When the Department of Housing and Urban Development announced lower principal limits and higher upfront mortgage insurance premiums for certain reverse mortgage borrowers, officials cited the health of the Mutual Mortgage Insurance Fund as the primary motivator. Without decisive action, HUD said, the Home Equity Conversion Mortgage program would likely need a bailout from Congress […]

We’re entering a time of great change in the reverse mortgage industry, with the Home Equity Conversion Mortgage final rule taking effect September 19 and potentially industry-shifting updates to principal limit factors and mortgage insurance premiums set to drop on October 2. In case you’e been busy sorting out what the changes mean for your […]

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 […]

The United States Senate on Thursday confirmed Pam Patenaude as the Department of Housing and Urban Development’s deputy secretary, ending an extended vacancy at that position amid upcoming changes to the reverse mortgage program and the government’s cleanup from hurricanes Harvey and Irma. “At this moment when so many of our citizens are suffering, Pam […]

Kiplinger’s Personal Finance took a deep dive into the potential uses of Home Equity Conversion Mortgages in its upcoming October issue, eventually deeming the product “a versatile solution” for cash-poor, equity-rich seniors. “It lets you stay put, ditch your mortgage payment (if you still have one), and tap your home equity,” Kiplinger’s associate editor Pat […]

After a predicted September surge, reverse mortgage endorsement figures could take a significant hit once new principal limits and mortgage insurance premiums take effect October 2. The short-term effect could be the same as when the Department of Housing and Urban Development instituted Financial Assessment rules or made principal limit factor (PLF) changes in the past, […]

It’s been a breakneck couple of weeks in the reverse mortgage world, so in order to get you up to speed, here’s a look back at the top stories on RMD as decided by our readers: Reverse Mortgage Industry Braces for September Surge — As the industry continues to digest the looming changes to mortgage insurance […]