FHA in “Fix-It Mode,” Stresses Commitment to Reverse Mortgages

After substantial Home Equity Conversion Mortgage program changes implemented last year, the Federal Housing Administration (FHA) doing “triage” to assess, manage and improve the agency’s reverse mortgage loan portfolio. Having held roughly a month at the helm of the FHA, Commissioner Brian Montgomery says the agency is strongly focused on maintaining the health of the […]

HUD Reverse Mortgage Changes Hit Originators Hard, Volume Falls

Concurring with recent data showing the reverse mortgage industry’s decline in volume following substantial program changes implemented in October 2017, many individual originators claim their volume has decreased between 10% and 50%. Exact volume losses vary widely by lender, but most agree the cut runs deep and industry data reflects a more-than 20% decline in […]

Holiday Week Round-Up: Carson’s HECM Progress, Private Promise

As we roll into the week of Independence Day, take a second to look back at the important items you might have missed over the past few days. RMD reported on Housing and Urban Development Secretary Ben Carson’s testimony before Congress, in which he praised recent changes to the program as key taxpayer protections designed […]

Carson: HUD Has ‘Made Tremendous Progress’ on Reverse Mortgages

Responding to a question about the general health of the Federal Housing Administration’s finances, Ben Carson pointed to recent improvements to the reverse mortgage program during a Congressional hearing this week. “We’ve made tremendous progress in terms of reverse mortgages, in terms of PACE loans, and putting the taxpayer in the right position,” the Housing […]

Waters Calls for Stricter Oversight of Mortgage Servicers

A new bill introduced by Rep. Maxine Waters on Monday would bring greater oversight to servicers of single-family home loans, in response to what the California Democrat has called “bad behavior” from players in the industry. Under the Homeowner Mortgage Servicing Fairness Act of 2018, all mortgage servicers that work with Fannie Mae and Freddie […]

Brookings Researchers Call for ‘Substantial’ Changes to Reverse Mortgages

In a report that lays out the dire retirement future facing many Americans, a pair of researchers for a prominent think tank argue that the federal reverse mortgage program requires a significant overhaul in order to serve seniors into the future. Martin Neil Baily of the Brookings Institution and Benjamin H. Harris of the Kellogg […]

Retirement Expert Joins Call for Broker-Dealers to Lift Reverse Mortgage Ban

For the last several years, the reverse mortgage industry has worked hard to build connections with financial advisors and educate them about the important role housing wealth can play in retirement income planning.  But many reverse professionals say they often hit a roadblock because some broker-dealers prevent their advisors from discussing reverse mortgages with clients. […]

Residents in 55+ Communities Claim Reverse Mortgage Victories

More than a year after their story was first publicized, residents at a 55-and-over community in Arizona claimed an important victory that will allow them to secure reverse mortgages and other Federal Housing Administration-backed loans on their properties. Officials at Sun City West, an active adult community located about 30 miles to the northwest of […]

Senate Confirms Montgomery as New FHA Commissioner

The U.S. Senate on Wednesday voted to confirm Brian Montgomery as Federal Housing Administration commissioner, ending a long-delayed process that began last fall. The final vote was 74-23 in favor of confirmation. President Trump nominated Montgomery, who had previously served as FHA commissioner under the second President Bush from 2005 to 2009, for the post in September. […]

Wave of New Private Reverse Mortgages to Hit This Summer

On the same day Reverse Mortgage Funding announced its new proprietary Equity Edge Reverse Mortgage, two more companies affirmed their commitment to building the private home equity conversion loan space. Longbridge Financial will introduce multiple private reverse mortgage products this year, CEO Chris Mayer announced Monday* at the National Reverse Mortgage Lenders Association’s eastern meeting […]