Bloomberg: Home Equity Tapping Company Figure to Hit $1 Billion Valuation

Figure Technologies, providers of alternative home equity tapping tools including a sale leaseback offering that is competitive with traditional reverse mortgages, is poised to become a “unicorn” after its latest round of financing; a term used to describe a startup that is valued at $1 billion or more. Co-founder and CEO of Figure Technologies Mike […]

Updated: FHA Eases Condo Rules, Expanding Reverse Mortgage Market

Through a new rule announced Wednesday, the Federal Housing Administration (FHA) is making it easier for condo owners to get reverse mortgages and other FHA financing. The FHA published a final regulation and policy implementation guidance this week establishing a new process for condominium approvals, effective October 15, which will expand FHA financing for qualified […]

Mutual of Omaha Bank Acquired By CIT, Synergy One Remaining Behind

Nebraska-based Mutual of Omaha Bank has announced it will be acquired by Pasadena, Calif.-based CIT Bank in a deal valued at $1 billion, but the merger will not include mortgage arm Synergy One Lending. That business, including the reverse mortgage lending brand Retirement Funding Solutions (RFS), will remain under the Mutual of Omaha Insurance umbrella. […]

Oregon’s New Reverse Mortgage Tax Deferral Law May Slow Originations

A new law signed by Oregon’s governor in July has the potential to create a conflict with the Department of Housing and Urban Development (HUD) over a home’s property taxes and slow originations statewide according to one local loan officer, while representatives of Oregon’s state government contend that this isn’t necessarily the case. Late last […]

Survey: More People Plan to Keep Working After Retirement

63 percent of self-employed American workers describe themselves as “looking forward” to retirement, and 26 percent say that they are “very much” looking forward to their post-working lives. The importance and form of retirement is also variably defined based on different demographics, and incorporates an increasing trend of of continuing work into a person’s senior […]

Tips for Amplifying Reverse Mortgage Advantages to Forward Participants

It’s a well-known norm in the reverse mortgage industry that product education is key to expanding the understanding of reverse mortgage products, whether talking about a traditional Home Equity Conversion Mortgage (HECM) or proprietary offerings. Educating consumers as potential borrowers is key, but it’s also very important to inform those on the other side of […]

Reverse Mortgage Key to Plot of New Comedy Film

A new, independent comedy film released this month has an unexpected detail folded into its plot that serves as the jumping-off point for the story it aims to tell: a reverse mortgage. “Sword of Trust,” a new independent film starring comedians Marc Maron and Jillian Bell, features the use of a reverse mortgage to explain […]

Hurdles Mount for Ditech’s Attempted RMS Sale

In the midst of ongoing attempts to sell its servicing platforms, Reverse Mortgage Solutions’ parent company is facing new legal hurdles. At a hearing taking place in the U.S. Bankruptcy Court for the Southern District of New York on Wednesday – where there was reportedly standing room only – counsel for Ditech and the sale’s […]

Financial Advisor: Reverse Mortgages are ‘Overhyped’

Reverse mortgages are an “overhyped” financial tool, and can sometimes lead to an either unintended or even detrimental impact on a client’s finances, according to an article authored by a Certified Financial Planner (CFP). In an effort to compile a list of financial strategies for clients that are “overhyped” – defined in this instance as […]