Senior Housing Wealth Reaches Record High of $7.23 Trillion

Homeowners age 62 and older saw their collective housing wealth increase in Q4 2019 by 0.5% compared to the previous quarter. This constitutes an increase of approximately $39 billion to a record of $7.23 trillion, according to data provided by the National Reverse Mortgage Lenders Association (NRMLA) in conjunction with data analytics firm RiskSpan. The […]

Reverse Mortgage Endorsements Dip in March, COVID-19 Impact Not Yet Reflected

Home Equity Conversion Mortgage (HECM) endorsements decreased by 14% to 2,913 loans for the month of March 2020, continuing the slight dip compared to the prior month. The majority of the top 10 lenders recorded endorsement decreases, while 9 of 10 tracked regions were down, as well. This is according to the March HECM Lenders […]

Reverse Mortgage Industry Hopeful for Private Product Expansions

Proprietary reverse mortgage products that are not reliant on the Federal Housing Administration (FHA)-backed Home Equity Conversion Mortgage (HECM) program remain a major source of industry optimism for those within it as of the beginning of 2020. This is according to Reverse Mortgage Daily’s Outlook Survey and Report, conducted online in December 2019. The survey […]

Bankrate: 77% of Homeowners Say Mortgage Hampers Retirement Savings

The overwhelming majority of homeowners who maintain a traditional, forward mortgage payment indicate that the pressure that regular payment places upon their finances makes it very difficult to adequately save for retirement. This is according to a new survey recently conducted by Bankrate. “This figure includes 31% who say the mortgage has a major negative […]

World Bank: Overcoming Major Barriers in U.S. Reverse Mortgage Market

Reverse mortgages have significant potential in serving aging parts of the global population, and can allow more seniors to make financial ends meet in retirement since loan proceeds can be applied to a multitude of scenarios. However, some key market realities and roadblocks with universal application to multiple parts of the world have kept reverse […]

How the Fed’s Latest Interest Rate Cut Could Impact Reverse Mortgages

This week, the Federal Reserve took an extraordinary step to contain the economic impact of the global coronavirus outbreak by slashing interest rates in the biggest single rate cut the central bank has ever made. It makes for the biggest one-time cut — half a percentage point — and the bank’s first emergency rate move […]

February Reverse Mortgage Endorsements Dip After ‘Blistering’ January

Home Equity Conversion Mortgage (HECM) endorsements decreased by 13.6% to 3,386 loans for the month of February 2020, a slight dip compared to the prior month, which recorded the highest endorsement levels since February 2019. The majority of the top 10 lenders recorded endorsement decreases, while 7 of 10 tracked regions were down, as well. […]

World Bank: Reverse Mortgages Remain Global ‘Last Resort,’ with Potential

While reverse mortgages have notable potential to increase in demand across the planet due to the aging of the global population, constraints on the sides of both supply and demand, along with a relatively limited number of providers even in well-developed economies, have kept reverse mortgages in the realm of “last resort” products as opposed […]

Wholesale Leads Retail in December Reverse Mortgage Endorsement Drop

Home Equity Conversion Mortgage (HECM) endorsements fell by 13.6% in the month of December 2019, for a total of 2,456 loans according to the latest HECM Originators report from Reverse Market Insight (RMI). The fall was led by the wholesale endorsement segment of business, which experienced a decrease of 21.1% that month, while wholesale levels […]

Urban Institute: Reverse Mortgages Used Far Less than Other Equity Tapping Options

Reverse mortgage products represent the least popular option of extracting home equity compared with three alternative methods, including open-ended Home Equity Lines of Credit (HELOCs), cash-out refinance mortgages, and closed-end home equity loans. Reverse mortgage use can also vary significantly based on race and ethnicity due to a number of different factors. This is according […]