Vicki Bott, Federal Housing Administration deputy assistant secretary for single-family housing, told the WAPO the upcoming guidance will emphasize a “curative [...]

Last week the House of Representatives passed H.R. 5072, the FHA Reform Act of 2010. The bill would almost triple the cap on annual premiums that the FHA can charge borrowers for mortgage insurance, raising the cap on annual premiums to 1.50% from 0.55%. The bill also provides the US Department of Housing and Urban [...]

Reverse Fortunes Weekly Podcast Episode #108 Will seniors have to be credit-worthy in the future to get a reverse mortgage? How the T&I defaults could shape the future of the HECM and other products. To listen login or become a free member to listen to past & current episodes Talking Points: Mortgage fraud sweep biggest [...]