The production of new Home Equity Conversion Mortgage-backed securities (HMBS) totaled approximately $642 million in October as lower interest rates continue to strengthen new production, with the total issuance figure rising $32 million higher than the one observed in September’s data. This is according to publicly available Ginnie Mae data and private sources compiled by […]
If the family members of a reverse mortgage borrower are on the cusp of losing their loved one, then there are certain steps that they should consider taking before the loan becomes due and payable when the borrower leaves the home. This is according to Michael Branson, president at All Reverse Mortgage in Orange, Calif., […]
Since reverse mortgages are a relatively niche product with low utilization among American seniors, there are possible strategies that can be employed to increase its prevalence among those looking for funding solutions in retirement. This is according to a new research paper released last week during an event by the Brookings Institution, authored by Ohio […]
The former CEO of defunct reverse mortgage lender Live Well Financial has been granted additional time to respond to civil charges levied against him and his former company by the federal government. Michael Hild, charged in a $140 million bond fraud scheme on both civil and criminal fronts, was granted an additional 30 days to […]
Ocwen Financial Corporation, parent company to reverse mortgage lender Liberty Home Equity Solutions, is beginning to see its reorganization efforts steer the company back toward financial profitability, however it endured a loss in the third quarter of 2019 that is slightly higher than the recorded loss the same time one year prior, according to financial […]
In a climate of reduced reverse mortgage volume industry-wide, one lender is leaning on its seasoned staff and reliable business practices to maintain its position as a top-10 lender. Keeping that position can be difficult in an environment of generally reduced volume, where reverse mortgage endorsements have dropped 35% between fiscal year 2018 and 2019 […]
Home Equity Conversion Mortgage (HECM) endorsements rose by 36.2% to 3,296 loans for the month of October 2019, a boon to the activity observed over the last couple of months with all major regions and the majority of the top 10 lenders recording increases in activity. This is according to the October HECM Lenders report […]
Reverse mortgage products, while unlikely to become “a pillar” of American retirement, are economically justified “to play an expanded role in helping older Americans achieve a secure livelihood.” This is according to a new research paper released by the Brookings Institution, authored by researchers Martin Baily, Benjamin Harris and Ting Wang. The paper, released last […]
U.S. Department of Housing and Urban Development (HUD) Secretary Ben Carson says that improving the financial viability of the Home Equity Conversion Mortgage (HECM) program will be an important part of protecting American taxpayers. The Secretary reiterated Trump Administration proposals made earlier this year, while also later telling a reporter that corrective changes to the […]
Over the past couple of years, an abundance of new, alternative home equity tapping tools have been introduced into the financial services marketplace. While some see these as potential competition with reverse mortgage lenders, others don’t see these kinds of offerings in a competitive light. One company with an equity appreciation investment offering sees a […]
