Mid America Mortgage Selects ReverseVision to Debut Reverse Products

New reverse mortgage industry entrant Mid America Mortgage has selected the loan origination system (LOS) created by San Diego-based ReverseVision, ReverseVision Exchange (RVX), to support its introduction of Home Equity Conversion Mortgage (HECM) and proprietary reverse mortgage offerings. As a relatively new player overall but with an experienced reverse mortgage industry participant at the helm, […]

Forbes: These 6 Changes are Coming to Social Security in 2020

Social Security benefit payments constitute the cornerstone of income for the majority of American retirees. For existing and potential reverse mortgage borrowers alike, keeping up-to-date on any changes in the Social Security program will prove to be essential information for anyone taking a proactive approach to retirement planning. Always a flashpoint of ongoing debate and […]

Non-profit Network Offers Disaster Relief for Reverse Mortgage Borrowers

In the wake of new disaster guidance for reverse mortgage borrowers from the Consumer Financial Protection Bureau (CFPB) and as parts of the southeastern United States continue to contend with the aftermath of Hurricane Dorian, affected reverse mortgage borrowers have another alternative to receive counseling and personalized assistance after surviving a natural disaster. Project Porchlight, […]

Supporting Adult Children Can Be ‘Financial Shock’ in Retirement

Parents are increasingly supporting their children financially for longer periods of time, which can serve to be a major financial disruption for seniors as they enter retirement. According to 2016 data from the Pew Research Center, living at home with parents had grown in commonality to the point that it was more likely than living […]

Retirement Expert: Proprietary Products Key to Greater Reverse Mortgage Acceptance

The reverse mortgage industry continues to face headwinds in terms of widespread acceptance among financial planning professionals, but the growing prevalence of proprietary products and a growing base of both affluent and middle-income borrowers will go a long way in signaling how viable the products can be as tools for financial planning. “Most of the […]

CFPB Partners with State Regulators for Financial Innovation Network

The Consumer Financial Protection Bureau (CFPB) this week announced a new partnership with a group of state-level regulating authorities to launch the American Consumer Financial Innovation Network (ACFIN), a network that is designed to “enhance coordination among federal and state regulators to facilitate financial innovation,” according to an announcement released by the CFPB. While sending […]

HUD Secretary Gives HECM Update to Senate, House HECM Hearing Nears

On the heels of a housing proposal including major reverse mortgage program overhauls, HUD Secretary Dr. Ben Carson stressed the Home Equity Conversion Mortgage issues in prepared remarks Tuesday. This, as the House of Representatives prepares to convene a hearing later this month specifically centered on the HECM program. Carson’s remarks, prepared for a Senate […]

CNBC: Average FICO Credit Score Reaches All-Time High

After reaching an all-time low of 686 in in late 2009, the average national credit score has reached 706 for the first time ever. This is according to FICO, the developer of one of the most commonly used scores, and based on original reporting by CNBC. Typically ranging from a low of 300 to a […]

Feds Aim to Seize Hild Properties in Wake of Fraud Charges

In the wake of one “not guilty” plea entered for each of the five counts against former Live Well Financial CEO Michael C. Hild in a bond fraud case, federal authorities are now stating that they are within their rights to seize the majority of assets Hild owns in the Richmond, Va. area, according to […]

Ditech Inches Closer to RMS Sale, Seeks New Bankruptcy Plan

After having a “free-and-clear” sale of both its forward and reverse mortgage servicing businesses rejected in bankruptcy court late last month, Ditech Holding Corporation has announced its intention to modify its bankruptcy plan to achieve a consensual resolution with its legal opponents. This means that Ditech will submit a new bankruptcy plan to the court […]