With less than a month to go until the Department of Housing and Urban Development’s new reverse mortgage rules come into effect, many in the industry have predicted a scramble to the finish as potential borrowers attempt to lock down loans before limits narrow and insurance premiums rise. On the ground, as early as two […]

The Consumer Financial Protection Bureau on Thursday announced that it would ease certain mandatory reporting requirements for issuers of home equity lines of credit — including Home Equity Conversion Mortgages. Beginning January 1, 2018, financial institutions that have originated 500 home equity lines will be required to submit certain information about borrowers to the CFPB […]

The state of Texas was decidedly late to the Home Equity Conversion Mortgage game, but at least by one metric, the patience and deliberation appears to have paid off. The Lone Star State’s Department of Savings & Mortgage Lending found no enforcement actions against reverse mortgage originators in the state over the last 10 years, […]

More than two months ago, a bipartisan pair of senators wrote to the Department of Housing and Urban Development over a confusing line about reverse mortgages in President Trump’s proposed 2018 budget. They’re still waiting for an answer. Sen. Catherine Cortez Masto, a Nevada Democrat, and Sen. Marco Rubio, a Florida Republican, haven’t heard back […]

The baby-boom generation and their older counterparts are aging in place at higher rates than ever before, creating a potential opportunity for the reverse mortgage industry — and vexing millennials looking for a deal on their first properties. Americans aged 55 and older now control 53% of owner-occupied homes, according to data from real-estate research […]

The reverse mortgage industry’s top trade group confirmed that a proposed rule regarding the Home Mortgage Disclosure Act would indeed apply to Home Equity Conversion Mortgages — and asked the agency in charge of administering the rule for a delay. The Consumer Financial Protection Bureau proposed an update to HMDA reporting regulations at the end […]

Secretary Ben Carson affirmed his commitment to the reverse mortgage program in a Monday speech to a major advocacy group for older Americans, lauding recent program improvements and emphasizing his desire to help homeowners age in place. “This is a top priority for my department: To give seniors more opportunities, more alternatives, more choices, and, […]