Reverse Mortgage Originators Step Up for Borrowers Long After the Loans Close

Few originators’ duties are complete after a client’s reverse mortgage has been closed. For many borrowers, these reverse mortgage specialists continue to be the first point of contact when assistance is needed with their loan. Although some borrowers have general questions, servicing issues are often the reason why an originator hears from a borrower again. […]

Reverse Mortgage Originators See Opportunity with Single Female Borrowers

The real estate market is seeing more activity from older, single – especially divorced – women, and the reverse mortgage industry is no different. Not only is the number of baby boomer marriages ending in divorce growing faster than other groups, but widows continue to outnumber widowers. Howard Frankel, senior reverse mortgage loan officer with Resolute […]

Borrowers More Interested in Benefits than New Reverse Mortgage Rules

Despite lower reverse mortgage volumes in the wake of last fall’s program changes, originators say that the differences between the “old” and “new” product are largely unknown among the general public — and their main task is still upfront education about how Home Equity Conversion Mortgages work. “Reverse mortgages, in general, are a foreign subject,” John […]

Amid Reverse Mortgage Uncertainty, Originators Share Top Ideas for Change

In a landscape fraught with declining origination figures and new rules, reverse mortgage lenders have more than a few suggestions for improving the product central to their business. Many would start with at least some reversal of the program changes from the Department of Housing and Urban Development, which last fall inaugurated an overall reduction […]

How the West Was Won: Reverse Mortgages’ Left Coast Dominance

Month after month of data show Western states — particularly Colorado and Washington state — as hotbeds for reverse mortgage activity, and local originators say multiple factors make these locations ripe for volume. Much of this reverse mortgage activity is in the Seattle and Denver metropolitan areas, where property values are exploding and helping drive […]

Originators See Promise in New Private Reverse Mortgage Options

While remaining cautiously optimistic, reverse mortgage originators are excited about the industry’s new and expected proprietary products. In recent weeks, Reverse Mortgage Funding launched the Equity Edge, targeted at borrowers aged 60 and up and with homes valued at $700,000 or more; Longbridge Financial announced plans for multiple proprietary reverse mortgages, starting with a wholesale […]

Here are the Best Places to Retire in 2018

Anyone planning to spend their golden years near Mount Rushmore is in luck as South Dakota was ranked the best state to retire, according to a new report by Bankrate.com. Based on seven categories, South Dakota took the lead followed by Utah, Idaho, New Hampshire and Florida. Categories examined were: cost of living (weighted at […]