Reverse Mortgage Inquiries Fall During Q1 2018

Confirming what originators have said for months, reverse mortgage inquiries were down in Q1 as compared with last year due to last October’s Home Equity Conversion Mortgage program’s rules changes, according to Best Rate Referrals Q1 2018 Mortgage Consumer Profile Report. Best Rate Referrals, a consumer marketing finance firm that matches leads with lenders, sourced […]

WAPO: Record Number of Older Americans Working

As life expectancy gets longer and longer, the age of retirement is getting pushed back, too, with the highest number on record of Americans aged 85 and up working, an analysis in the Washington Post presented. “Overall, 255,000 Americans 85 years old or older were working over the past 12 months,” writes Andrew Van Dam. […]

Clearing Common Training Hurdles for New Reverse Mortgage Pros

New reverse mortgage loan officers in search of education have their pick from a smorgasbord of on-demand training courses, including a growing number of intensive programs aimed at filling the gaps in the typical eight-hour NMLS continuing education classes. As more forward lenders look to enter the reverse marketplace as an additional revenue source, developing […]

96% of High Net Worth Advisors say Clients Want to Remain at Home

Fewer than a quarter of high-net-worth individuals have a firm plan for long-term care, but nearly all of them suggested a preference to age in place independently, a poll from Key Private Bank revealed last month. Key Private Bank, the wealth management arm of bank-based financial services company KeyCorp, surveyed more than 150 of its […]

WSJ: The Rise of the 55+ Single Woman Home Buyer

Single women over 55 continue to be a growing segment of the homebuyer population, according to research presented in a recent Wall Street Journal article. Citing research form Ralph McLaughlin, the founder and chief economist at Veritas Urbis Economics in Alameda, Calif., the article states that since 1981 this female population has been the fastest […]

NY Times: Five Year Retirement Plan Should Consider Reverse Mortgage

A recent New York Times article offers a concise 5-year countdown-to-retirement plan, with the final year of the timeline being the time to –cautiously – consider a reverse mortgage. Offered as a way to make ends meet if you’re planning to stay in your current home, reverse mortgages are a “fourth- or fifth-tier line of […]

Proprietary Reverse Mortgages Open Doors for New, Existing Borrowers

As the industry eagerly awaits the introduction of new proprietary reverse mortgages, jumbo loan originators credit these products with helping borrowers in a variety of situations—some more predictable than others. For a jumbo borrower, the needs are often very similar to those of a Home Equity Conversion Mortgage borrower, said Christina Harmes, a certified reverse […]

HUD Reverse Mortgage Changes Hit Originators Hard, Volume Falls

Concurring with recent data showing the reverse mortgage industry’s decline in volume following substantial program changes implemented in October 2017, many individual originators claim their volume has decreased between 10% and 50%. Exact volume losses vary widely by lender, but most agree the cut runs deep and industry data reflects a more-than 20% decline in […]

Why the Time is Right for New Private Reverse Mortgages

On the same day that multiple reverse mortgage lenders unveiled new proprietary products, a group of industry leaders came together to explain why this particular moment is right for private loans. “We believe there have been between $5 and $6 billion of proprietary non-agency reverse mortgages originated life-to-date,” roughly half of which are in securitizations, […]