After American Advisors Group (AAG) released its latest television commercials in July and August, respectively, the reverse mortgage industry was buzzing with activity. After sharing the July Home Equity Conversion Mortgage (HECM)-focused ad on social media, originators, brokers, counselors and more seemed to see actor Tom Selleck not just as a spokesman for AAG, but […]
The Department of Housing and Urban Development (HUD) announced earlier this month a new process for condominium approvals, effective October 15, which will expand FHA financing for qualified first time homebuyers as well as seniors looking to age in place, allowing those seniors to engage in reverse mortgage loans for single condominium units. While HUD […]
Earlier this year, RMD had a range of discussions with reverse mortgage industry participants in which the majority of them described a feeling of optimism about the trajectory of the business, despite the depressed industry volume in 2018. Now that the midpoint of 2019 has come and gone, the sentiment remains in optimistic territory for […]
When drilling down on the primary reasons that a borrower may decide to take a reverse mortgage, whether they want to supplement their income, modify their home so it’s easier to stay there longer, or even head out on some kind of vacation, these reasons primarily boil down to a basic idea. It’s all about […]
In addition to the plethora of proprietary reverse mortgage products that have started to become increasingly prevalent in the industry, there have also been a series of products that allow some homeowners to tap the equity in their homes without relying on a debt-based loan. The increasing availability of alternative equity tapping tools – including […]
Aging in place remains a major priority for many seniors who take out a reverse mortgage, using the proceeds from their loan to help make the goal of staying in their house more possible. With newly-proposed changes to the Medicare Advantage program having the potential to allow more seniors to age in place by funding […]
It’s no secret to anyone that works within it that the reverse mortgage industry deals, on a regular basis, with reputational challenges that impede the ability of loan officers to connect with potential borrowers. While many of these difficulties have been persistent for years, recent developments up to and including greater acceptance of the product […]
On the heels of the lowest annual reverse mortgage volume recorded since 2005, originators say that based on January business activity, they are sensing an upswing is under way.Despite not having accurate data due to the longest partial government shutdown in American history, reverse mortgage originators across the country noted increased activity in their offices […]
The emergence of new, proprietary offerings in the reverse mortgage market has been seen by originators and business observers as a general boon to the larger industry. Certain firms recently shared with RMD that, in the case of proprietary “jumbo” loans that are outside the purview of Federal Housing Administration (FHA) oversight, they’ve seen a […]
In light of the changes made to the reverse mortgage product over the past 15 months, observers and originators in the reverse mortgage business find themselves at a crossroads. Some express frustration over opportunities having been affected by rule changes implemented to principal limit factors (PLFs) in October 2017, while others express encouragement by recent […]
