May’s ‘Dramatic’ Reverse Mortgage Volume Recovery Led by Retail

Home Equity Conversion Mortgage (HECM) endorsements rose dramatically by 214.8% in the month of May 2020, for a total of 5,027 loans according to the latest HECM Originators report from Reverse Market Insight (RMI). The rise was led by the retail endorsement segment of business, which experienced an increase of 235.5% that month, while wholesale […]

Forbes: How Reverse Mortgages Work, Who They’re Suited For

A reverse mortgage can be thought of as similar to a conventional mortgage, but where the “roles are switched,” according to a new column at Forbes. They’re best suited for seniors encountering mounting costs late in life and those without heirs, and are not well-suited for those who hope to leave their home to an […]

Previously Paused Private Reverse Mortgages Return, RMF Adds LOC Product

Reverse Mortgage Funding (RMF) and Liberty Reverse Mortgage, respectively, have each resumed offering their previously-suspended proprietary reverse mortgage products after observing increased stability in market conditions. In addition, RMF is also introducing a new variation of its private product with a line of credit feature. This is according to representatives from both companies during a […]

CFPB: Seniors in Better Savings Position Than Younger Generations

Consumers at or over the age of 62 reported less difficulty in paying for a bill or expense, though other factors including household income and whether or not they live in metropolitan areas also affected the standing of a person’s savings. This is according to the “Making Ends Meet Survey” conducted by the Consumer Financial […]

Washington D.C. Passes Law to Expand Reverse Mortgage Borrower Assistance

A new law implemented by the local government of the nation’s capital is extending protections for reverse mortgage borrowers in the area who find themselves in delinquency. The Council of the District of Columbia, the legislative branch of the local government, has passed the “Reverse Mortgage Insurance and Tax Payment Program Temporary Amendment Act of […]

NRMLA: Federal Assistance Necessary for Puerto Rico Reverse Mortgage Borrowers

$5 million in federal Community Development Block Grant (CDBG) funds should be released to help Home Equity Conversion Mortgage (HECM) borrowers in Puerto Rico who are delinquent on paying their property taxes and insurance. This is according to a letter submitted to Puerto Rico Housing Secretary Luis C. Fernández-Trinchet, Esq. by the National Reverse Mortgage […]

CNBC: Reverse Mortgages Helpful for Those Who ‘Mind the Pitfalls’

A reverse mortgage loan may be a tempting prospect for a homeowner over the age of 62, particularly if they’re looking for new and novel ways to make ends meet in retirement. It may be a loan worth exploring, as long as the potential disadvantages of the product category are understood before engaging into one […]

Longbridge Leads Major Lenders in Key Reverse Mortgage Metric

Home Equity Conversion Mortgage (HECM) conditional prepayment (CPR) speeds surged in June, as borrowers take greater advantage of the interest rate environment that has resulted from the unfreezing of the 10-year LIBOR SWAP rate, while the lowest prepay speeds indicate one top lender is faring best among its competitors. This is according to data compiled […]

Supreme Court to Decide Lawfulness of FHFA Structure

The United States Supreme Court (USSC) will hear arguments in a case that challenges the single-director leadership structure of the Federal Housing Finance Agency (FHFA), just weeks after a ruling in which it deemed a similar structure at the Consumer Financial Protection Bureau (CFPB) unconstitutional. “The justices granted a pair of cases, Collins v. Mnuchin […]