As the reverse mortgage industry gets ready for several anticipated changes in the Home Equity Conversion Mortgage (HECM) product in October, counseling agencies are scrambling to prepare for the new HECM counseling protocols. While the guidelines don’t officially begin until Sep. 11, certain aspects of the protocol must already be followed according to an alert [...]

Shaun Donovan, Department of Housing and Urban Development Secretary spoke with CNN on its “State of the Union” show about the Obama Administration’s plan to set up an emergency loan program for the unemployed and a new government mortgage effort to help homeowners. The programs include $2 billion of additional assistance for states hit hardest [...]

Last chance to sign up for training on how the new HECM counseling protocols will impact your business. On September 2nd, Reverse Fortunes will explain why the FIT (Financial Interview Tool) and the BCU (Benefits Check Up) will change the future of HECM counseling. You will also learn how to prepare your company and clients for the changes [...]

Local media outlet NY1 ran a reverse mortgage feature last week, sitting down with Jason Levy, chief executive officer of Guardian First Funding. “An ideal candidate is someone who is having a hard time making ends meet, so to speak, but has the equity in their home,” says Levy. “It’s not a coincidence that that equity [...]

As part of the implementation of the Dodd Frank Wall Street Reform and Consumer Protection Act, the Federal Deposit Insurance Corporation announced a series of roundtable discussions with external parties. The first discussion will take place on Tuesday, August 31, 2010, and focus on the new resolution authority provided in Dodd-Frank for the largest financial firms. [...]

For the last few years, the number of Home Equity Conversion Mortgages (HECM) in default from a failure to pay taxes and insurance has been hot topic for debate at events around the country.  Estimates from industry experts typically put the number around 10,000, but a new report from the Department of Housing and Urban [...]