One Reverse Mortgage is moving the company’s headquarters to downtown Detroit later this summer. The company said 110 team members will move to the Compuware Building and share space with its sister companies, Quicken Loans Inc., Fathead and In-House Realty.

Former FHA Commissioner Brian Montgomery’s support couldn’t have come at a more important time for the reverse mortgage industry. In his latest opinion piece for Mortgage News Daily, he calls on representatives in Washington, DC, to look beyond the budgetary and actuarial concern of the $250 million subsidy request for FHA’s reverse mortgage program.  The [...]

The Street is reporting that Wells Fargo, Bank of America, and MetLife account for 52% of the reverse mortgage volume in the industry. According to Reverse Market Insight, the top 10 lenders make up 89% of the market.

The National Credit Union Association issued a regulatory alert warning of the potential for reverse mortgage fraud schemes that strip homeowners of their equity. “In the current economic environment, the ability of long-term homeowners to access existing home equity quickly through reverse mortgages may make them vulnerable to predators committing financial fraud,” said NCUA.  ”Law [...]

According to a recent report by Standard & Poor’s Economic Research, Americans lost 18 percent of their net worth in 2008 and households nearing retirement were hit the worst. However, the report found that even before the recession, most Americans nearing retirement were ill prepared. The Center for Retirement Research at Boston College estimates 43 [...]

As part of the new counseling protocols from the US Department of Housing and Urban Development, counselors are required to use the National Council of Aging’s web based Financial Interview Tool (FIT) to create a budget for the client based on their income, assets, debt and expenses. Using FIT, counselors will ask a series of questions [...]