Increasing popularity for reverse mortgages in Australia has the potential to allow more retirees to adequately fund their post-working lives, but some potential borrowers are being blocked from pursuing reverse mortgage solutions in the country as banks are exiting the space. A 6.5 percent increase in New Zealand-based Heartland Bank’s recorded profits was bolstered by […]
Creating a path to success in today’s reverse mortgage marketplace will be a major theme for the National Reverse Mortgage Lenders Association’s spring conference this year. NRMLA’s Western Regional Conference, taking place March 25-26 in Huntington Beach, Calif., features a programming schedule consisting of discussions around collateral risk assessments, marketing best practices and economic factors, […]
Looking out for new opportunities in the wake of reduced reverse mortgage volume can lead lenders into spaces that are not often considered. While some companies are expanding their operations into forward lending, others are taking that expansion attitude one step further by dipping their proverbial toes into the waters of non-qualified mortgage (non-QM) lending. […]
State and local governments are having increasing levels of difficulty in meeting their pension payment obligations, a problem exacerbated by the retirement of former government employees that are part of the baby boomer generation according to a new report by National Public Radio (NPR). In the city of Houston, Texas, for instance, the initial $2.4 […]
As proprietary products gain appeal among prospective reverse mortgage borrowers, some companies are confronted with a new conundrum: prospects who qualify for both jumbo and Home Equity Conversion Mortgage (HECM) options. “California has a lot of borrowers with homes valued between $700,000 to $800,000,” says Christina Harmes, assistant manager of the C2 Reverse division of […]
The Federal Housing Administration (FHA) released two Mortgagee Letters on Tuesday, with both stating an intent to “streamline” its guidance on two different lending provisions. This, the agency says, is in an effort to reduce potential obstacles in the mortgage process for borrowers. In Mortgagee Letter (ML) 2019-04 titled “Removal of the Federal Housing Administration […]
Primarily echoing previously recorded numbers among government-approved lenders, Home Equity Conversion Mortgage (HECM) endorsements dropped slightly in January, with total endorsements falling 5.7 percent to a total of 1,649 loans, according to the latest data from Reverse Market Insight (RMI). However, some lenders managed to buck the downward trend by posting positive gains. The HECM […]
A Washington, D.C. organization is making strides toward helping reverse mortgage borrowers facing foreclosure risk with a new solution available to area loan holders. The Reverse Mortgage Insurance & Tax Payment Program (ReMIT), launched this week by the District of Columbia Housing Finance Agency (DCHFA), is a $500,000 fund that will provide up to $25,000 […]
The housing wealth of homeowners aged 62 and over grew by 1.4 percent, or $98 billion in the fourth quarter of 2018, resulting in a record total housing wealth level of $7.05 trillion, according to figures reported Wednesday by the National Reverse Mortgage Lenders Association (NRMLA) in its quarterly release of the NRMLA/RiskSpan Reverse Mortgage […]
After several years operating under an affiliation with the American College of Financial Services, the Funding Longevity Task Force is in the process of finding a new home. The task force, first launched in 2012, has operated with the mission to bring rigor to the study of housing wealth in retirement income planning, and through […]
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