These days, it’s not very common for the topic of reverse mortgages to appear as the center of a news story in your local newspaper, and even newspapers themselves are not as prominent as they used to be. Back when tapping into your home’s equity by using one of these products was a new concept, […]
In order to keep a reverse mortgage loan in good standing, a borrower has to maintain the property to the standards of the Federal Housing Administration (FHA), and they have to be current on their payments to their homeowners insurance and property taxes. Not all tax environments are created equal, however, since different states have […]
The reverse mortgage industry has been forced to evolve and adapt quite a lot in recent years, particularly after a reduction to principal limit factors (PLFs) instituted by the Federal Housing Administration (FHA) in October of 2017. The industry was forced to go through a multi-faceted adjustment brought about by that disruption, but now that […]
Reverse Mortgage Funding, LLC (RMF) has announced the availability of two new, digital Social Security guides for 2020. One is designed to help consumers maximize retirement benefits, while the second aims to support planning professionals in better serving the long-term financial goals of their clients. The guides cover a number of different topics related to […]
Finding dedicated reverse mortgage personnel that have been trained strictly in the reverse discipline can be a difficult thing for recruiters at various lenders, which is why it’s generally common for some of those lenders to find loan officers who have been trained and working on the forward side through something of a “conversion” process. […]
In the wake of numerous, high-profile cyber security breaches that have afflicted some of the world’s largest technology companies, it’s incumbent upon financial professionals in particular – even in the reverse mortgage industry specifically – to be aware of cyber security threats and how to protect against attacks that can affect clients, business and employees. […]
Calling “penalties” on potential issues of misunderstanding that can arise between loan officers and borrowers in reverse mortgage transactions, Dan Hultquist, VP of organizational development and Jim McMinn, lead sales trainer of learning and development at Finance of America Reverse (FAR) used their time presenting at the National Reverse Mortgage Lenders Association (NRMLA) Annual Meeting […]
A new in-depth article published by USA Today takes aim at legal and financial difficulties faced by the heirs of reverse mortgage borrowers when trying to pay off the loan balance in order to keep the affected properties. Based on input from over 100 “tips” submitted to the outlet after its look at reverse mortgage […]
Potential borrowers of reverse mortgages, whether they are Home Equity Conversion Mortgages (HECMs) or a proprietary, non-government product, should be aware of key features before engaging in a loan. These include borrower obligations related to taxes and homeowners insurance, as well as the ways in which reverse mortgage products have undergone significant changes in recent […]
For reverse mortgage originators and counselors, dealing with clients that are either actively going through, or intend to obtain a divorce can offer a unique challenge. While sometimes a reverse mortgage transaction can actually streamline some of the processes of divorce for the couple, having one crop up during a reverse transaction can come with […]
