Using a reverse mortgage to buy a home remains one of the white whales of the industry: Long touted as a potential way to boost loan originations and home sales alike, uptake has never quite met the lofty expectations for the product. But that doesn’t mean that individuals — as well as isolated markets — […]

The National Reverse Mortgage Lenders Association is making new guides available for real estate agents and homebuilders that will help those professionals introduce reverse mortgages to their older clients.  The initiative rolled out last week to include two toolkits — one geared toward Realtors and the other specifically for homebuilders. Both detail the Home Equity Conversion […]

Recent changes to the reverse mortgage program that reduced principal limits and amended ongoing insurance premiums have many originators expecting a slump in business. But some say the Home Equity Conversion Mortgage for Purchase is greatly improved under the new guidelines, and they plan to double down on their efforts to promote the product in […]

With long-awaited program changes potentially expanding the market for using reverse mortgages to purchase homes, the major industry trade group released a new educational resource aimed at real estate agents. The National Reverse Mortgage Lenders Association unveiled “Using a Reverse Mortgage to Buy a Home,” a “toolkit” with information about the Home Equity Conversion Mortgage […]

Even though the new reverse mortgage rules regarding principal limit factors and mortgage insurance premiums might create a tumultuous environment in the near term, some in the industry say they support the changes. “I personally think the changes were necessary and they temper the risk to FHA,” says Mac Tennant of Access Reverse Mortgage in Clearwater, […]

Here’s everything you need to know to catch up on this past week in reverse mortgages, which brought more analysis on the relaxing of rules regarding Home Equity Conversion Mortgage for Purchase transactions, the departure of a familiar name, and some commentary on the program from the man at the top. New Guidance Releases HECM-for-Purchase […]

The Federal Housing Administration on Friday announced that it will allow mortgagees to take applications for Home Equity Conversion Mortgage for Purchase loans from potential borrowers without a certificate of occupancy and before the completion of reverse mortgage counseling. Though the FHA will not insure loans until local officials deem the property to be habitable […]