Money.com: ‘Everything to Know’ About Reverse Mortgages

As more American seniors find themselves economically impacted by the COVID-19 coronavirus pandemic, more of them may be looking at new financial options that they may not have considered before in order to make ends meet. One of these new potential options may be a reverse mortgage, and it’s in that spirit that Money.com has […]

Programming Note: RMD Memorial Day Weekend Schedule

Thank you once again to Reverse Mortgage Daily’s dedicated base of readers for your continued support! As a reminder, RMD will be closed on Monday, May 25 in observance of Memorial Day. Our normal posting schedule and daily email will resume on the morning of Tuesday, May 26. We hope everyone enjoys the long holiday […]

Slowing HELOC Market Leads to More Reverse Mortgage Inquiries

Reverse mortgage originators have long heralded the benefits of reverse mortgage options for some prospects relative to home equity lines of credit (HELOCs). Yet recent changes in the home equity lending environment have brought this comparison back to the forefront, and some originators are receiving even more inquiries due to individuals who are interested in […]

Late Night Host Makes Reverse Mortgage Joke Over Trump Medication Claims

As the United States continues to grapple with the health and economic impacts of the COVID-19 coronavirus pandemic, President Donald Trump this week announced that he is taking hydroxychloroquine – a traditionally anti-malaria drug – which he has contended is effective against COVID-19. This is despite the lack of scientific evidence and academic corroboration vetting […]

Some Lenders Buck March Reverse Mortgage Declines

Home Equity Conversion Mortgage (HECM) endorsements fell by 14.1% in the month of March 2020, for a total of 2,905 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 17% that month, while retail levels […]

Lending in the Pandemic: Three Reverse Mortgage Surprises

It’s becoming a familiar 2020 mantra: These are unprecedented times. The coronavirus pandemic has thrown the world into a tailspin, and there’s no clear end in sight. It has affected nearly every industry and institution on the planet, including the reverse mortgage industry. While originators are reporting a spike in borrower interest over the last […]

FHA Extends Relaxed Appraisal Requirements, Foreclosure Moratorium Through June

The Federal Housing Administration today announced it is extending its relaxed appraisal requirements for most FHA-ensured loans originated during the coronavirus national emergency. The extension, announced in Mortgagee Letter 2020-14 runs through June 30. Previously, the allowance for desktop and curbside appraisals was in place through May 17, per ML 2020-05 published in late March. […]