The Federal Housing Administration (FHA) will require proof of creditworthiness from reverse mortgage borrowers, Bloomberg reported this week through its Terminal subscription service. The article, titled, “Reverse Mortgages Decline Under New FHA Rules, Shrinking Equity,” captures many of the issues of interest to those in the business today. Among the article’s highlights: unreported defaults; the introduction of [...]

Existing home sales continued to rise for the third consecutive month according to the National Association of Realtors. Sales increased 2.7 percent to a seasonally adjusted annual rate of 5.36 million in January from a downwardly revised 5.22 million in December, and are 5.3 percent above the 5.09 million level in January 2010. This is the [...]

Housing was more affordable in the fourth quarter of 2010 than it has been in 20 years, says the National Association of Home Builders (NAHB)/Wells Fargo Housing Opportunity Index (HOI), released this week. Nearly 74% of all new and existing homes sold in the the fourth quarter of 2010 were affordable to median income families–those [...]

USA Today is reporting on the growing number of baby boomers choosing to join the “Village Movement”. Launched eight years ago in Boston with Beacon Hill Village, has spread to Washington, Chicago, San Francisco and more than 50 other cities. Hundreds more are in formation.  Typically, the great majority of joiners in the Village Movement are [...]

The number of reverse mortgage applications fell 10.6% in January, but the month posted a 120% increase in HECM Saver endorsements over last month, according to data released this week by the Department of Housing and Urban Development. January posted a seasonally-adjusted rate of 1,450,900 single-family mortgage applications overall, which represents the lowest January estimate since January [...]

NRMLA responded to a changing law in Massachusetts that would include new opt-in procedures for seniors seeking reverse mortgages as well as mandatory face-to-face counseling for those who fall below a set income threshold. The Division is seeking public feedback on the provisions as well as general input on availability of reverse mortgage counseling, firsthand [...]