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Commentary

HUD’s New Reverse Mortgage Counseling Protocol Includes Test For Borrowers

April 7th, 2009  |  by John  |  published in Commentary, Counseling, FHA, News, Reverse Mortgage

Along with the recent changes to HECM counseling, the Department of Housing and Urban Development is expected to unveil a new counseling protocol next month to help borrowers asses whether a reverse mortgage is the right choice for their financial situation. 
The new protocol will include stronger assessment tools as well as the creation [...]


An Alternative to Fannie Mae’s Higher Reverse Mortgage Margins

March 31st, 2009  |  by Jim  |  published in Commentary, NRMLA, News, Reverse Mortgage

While the immediate increase in the number of investors buying HECMs is a good and noble goal, the way Fannie Mae has chosen to achieve that objective will result not only in human suffering and financial costs but also potential long-term damage to the reputation of the HECM program. In a comment on March 28th, [...]


Reverse Mortgage Proceeds Are Not Income – The Final Installment

March 26th, 2009  |  by Jim  |  published in Commentary, News, Reverse Mortgage

On February 27 and March 10, 2009, RMD published Are Reverse Mortgage Proceeds Really Income? and And How Can Reverse Mortgage Proceeds be Income?  The purpose of those articles was to dismiss the idea that RM loan proceeds are income. The contention in those articles is that RM proceeds are nothing more than loan proceeds [...]


Should HUD Change Its Recourse Policy For Reverse Mortgages?

March 25th, 2009  |  by John  |  published in Commentary, FHA, News, Reverse Mortgage

Over at Broker Universe, Atare Agbamu wrote an interesting article about why he thinks HUD should revoke Mortgagee Letter 2008-38.  The ML was a surprise and caused a bit of stir because of the way it defines a HECM as a non-recourse loan.  Prior to ML 08-38, HUD’s policy for non-recourse was:


The Life Of A Reverse Mortgage Lead

March 18th, 2009  |  by John  |  published in Commentary, Leads, News, Reverse Mortgage

Last week I received a call from a senior that had requested information about reverse mortgages over a year ago.  I haven’t been originating loans in order to focus on growing RMD, so when I received the phone call it caught me a bit off guard.
The gentleman had requested some basic information about reverse mortgages, [...]


How Can Reverse Mortgage Proceeds Be Income?

March 11th, 2009  |  by Jim  |  published in Commentary, News, Reverse Mortgage

On February 27, 2009, RMD published Are Reverse Mortgage Proceeds Really Income? In that article the point was made that reverse mortgage payouts result in the increase of the amount due a creditor (a liability) and is not income which increases the borrower’s equity. In accounting literature, income is a temporary category of equity.
On both [...]


Are Reverse Mortgage Proceeds Really Income?

February 27th, 2009  |  by Jim  |  published in Commentary, News, Reverse Mortgage

On February 12, 2009, two commentators on this website initiated a discussion of the appropriateness of using the word “income” to describe RM proceeds. Having waited for well over three months to opine on this issue, it seems now is the appropriate time to do so.
In November 2006, a well respected and long-time reverse mortgage [...]


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