Carson: Reverse Mortgage Changes Have Helped Fight ‘Disaster’ in Program

Recent changes to the reverse mortgage program are helping to ease the strain on the Mutual Mortgage Insurance Fund, Department of Housing and Urban Development Secretary Ben Carson told Congress on Tuesday. “I think it has largely stemmed the tide in terms of the disaster that was occurring there,” Carson said during testimony before the […]

NRMLA Launches Reverse Mortgage Toolkits For Realtors, Builders

The National Reverse Mortgage Lenders Association is making new guides available for real estate agents and homebuilders that will help those professionals introduce reverse mortgages to their older clients.  The initiative rolled out last week to include two toolkits — one geared toward Realtors and the other specifically for homebuilders. Both detail the Home Equity Conversion […]

Philadelphia Law Would Crack Down on Reverse Mortgage Foreclosures

A new bill before the Philadelphia city council would close a loophole that its author says unfairly targets reverse mortgage borrowers. The proposed legislation, introduced by Councilwoman Cherelle Parker, would prevent reverse mortgage lenders from foreclosing upon homes whose owners have entered into payment plans for back property taxes. “I know all too well the […]

Remembering Jeff Taylor, Industry Leader and Wells Fargo Veteran

Jeffrey Taylor, longtime reverse mortgage figurehead and a 35-year veteran of the financial services industry, passed away Tuesday in his home in Greensboro, N.C., RMD has learned. During his reverse mortgage career, Taylor led Wells Fargo’s senior products group, which became the leading retail originator of reverse mortgages. He has served as a guide, mentor, […]

Reuters Tackles Controversy Over Reverse Mortgage Foreclosures

A debate over the fundamental safety of the reverse mortgage program is heating up, according to a Thursday report from the Reuters news service. Citing data from the California Reinvestment Coalition, which showed a 646% rise in reverse mortgage foreclosures in 2016, Reuters columnist Mark Miller explored concerns surrounding the program. Miller pointed out that […]

Shutdown Over for Now, But Three-Day Pause Shows HECM Impact

The most recent partial government shutdown lasted less than three full days, but with only a three-week window for Congress to reach a full budget deal, the brief impasse revealed the potential impacts of a longer-term shutdown. The Department of Housing and Urban Development released an exhaustive document, FHA INFO 18-02, outlining the resources that would […]

Seniors’ Home Equity Keeps Rising, Hits $6.5 Trillion

American homeowners aged 62 and older controlled $6.5 trillion in home equity during the third quarter of 2017, according to the most recent estimate from the National Reverse Mortgage Lenders Association. That’s a jump of 1.9%, or $121 billion, from last quarter, NRMLA and data analytics firm RiskSpan reported. “Housing wealth continues to be a […]

Many Consumers Wary of Reverse Mortgages, But Willing to Learn

The National Council on Aging shook up the reverse mortgage industry earlier this year with a study showing that consumers were turned off by the name of the products. But according to a lead NCOA researcher, the results also proved that consumers are open and willing to receiving education about Home Equity Conversion Mortgages. “People […]