Programming Note: Happy Presidents’ Day from RMD

Thank you once more to Reverse Mortgage Daily’s dedicated base of readers for helping to provide a great start to 2020’s industry coverage over the past couple of months! As a reminder, RMD’s Chicago headquarters will be closed on Monday, February 17 in observance of Presidents’ Day. Our normal posting schedule and daily email will […]

Trump Budget Sheds Light on Reverse Mortgage ‘Wish List’

While FHA officials have indicated that further changes to the Home Equity Conversion Mortgage (HECM) program are still on the table in order to further stabilize the reverse mortgage book within the Mutual Mortgage Insurance Fund (MMIF), no substantive changes were instituted at the end of 2019. The legislative and provisional proposals outlined in the […]

Yahoo Finance: Reverse Mortgages as Alternative to Long-Term Care Insurance

When attempting to anticipate long-term care needs, the process can be intimidating because of the cost involved. That cost may naturally lead a senior to look for alternative sources of funding for specific long-term care (LTC) needs, and a reverse mortgage may be one such alternative for seniors in a specific situation. This is according […]

Private Reverse Mortgages: What Products Borrowers Are Using Most

Due in no small part to 2017’s reductions in principal limit factors (PLFs) as well as the institution of a collateral risk assessment sometimes requiring a second property appraisal, the reverse mortgage industry has been very active in seeking to find potential alternatives to the government-sponsored Home Equity Conversion Mortgage (HECM) program. One of the […]

Unison: Senior Retirement Goals Unclear, Savings Insufficient

Nearly half of American homeowners, at 48%, say they plan to retire sometime in their 60s. An additional 9% plan to do so during their 50s, and 22% plan on their 70s. 5%, however, say they’ll never retire, and 11% don’t know if retirement is an option for them. These are the findings of a […]

Reverse Mortgage Legislation Takes Back Seat to Washington Tumult

A series of proposed legislative and administrative changes to the Federal Housing Administration’s (FHA’s) Home Equity Conversion Mortgage (HECM) program have not moved forward in Washington, D.C., as politicians in the nation’s capital have focused on other, more tumultuous and immediate concerns. In addition to a series of legislative and administrative proposals submitted by the […]

MarketWatch: How Reverse Mortgages Can Provide Retirement Income

Tapping home equity is often an overlooked possible source of income for those with fixed resources, and considering the home equity that seniors have access to, reverse mortgage products should be considered when coming up with a retirement funding plan. This is according to Stephen Resch, VP of retirement strategies at Finance of America Reverse […]

5 Reverse Mortgage Lenders to Look Out For in 2020

The reverse mortgage industry as a whole has had to contend with a lot of structural changes in recent years, whether coming from the federal government in the form of mandated alterations to the Home Equity Conversion Mortgage (HECM) program, or just in terms of adapting to serve a wider swath of senior clientele who […]

Americans 4 Times More Likely to Be Equity-Rich as Home Values Increase

14.5 million residential properties in the United States are considered equity-rich, based on data which indicates that the combined estimated amount of loans secured by those properties was 50% or less of their estimated market value. The count of equity-rich properties in the fourth quarter of 2019 represented 26.7% (a little over one in four) […]

Despite Optimism, Reverse Mortgage Pros Still Wary of Education Hurdles

The reverse mortgage industry has been forced to evolve and adapt quite a lot in recent years, particularly after a reduction to principal limit factors (PLFs) instituted by the Federal Housing Administration (FHA) in October of 2017. The industry was forced to go through a multi-faceted adjustment brought about by that disruption, but now that […]