Reverse Market Insight beat us to the punch with this one.  During the National Reverse Mortgage Lenders Association’s road show last week, John Nixon, an executive at Bank of America said 62 year olds were the most common among recent reverse mortgage borrowers and I was a bit stunned. According to RMI, the average age for [...]

President Obama signed the the Dodd-Frank Act, the most sweeping financial reform since the Great Depression on Wednesday. “With this law, we’ll crack down on abusive practices in the mortgage industry,” said the President during the bill signing ceremony.  ”We’ll make sure that contracts are simpler, putting an end to many hidden penalties and fees in complex [...]

The number of reverse mortgage applications rose 8.8% in June, coming in at 9,088 units according to the Federal Housing Administration.  June marks the fifth consecutive month over month increase in HECM applications. As applications continue to rise, reverse mortgage volume should follow in the coming months.

The House Committee on Appropriations passed the FY 2011 Transportation, Housing and Urban Development bill on Tuesday and included $150 million to support the Federal Housing Administration’s reverse mortgage program. While the Obama Administration requested $250 million to support the HECM program, the appropriations committee provided the $150 million to ”support elderly homeowners and assist them [...]

The Pennsylvania Department of Banking released new policy for the reverse mortgage industry to define proper conduct of lenders and help protect the states older homeowners. “Because reverse mortgage products are specifically designed for — and marketed to – older residents, we feel a particular responsibility to safeguard their interests by making sure that they [...]

Federal Housing Administration (FHA) Commissioner David Stevens unveiled three specific policy changes to strengthen the FHA’s capital reserves last week. In addition to earlier steps taken to manage its risks and to boost reserves, Stevens is proposing to update the combination of credit and down payment requirements for new borrowers; reduce seller concessions from six [...]