Reverse Mortgage Volume Shows Growth in 2013

While federally-insured reverse mortgage volume is expected to drop next year in response to extensive program changes, endorsements are expected to grow in subsequent years as the United States population ages, according to actuarial projections. Volume of Federal Housing Administration-guaranteed Home Equity Conversion Mortgage (HECM) endorsements grew from fiscal year 2012 to 2013, but is […]

Chart of the Day: FHA Forward Loans Rise, Reverse Mortgages Lag

Reverse mortgage volume under the Federal Housing Administration’s Home Equity Conversion Mortgage program has fallen year-over-year with a slight decline in the first quarter from the fourth quarter of 2012.  In its quarterly report to Congress, the Department of Housing and Urban Development charted the course of reverse mortgages versus forward mortgages, showing forward loans […]

Why Borrowers Take Reverse Mortgages

Reverse mortgage borrowers are increasingly getting younger according to a recent report by the MetLife Mature Market Institute and the National Council on Aging. Additionally, borrowers are using reverse mortgages for different purposes today versus several years ago. Younger borrowers are using the loans to pay off debt more than in the recent past, the […]

Length of Dodd-Frank Rules Taller Than 21+ Statues of Liberty

Implementing Dodd-Frank is leading to a “mountain” of rules—or at least 2.6 Empire State Buildings’ worth when measured by Federal Register pages laid end to end, according to the following Wall Street Journal infographic. Turning the financial overhaul bill into law has consumed more than 3.3 million printed words, which WSJ equates with 16 copies […]

Chart of the Day: HECM Rates After the Market Crash

New data from IBIS Software shows the dive rates took when the markets crashed in the fall of 2008. “When, and if, times return to normal, a LIBOR with a 2.50% margin will have a materially higher interest rate than the current fixed-rate HECM offerings,” said Jerry Wagner, CEO of IBIS. If the 10 year […]