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 […]

New York Times: How to Extract Equity Out of a Co-op

Seniors do have the ability to extract home equity out of a co-op, though there could be limits on the manner in which they may go about it, as well as the amount of equity that can be extracted. This is according to a column at the New York Times, featuring the perspective of a […]

Private Reverse Mortgage Inquiries Steady as Lenders Eye Product Expansions

Borrower inquiries related to proprietary reverse mortgage offerings appear to be steady in the early days of 2020 compared with their figures in late 2019, according to reverse mortgage counseling professionals. While steady for the moment, lenders and industry observers have noted increased levels of business activity that can be at least partially attributed to […]

Reverse Mortgage Securities Production Starts Strongly in January

The production of new Home Equity Conversion Mortgage-backed securities (HMBS) totaled approximately $760 million in January as low interest rates continue to strengthen new production. Securitization of private reverse mortgage products is becoming a bigger factor overall, and HMBS production is up compared with recorded figures from January 2019. This is according to publicly available […]

The Ups and Downs of Reverse Mortgage Industry Recruiting

As many in the reverse mortgage industry are all too aware, finding solid, dedicated personnel that understand and adapt to the intricacies and nuances of the reverse business can be a bit of a tricky process. Some in the industry have gotten around this problem by taking people who are experienced primarily in the traditional, […]

Reverse Mortgage Endorsements Surge Nearly 60% in January

Home Equity Conversion Mortgage (HECM) endorsements increased by 59.2% to 3,919 loans for the month of January 2020, the highest level observed since February 2019, a month in which the data was artificially inflated due to the obscuring effects of a partial federal government shutdown that took place early last year. The majority of the […]

How to Describe New Reverse Mortgage Product Landscape to Clients

The modern reverse mortgage product landscape has grown in recent years to include a variety of different options that either come with insurance for the lenders by the government, or that don’t include the government at all. As proprietary reverse mortgage options continue to become more prevalent (even as some within the industry debate exactly […]

FHA Publishes Condo Approval Notice in Federal Register

The Federal Housing Administration (FHA) announced that on January 31, the agency published “Project Approval for Single Family Condominiums,” a notice in the Federal Register seeking comment on data collection related to essential forms used to determine the eligibility of loans for borrowers who live in condominiums. Under the provisions of the Paperwork Reduction Act […]

What Happens When a Reverse Mortgage Borrower Becomes an Originator

Although he was near the age of 80 and had been semi-retired for several years in East Tennessee, Don Larson – who had spent a 45-year career at the Aflac insurance company – was still occasionally quoting insurance to people in his community. When Loren Riddick, national director of reverse mortgage lending at Thrive Mortgage […]