A daughter looking to pay off her mother’s reverse mortgage should take advantage of record low mortgage rates and buy the home before her mother dies, a Chicago Tribune columnist recommends. The borrower’s daughter sought answers about staying in her mother’s home, which has a reverse mortgage, and paying off the loan over a period [...]

In case you missed it, here’s what happened in reverse mortgage news this week: HUD rehashed its FHA lender approval requirements. Several changes to the requirements, announced in Mortgagee Letter 2011-34, have the potential to level the playing field for lenders—especially those with call centers. No longer restricted by state lines, some lenders told RMD [...]

HECM counseling funding will be cut off on October 1 with the onset of Fiscal Year 2012. Now, consumers are beginning to feel the effects of an unfunded mandate. For some consumers, it means waiting twice or three times as long for HECM counseling appointments. For others, it means the cost is going up—as early [...]

A recent public hearing in Massachusetts addressed state legislation on reverse mortgages and raised questions about reverse mortgage law in the Bay State. Testimony submitted by the National Reverse Mortgage Lenders Association last week and given by a MetLife executive presented concerns over face-to-face counseling requirements and seniors’ ability to opt out of the loan [...]

Nationwide Appraisal Network and Trio Title Group announced last week that they would merge to become Nationwide Appraisal & Settlement Network (NASN), providing appraisal management and settlement services under a single entity. The Oldsmar, Florida company is registered in all required states to operate across the nation, where it will offer appraisals, title, closings and [...]

Over the past two years, the percentage of fixed rate HECMs has surged to the point where it far outweighs the proportion of adjustable rate loans, a recent chart created by the Department of Housing and Urban Development depicts. However, in 2011 to date, the percentage has showed a slight decrease. The increase to more [...]