The production of new Home Equity Conversion Mortgage-backed securities (HMBS) fell in June to just over $561 million, which marks the end of the slowest half-year of issuance in five years. This is according to publicly available GNMA data and private sources compiled by New View Advisors. The firm also recorded the top HMBS issuers […]
A bankruptcy court judge in the state of Delaware has ordered Live Well Financial into Chapter 7 bankruptcy protection, while also appointing an interim trustee to oversee the company’s remaining operations during the associated liquidation process. This is according to court documents obtained by RMD and first reported by the Richmond Times-Dispatch. In a document […]
Thank you once again to Reverse Mortgage Daily’s dedicated base of readers for your continued support! As a reminder, RMD’s Chicago headquarters will be closed on Thursday, July 4 and Friday, July 5 in observance of Independence Day. Our normal posting schedule and daily email will resume on the morning of Monday, July 8. We […]
While refinancing a home is primarily used for either reducing a monthly payment or raising some needed cash, a third and underutilized option is to refinance in order to shorten a period of indebtedness. One of the ways that senior homeowners can do this is by getting a Home Equity Conversion Mortgage (HECM). This is […]
More than 1-in-5 American survey respondents who were adults when the Great Recession began in December, 2007 now say that their retirement savings are worse now than they were before it hit the market, according to a survey conducted by personal finance website Bankrate. This may be because the effects of the Recession were underestimated, […]
The National Reverse Mortgage Lenders Association (NRMLA) is the foremost advocacy and educational organization in the reverse mortgage industry, taking on a wide variety of responsibilities in an effort to educate potential borrowers and further legitimize the tapping of home equity as seniors try to determine the course of their financial futures. Steve Irwin, Executive […]
New research indicates that although participants in 401K retirement savings plans believe that they’ll need roughly $1.7 million in order to fully fund retirement, most participants aren’t saving nearly enough to reach that goal. This is according to a national survey conducted by Schwab Retirement Plan Services. The survey, conducted on a national scale with […]
In the third episode of The RMD Podcast, we go behind the scenes of the National Reverse Mortgage Lenders Association (NRMLA) by speaking with its Executive Vice President. Steve Irwin is one of the most visible leaders of NRMLA, on the front lines of both reverse mortgage industry advocacy and education. In our exclusive interview, […]
After changes to the Home Equity Conversion Mortgage (HECM) program were handed down by the Department of Housing and Urban Development (HUD) and the Federal Housing Administration in October 2017, the American reverse mortgage industry has had something of an uphill battle to climb in trying to recover a large amount of lost volume. Some […]
The requirement of a financial assessment (FA) of a reverse mortgage borrower’s ability to pay, now in its fifth year, is working by cutting tax and insurance defaults considerably. This is according to data analysis conducted and released Thursday by New View Advisors. “FHA’s new policy of requiring the financial assessment of the borrower’s ability […]
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