Canadian Reverse Mortgage Debt Tops $4 Billion

Canadian seniors have been tapping home equity through the use of a reverse mortgage at record levels, and now the nation’s collective reverse mortgage debt has topped $4 billion for the very first time. This is according to the Canadian Office of the Superintendent of Financial Institutions (OSFI), reported by Better Dwelling. “OSFI filings show […]

Coronavirus Impacts on Reverse Mortgage Operations, Meeting Clients

The outbreak of the COVID-19 coronavirus pandemic has led many who do business in the reverse mortgage sector to consider additional layers of caution for their operations in order to try and minimize the virus’ spread. For a long time, a loan originator trekking out to a prospective borrower’s home and sitting at the kitchen […]

Forbes: Reverse Mortgages, ‘Buffer Assets’ Can Assist Retirees in Volatile Market

Because of the additional volatility introduced into the stock market by the outbreak of the COVID-19 coronavirus, retirees may have questions about what constitutes safe and sustainable tapping of their assets, accounts and investments to safely make it through the affected period. Changes to the interest rate environment have also made the traditional “4% rule” […]

ReverseVision Names Former Ellie Mae Exec Langner as President

Reverse mortgage technology platform ReverseVision today announced the appointment of a new President, naming Joe Langner, former executive vice president and chief sales officer at Ellie Mae, to the position. Langner plans to lead the company to fulfill its goals of establishing Home Equity Conversion Mortgage (HECM) and private reverse mortgages as viable options for […]

Bankrate: 77% of Homeowners Say Mortgage Hampers Retirement Savings

The overwhelming majority of homeowners who maintain a traditional, forward mortgage payment indicate that the pressure that regular payment places upon their finances makes it very difficult to adequately save for retirement. This is according to a new survey recently conducted by Bankrate. “This figure includes 31% who say the mortgage has a major negative […]

Reverse Mortgage Lenders Take Action on Coronavirus Fears

The outbreak of the COVID-19 coronavirus across the world has had a demonstrable effect on multiple facets of life, with financial markets reacting strongly while the federal government prepares a more robust response to support communities and businesses that have been affected by the virus’ spread. While at first glance the reverse mortgage industry may […]

Supreme Court Justices Appear Divided Over CFPB Director Structure

The nine Justices of the United States Supreme Court appeared divided during oral arguments in the case Seila Law v. CFPB last week, where the core issue revolves around the constitutionality of the single director structure of the Consumer Financial Protection Bureau (CFPB). This is according to the account of reporter Amy Howe, writing for […]

Fed Interest Rate Cut Spurs Reverse Mortgage Lender, Borrower Action

As the world continues to react to the widening spread of the COVID-19 coronavirus, the global economy has so far reacted strongly to the increasing possibility of social disruption that has been brought about by preventive measures being put into place by nations, communities and companies around the world to further contain the virus’ spread. […]

Coronavirus Leads HUD, CFPB to Issue Housing, Finance Updates

The U.S. Department of Housing and Urban Development (HUD) and the Consumer Financial Protection Bureau (CFPB) issued separate updates on Monday aimed at clarifying or issuing guidance to their specific sectors in the wake of increasing concern related to the outbreak of the COVID-19 coronavirus. HUD issued a new informational notice aimed to remind mortgagees […]

World Bank: Overcoming Major Barriers in U.S. Reverse Mortgage Market

Reverse mortgages have significant potential in serving aging parts of the global population, and can allow more seniors to make financial ends meet in retirement since loan proceeds can be applied to a multitude of scenarios. However, some key market realities and roadblocks with universal application to multiple parts of the world have kept reverse […]