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Holiday Round-Up: Reverse Mortgage Pilot Program, Senior Home Equity $6.1 Trillion

RMD offices will be closed on Monday, December 26 in observance of the Christmas holiday and will return to our normal posting schedule on Tuesday, December 27.

In the meantime, RMD would like to wish all of our readers and industry partners a safe and enjoyable Christmas holiday weekend.

We will see you back here on the 27th. Until then, Merry Christmas and Happy Holidays!

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

HUD Dishes More Details on Reverse Mortgage Counseling Rules—One week after publishing its final rule on housing counseling certifications, the Department of Housing and Urban Development (HUD) recently held a stakeholders call to discuss the finer points of its new requirements for agency-approved housing counselors, including what the final rule means for reverse mortgage counselors.

Nonprofit Group Launches Pilot Program to Help Reverse Mortgage Borrowers—Though the default rate on reverse mortgages has been decreasing in recent years, there are still borrowers who are struggling and teetering on the edge of going into default. To help combat the issue, a nonprofit organization that blossomed during the height of the housing crisis is launching a pilot program designed to help reverse mortgage borrowers who find themselves in tough situations.

As Industry Volume Lags, These Cities Show Signs of Reverse Mortgage Growth—With little more than a week left in 2016, it’s already looking like the year will finish with lower reverse mortgage volume than in recent years. But even as industry volume trends lower on a national scale, some markets continue to show signs of growth at the city and zip code level.

Home Equity Grows to $6.1 Trillion for Reverse Mortgage-Age Seniors—U.S. homeowners age 62 and older saw a $152 billion increase in home equity during the third quarter of 2016, bringing the aggregate value of equity held by these homeowners to $6.1 trillion, according to new data from the National Reverse Mortgage Lenders Association/RiskSpan Reverse Mortgage Market Index.

November Issuance of Reverse Mortgage-Backed Securities Tops $718 Million—Issuance of Home Equity Conversion Mortgage-backed securities (HMBS) totaled approximately $718 million in November—the fourth lowest monthly dollar volume this year—which was down from October’s total of $832 million, according to the latest market commentary from New View Advisors.

Written by Jason Oliva