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 […]
Category: HECM for Purchase
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 […]
It may have gotten a little lost in the wave of industry news about lower principal limit factors and new reverse mortgage insurance premiums, but the Home Equity Conversion Mortgage final rule is coming — and the Federal Housing Administration is updating its systems accordingly. The FHA this week announced that it will update a […]
American Advisors Group recently launched a real estate brokerage subsidiary, targeting seniors looking for housing options other than a reverse mortgage and expanding its reach into the world of real estate referrals. AAG Residential Services, Inc. will match seniors interested in downsizing with qualified real estate agents who have a history of working with clients […]
Looking for a way to capitalize on demand for new-construction appraisals — for both reverse and forward loans — a major player in the industry created a dedicated position to manage transactions with builders and real estate agents. Landmark Network, Inc. recently announced the promotion of Tina Heilbron to manager of purchase and new construction, […]
Responding to President Trump’s call for a complete overhaul of the nation’s financial regulatory structure, the National Reverse Mortgage Lenders Association last week submitted a host of requests to the Department of Housing and Urban Development, asking the agency to update non-borrowing spouse rules and other parts of the reverse mortgage program. Specifically, NRMLA asked […]
Reverse mortgage professionals have long grappled with homeowners’ later-in-life resistance to assuming more debt. After all, many homeowners aged 62 or older have spent a good chunk of their adult lives attempting to rid themselves of the purchase mortgage that allowed them to buy their family homesteads. But those attitudes are changing, and the New […]
It’s among the most common questions a potential reverse mortgage borrower faces: Would I be better off with a Home Equity Conversion Mortgage or one of the other retirement-funding options available to me, such as a “forward” home equity line of credit, an annuity, or even a less-common shared appreciation mortgage? RMD scoured the web […]
