Friday Round-Up: Ginnie Mae Says No to New Fixed-Rate Reverse Mortgages

In case you missed it, here’s what happened in reverse mortgage news this week:

Ginnie Mae Rules On New Fixed-Rate Reverse Mortgage Products—Ginnie Mae said Tuesday it is prohibiting the inclusion of fixed-rate home equity conversion mortgage (HECM) loans that can be pooled into HECM-backed mortgage securities, specifically loans where borrowers can choose a payment plan option allowing future loan advances against the principal limit.

Reverse Mortgage Volume Drops 10% in March, Future Threats Loom—Reverse mortgage endorsements dipped 10.6% in March from the previous month, but the worst might be still to come, according to the latest Reverse Market Insight report.

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The CFPB. What Have We Learned?—Although reverse mortgage-specific enforcement actions have yet to come from the Consumer Financial Protection Bureau, the industry can take cues from the federal agency’s recent measures as to where it’s going next.

EquityKey Rolls out New Home Price Appreciation Product—EquityKey announced it will offer a revamped product that allows homeowners of all ages to sell their future home price appreciation.

Live Well Brings Back Annually Adjusting Reverse Mortgage—Following this week’s aforementioned announcement from Ginnie Mae, Live Well Financial introduced a new reverse mortgage product, which annually adjusts based on LIBOR rates.

Written by Jason Oliva

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