HECM Endorsements See Uptick in October

Reverse mortgage endorsement volume grew in October, rising 7.3% above the previous month. The HECM Lenders report from Reverse Market Insight shows that FHA-approved lenders endorsed 3,091 loans last month with eight of the top 10 lenders experiencing growth. Endorsing 247 Home Equity Conversion Mortgages in October, One Reverse had the biggest gains of 24.7% […]

As Rates Rise, Reverse Mortgages Gain Appeal Among Forward Lenders

As rising interest rates make home purchases and refinances more cost-prohibitive for forward mortgage borrowers, reverse mortgages could be a worthwhile addition to forward lenders’ offerings, reverse professionals say. With traditional mortgage rates hovering around 5%, forward loan volume has dropped, taking jobs in its path. According to a recent article from the New York Post, Wells […]

Waterfall Asset Management Issues $571.8 Million in Active Jumbo Reverse Mortgage Bonds

The first offering of its kind since the financial crisis, Waterfall Asset Management is offering $571.8 million in performing jumbo reverse mortgage-backed bonds, according to Kroll Bond Rating Agency. The Cascade Funding Mortgage Trust 2018-RM2 securitization is backed by 915 active non-FHA reverse mortgages loans that were taken out between 2002 and 2008 and have […]

Social Media Crucial to Online Reverse Mortgage Marketing

For anyone planning on being in the reverse mortgage industry for at least the next five years, marketing experts say the value of social media — especially Facebook – cannot be overlooked, as millions of seniors flock to the platform for pertinent information. But approaching social media as a starting point for lead generation requires […]

More Proprietary Reverse Mortgages Expected to Enter Market

New proprietary reverse mortgage products are on the horizon as innovators look to fill remaining gaps left between the Home Equity Conversion Mortgage and other private products. At a panel discussion Monday at the National Reverse Mortgage Lenders Association annual conference in San Diego, Longbridge Financial CEO Chris Mayer, Reverse Mortgage Funding president David Peskin, […]

USA Today: Reverse Mortgages Can Help Manage Retirement Mortgage Debt

Carrying a mortgage into a retirement can present a number of concerns for homeowners, so many experts recommend paying off this debt during the working years. This isn’t always possible though, and experts in a recent NerdWallet article that was republished by USA Today, offered ways to help mortgage-carrying retirees. In the article “Why you […]

AAG Teams With Better Business Bureau to Fight Senior Fraud

In effort to protect seniors from a variety of types of financial fraud, leading reverse mortgage lender AAG has joined forces with the Better Business Bureau. Offering free “Lunch and Learn” seminars in Southern California, AAG and the BBB are helping seniors recognize the scams often directed toward them, including, grandparent scams, Medicare scams, power […]

FHA Commissioner States Commitment to HECM, But Concerns Remain

The Home Equity Conversion Mortgage product remains a priority for the Federal Housing Administration, which is continuing to examine both originations and back-end processes in order to ensure the program is self-sustaining, according to statements delivered by Federal Housing Administration Commissioner Brian Montgomery during the National Reverse Mortgage Lenders Association annual conference in San Diego […]

Early Data Shows 19% of HECMs Require 2nd Appraisal

The reverse mortgage appraisal rule change is less than a month old, and early numbers indicate that approximately 19% of Home Equity Conversion Mortgages are being flagged for a second appraisal, according to a panel discussion at the annual National Reverse Mortgage Lenders Association conference. HECM originators were unsure how many loan appraisals would be […]

LIBOR’s Exit Could Mean Gains for Reverse Mortgages

When the LIBOR index expires in three years, experts predict it will most likely be replaced by the Secured Overnight Financing Rate — and transitioning to this index could create billions in reverse mortgage gains and investor losses, a new article states. According to Urban Institute researchers, a Federal Reserve group convened and recommended the […]