The Home Equity Conversion Mortgage (HECM) program continues to lose money for the Federal Housing Administration (FHA), and likely needs to be removed from the Mutual Mortgage Insurance Fund (MMIF) in order to stop forward mortgage borrowers from subsidizing their reverse mortgage counterparts. This is according to newly-installed FHA Commissioner Dana Wade, speaking with a […]
The state of California’s desire to create a watchdog agency akin to the federal Consumer Financial Protection Bureau (CFPB) is moving ahead, after Governor Gavin Newsom signed a package of bills into law to reform the state’s Department of Business Oversight (DBO) into a new entity. The new consumer watchdog, which will be called the […]
The United States Department of Justice (DOJ) has filed a complaint against a reverse mortgage company for allegedly forging certifications and using unqualified underwriters to approve Federal Housing Administration (FHA)-backed Home Equity Conversion Mortgage (HECM) loans originated between 2008 and 2010. Nutter Home Loans (formerly known as James B. Nutter & Co.) allegedly undertook these […]
Divorce is an often painful, difficult process no matter when it’s decided on as a solution, but the difficulty and complexity of the process can increase significantly for those at or near retirement. If a senior is facing the prospect of a divorce and can consequently run into issues related to cash flow, a reverse […]
The reverse mortgage industry, as with virtually any other business, has a greater ability to thrive when more people decide to enter it. With some companies focusing on helping traditionally forward mortgage loan officers make a transition into reverse either as a new full-time focus or to add to their repertoire of offerings, those LOs […]
Secretary of the U.S. Department of Housing and Urban Development (HUD) Dr. Ben Carson could remain working for the Trump Administration should the president be re-elected in November, according to notes which were seen by reporters during a speech he delivered in Atlanta this week. The presence of the notes was originally reported by Bloomberg. […]
For many reverse mortgage originators and brokers, the business can be all about finding new leads that can then help to generate new reverse mortgage loans. Learning about a segment of potential senior clientele can be crucial for those developing new sources of borrowers, and one area that may be worth keeping in mind revolves […]
Reverse mortgages can present a good opportunity for someone at or near retirement, but the product category comes with some pitfalls that potential borrowers should keep in mind before they think of engaging in a reverse mortgage transaction. This is according to financial columnist Liz Weston in a new article at CNBC. “If you’re thinking […]
In terms of the available options that consumers have to tap into their home equity, so far the paths toward that goal are relatively isolated to something like a Home Equity Line of Credit (HELOC) or a reverse mortgage, either proprietary or a Federal Housing Administration (FHA)-backed Home Equity Conversion Mortgage (HECM). While that is […]
For many people who have seen their home values rise during this low rate environment and additional activity in some regional real estate markets, some may be asking questions about what they can do to take advantage of these changes if they own a home. Taking equity out of the home is one such option, […]
