The July-August 2017 issue of the NRMLA Reverse Mortgage Magazine called 2017 the “30th anniversary of the HECM.” While that claim is debatable, it means that out of the Home Equity Conversion Mortgage’s first three decades, this last decade — despite its many flaws — was our greatest when it comes to endorsements and revenues […]

Despite progress in some communities, homeowners in certain 55-and-over developments face barriers to reverse mortgage and other Federal Housing Administration-backed products — and one group is fighting back with an educational campaign and an organization designed to encourage residents to speak up. Arizona homeowners first began running into issues with FHA loans last fall, when […]

A pair of new reports on January reverse mortgage endorsements reveal that the bump in volume ahead of the October 2 rule changes continued to pay dividends into the new year. Home Equity Conversion Mortgage originators — including Federal Housing Administration-approved firms and their non-approved counterparts — saw 32.9% endorsement growth in the first month […]

The Federal Housing Administration this week released a new version of its reverse mortgage software to account for recent changes to the way it handles loan refinances. Version 2.5 of the Home Equity Conversion Mortgage Calculation Software (Calculator) includes the new formula for the initial mortgage insurance premium (IMIP) for HECM-to-HECM refinances. The FHA announced […]

On the same day Ben Carson testified before Congress about the dire need to upgrade the Department of Housing and Urban Development’s computer systems, its chief information officer resigned amid corruption allegations. Johnson Joy submitted his resignation to Carson on Tuesday, according to a report from The Guardian, and the secretary accepted. Whistleblower Katrina Hubbard, […]

Homeowners with federally backed reverse mortgages in in hurricane-ravaged areas received a foreclosure reprieve from the government Monday. The Federal Housing Administration extended the foreclosure timeline for Home Equity Conversion Mortgages in Puerto Rico and the U.S. Virgin Islands through May 18. The moratorium applies to properties in regions identified as Presidentially Declared Major Disaster […]

Nearly a quarter of non-borrowing spouses who sought assistance under reverse mortgage foreclosure rules were rejected, according to a report from a pair of homeowner advocacy groups. Of the 591 non-borrowing spouses who have sought help from the Department of Housing and Urban Development, 132 received denials, a new set of HUD data reveals. The […]