Reverse Mortgage Funding (RMF) has introduced a new interest rate option for its Equity Elite proprietary reverse mortgage product, which is designed to broaden the reverse mortgage product landscape and capture a wider segment of senior borrowers. In an effort to compete more directly with traditional avenues of financing, Equity Elite has introduced a new […]
Annuity provider Massachusetts Mutual Life Insurance Co. (MassMutual) is attempting to appeal to younger potential annuity buyers by invoking the financial instability being experienced by seniors, the same generation as these prospective buyers’ parents in many cases. This is according to a story appearing in Investment News. “The insurer issued a new annuity product Wednesday […]
Retirees should strongly consider employing a reverse mortgage loan to help fund their retirements, primarily because they can serve to protect against two major problems: falling home prices, and the increasing likelihood that a senior will outlive his or her assets. This is according to Professor Benjamin Harris, executive director of the Kellogg Public-Private Interface […]
The Home Equity Conversion Mortgage (HECM) program has seen incremental change in use cases over the 2019 fiscal year, as well as more visible shifts including year-over-year loan volume, an increase in the average age of a client at the time of endorsement, a reversing trend in refinance activity, and an increase in the dollar […]
The Federal Housing Administration (FHA) is encouraged by the increasing health of the Home Equity Conversion Mortgage (HECM) program inside the Mutual Mortgage Insurance Fund (MMIF) as revealed by the department’s annual report to Congress last week, but must continue to address remaining deficiencies in it after a series of major changes in 2017 and […]
Finance of America Reverse (FAR) announced that it has lowered the minimum age requirement from 62 to 60 on three of its proprietary HomeSafe loan products: HomeSafe Standard, HomeSafe Second and HomeSafe Flex, according to an announcement shared with RMD. “We are pleased to meet industry demand for this amendment but stress that borrower responsibility […]
Mahwah, N.J.-based Longbridge Financial is introducing a new proprietary reverse mortgage product to its existing “Platinum” branded product line, constituting a proprietary reverse mortgage that comes with a line of credit (LOC) feature. This new Platinum LOC loan allows qualified borrowers aged 62 and older to access an open-ended line of credit that grows at […]
Finance of America Reverse (FAR), the third largest reverse mortgage lender by volume, has expanded the availability of its proprietary reverse mortgage product “HomeSafe Standard” to the state of Massachusetts, according to a company statement to RMD. “Up until now, the 62+ Massachusetts homeowner was unable to take full advantage of their equity in neighborhoods […]
The reverse mortgage portion of the Federal Housing Administration (FHA) Mutual Mortgage Insurance Fund (MMIF) continues to stand at a negative capital ratio on the overall government-backed portfolio, according to an annual actuarial review of the fund’s finances released Thursday morning. However, it has made notable progress over the past year, increasing $7.7 billion in […]
The often unpredictable but increasingly likely expense that awaits people of retirement age is oriented around long-term care, and financial advisors are turning to an abundance of new strategies to help their clients pay for it. One such option according to an advisor is a reverse mortgage, who offered the idea in a new story […]
