JGWPT announced it’s officially launching a reverse mortgage division under its Peachtree Financial Solutions company. RMD reported that J.G. Wentworth was getting into the business late last year and it has since been running a small “pilot operation” out of its Randor, PA office. Peachtree and J.G. Wentworth became part of JGWPT, a newly formed and [...]

Changes in Oregon to the state’s senior property tax deferral program have taken a hit to the seniors that formerly qualified, including 24% who have reverse mortgages and can no longer enroll in the program for that reason, according to the Department of Revenue. The changes to the tax deferral program, which previously had 10,500 [...]

Driven by continued weakness in the housing market, among other factors, Moody’s Investors Service downgraded the ratings of several bonds backed by private reverse mortgages. The downgrade actions came from three mortgage deals and were driven primarily based on the loans concentrated in California, where house prices have declined more than 40% since 2006, Moody’s noted. [...]

Retiring seniors may want to consider moving to Winchester, Va., Portland, Maine, or Gainesville, Ga., because of their affordability, thanks to low median housing prices and lower taxes, says AARP. With home values averaging just over $165,000, these cities are the top three on AARP’s 10 Most Affordable Retirement Cities list. While there’s state tax [...]

Bank of America is looking to sell its correspondent lending business, the Wall Street Journal first reported on Wednesday. The WSJ cited “people familiar with the situation,” as the source of the information, and said the correspondent sale would be in an effort to focus the bank’s financial strength. Now, the company has confirmed it will [...]

A special task force has been appointed by the National Reverse Mortgage Lenders Association to review the latest draft of the industry financial assessment that would be used to assess whether borrowers can meet the tax and insurance payments on their loans. The task force, a seven-member committee of NRMLA board members, will identify data [...]