An Inside Look at NRMLA, the Reverse Mortgage Trade Association

The National Reverse Mortgage Lenders Association (NRMLA) is the foremost advocacy and educational organization in the reverse mortgage industry, taking on a wide variety of responsibilities in an effort to educate potential borrowers and further legitimize the tapping of home equity as seniors try to determine the course of their financial futures. Steve Irwin, Executive […]

401K Participants Not Saving the Amount Believed to Be Needed

New research indicates that although participants in 401K retirement savings plans believe that they’ll need roughly $1.7 million in order to fully fund retirement, most participants aren’t saving nearly enough to reach that goal. This is according to a national survey conducted by Schwab Retirement Plan Services. The survey, conducted on a national scale with […]

How Reverse Mortgages are Breaking Records Across Northern Border

After changes to the Home Equity Conversion Mortgage (HECM) program were handed down by the Department of Housing and Urban Development (HUD) and the Federal Housing Administration in October 2017, the American reverse mortgage industry has had something of an uphill battle to climb in trying to recover a large amount of lost volume. Some […]

FHA Financial Assessment Appears to Be Working, Data Suggests

The requirement of a financial assessment (FA) of a reverse mortgage borrower’s ability to pay, now in its fifth year, is working by cutting tax and insurance defaults considerably. This is according to data analysis conducted and released Thursday by New View Advisors. “FHA’s new policy of requiring the financial assessment of the borrower’s ability […]

Industry Expert: What USA Today Got Wrong About Reverse Mortgages

Even before USA Today published an article this month taking aim at reverse mortgages and the associated industry’s practices, the news outlet had previously published articles that relate caution to its readers concerning the idea of engaging in a reverse transaction. One such article was posted back in April, and a prominent industry expert has […]

New Creditor Joins Bankruptcy Suit Against Live Well Financial

Kansas City, Mo.-based Five Elms Capital, an investment firm with a focus on B2B software and technology companies, is the latest creditor to join a forced bankruptcy lawsuit against recently-shuttered reverse mortgage lender Live Well Financial, according to recent court documents obtained by RMD. The collective of companies under the Five Elms umbrella is represented […]

AAG Sends Lucky ‘Bucket List’ Borrower to Meet Tom Selleck

American Advisors Group (AAG) is choosing select customers to check some remaining items off of seniors’ “bucket lists,” or things they wish to experience in life while they’re able. For one AAG reverse mortgage customer, this included getting a “red carpet treatment” to observe the production of the latest AAG commercial featuring spokesman Tom Selleck […]

Canada’s Top Reverse Mortgage Lender Targets Veterans Through New Partnership

Toronto-based HomeEquity Bank (HEB), the leading provider of reverse mortgages in Canada, has partnered with domestic veterans organization the Royal Canadian Legion to extend special offers to the country’s veterans who are seeking to supplement their income through the use of a reverse mortgage loan. Previously, HomeEquity Bank engaged in a partnership with another domestic […]

Harvard: Home Equity Returning to Pre-Crisis Levels, Housing Stock Lags

Primarily caused by rising home prices and modest increases in mortgage debt, the aggregate value of home equity more than doubled in the years between 2011 and 2018. This is according to the 2019 edition of the State of the Nation’s Housing report from the Harvard Joint Center for Housing Studies (JCHS), released on Tuesday. […]