Echoing decisions among several large U.S. banks that decided to exit the reverse mortgage business in recent years, a number of banks in Australia are now doing the same, including the nation’s largest lender, the Commonwealth Bank. This may prove to pave the way for the Australian government to enter the fray with a low-cost […]
Options for long-term care (LTC) insurance are diminishing in the marketplace, but a new industry-specific price index has revealed a substantial spread in costs for plans with similar coverage when compared with prior years. According to a new report released by the American Association for Long-Term Care Insurance (AALTCI), a couple in the mid-50s age […]
Although there are still issues in the general reputation of reverse mortgage product offerings, more financial advisors and planners have shown signs of warming up to the product and how it could help their clients to fund retirement. This is according to a story found in Financial Advisor (FA). Still, even with progress having been […]
Although new endorsements of Home Equity Conversion Mortgages (HECMs) have been halted due to the partial government shutdown that began on December 22, reverse mortgage originators are largely conducting business as usual in spite of the gridlock plaguing Washington, D.C. Certain FHA services related to pre-existing HECM loans will still be available during the shutdown, […]
San Diego, Calif.-based reverse mortgage broker iReverse Home Loans Corporation has been acquired by longtime mortgage producer and manager Michael A. Mazursky, according to a press release from the company distributed on Monday. Terms of the acquisition deal were not publicly disclosed. “Mr. Mazursky has a proven eighteen-year track record in the mortgage industry and […]
As the modern economy continues to become centered on advancements and changes in on-demand technology and services, the transition into retirement will likely change with it. This is one of the thoughts driving an opinion piece at Financial Planning written by Archer Investment Management partner and investment advisor Nina O’Neal. In her piece titled “How […]
Home Equity Conversion Mortgage (HECM) endorsements dropped again in December by 31.4 percent, representing a second consecutive new low in volume since the influential changes to principal limit factors (PLFs) instituted by the U.S. Department of Housing and Urban Development (HUD) in October 2017. “If the government shutdown didn’t get you down for year end, […]
Retirees are prone to disruptive late-life financial risks as life expectancy grows, including widowhood, financial mistakes attributed to a decline in cognitive abilities and high out-of-pocket healthcare expenses. This, according to a new brief released by the Center for Retirement Research (CRR) at Boston College. While currently-available research literature indicates that these kinds of financial […]
The production of new Home Equity Conversion Mortgage-backed securities (HMBS) saw an annual decline over the full year of 2018, coming in at approximately $9.6 billion compared to 2017’s $10.5 billion, though the December 2018 monthly issuance total saw a slight increase to $619 million. This is according to data from GNMA and private sources […]
As the reverse mortgage industry prepares to begin the new year in earnest, the cumulation of changes to the Home Equity Conversion Mortgage (HECM) product and evolving situations for prospective borrowers will have to be addressed in 2019. To that end, RMD has been seeking insight from reverse mortgage professionals and thought leaders in order […]
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