Friday Round Up: RMF Suspends Reverse Mortgage Product, AAG Tops Rankings

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

RMF Suspends HECM Choice Reverse Mortgage Reverse Mortgage Funding LLC has suspended HECM Choice from its offerings, following an April 1 rule issued by Ginnie Mae prohibiting the fixed-rate loans. 

Reverse Mortgage Volume Up as AAG Keeps Top Lender Spot American Advisors Group ranked as the No.1 Top-10 lender in May, according to the latest Department of Housing and Urban Development data, reported by Reverse Market Insight (RMI).

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Adjusting to the Latest in Reverse Mortgage Changes Change is the only thing in the reverse mortgage business that remains constant — an adage backed by recent and upcoming shifts in the industry, including new principal limit factors taking effect, new product restrictions and a resulting decline in loan volume. 

Tampa Bay Times: Homeowners Stumble Over Reverse Mortgage Complexities An elderly couple faces foreclosure after obtaining a reverse mortgage that they didn’t fully understand. 

Reverse Lenders Market to New Borrower in Wake of Product Changes New Federal Housing Administration regulations are rationing the amount of proceeds seniors can receive from FHA-insured reverse mortgages, aiming to reduce the likelihood of default. 

Written by Emily Study

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