New Rhode Island Law Passed For Reverse Mortgages

Rhode Island recently passed a new state law  for reverse mortgages to help protect consumers and permits lenders to charge prepayment penalties to borrowers who pay off their loans early. The prepayment penalties permitted in the new law are designed to enable lenders to recoup the cost of closing the loan “because they are very […]

FHA Modernization Update For Reverse Mortgages

NRMLA announced that on Friday, the Senate passed yet another housing bill (H.R. 3221) that includes Federal Housing Administration ("FHA") reform; Tax relief for homeowners; $300 billion for a mortgage refinance program to assist borrowers at risk of foreclosure into affordable loans; and Creation of a new regulator to oversee Fannie Mae and Freddie Mac. […]

Mortgage Banking Magazine Feature Article On Reverse Mortgages

Mortgage Banking Magazine recently published a new feature article written by Marc Helm, the COO of Reverse Mortgage Solutions.  Helm discusses his experience traveling to both the recent NRMLA and Mortgage Bankers Association reverse mortgage events and the wide range of attendees looking to enter the business.  To read a copy of the article click […]

AARP & Financial Services Industry Duel Over Housing Bill

The Hill is reporting that the financial services industry is dueling with AARP over language in the Senate housing bill that would affect the reverse mortgage and insurance business.  The bill would prevent providers of reverse mortgages from selling borrowers another investment from the proceeds of the loan.  Reverse mortgage and insurance providers argue that […]

Nightly Business Report Features Reverse Mortgages

Earlier this week Nightly Business Report ran a feature story on reverse mortgages as part of their “Get Your Finances Ready for Retirement” segment.  PBS correspondent Connie Hicks takes a look at reverse mortgages by talking with different people including a couple from Washington, DC who recently took out a reverse mortgage. Hicks talks with […]

Reverse Mortgage Originators, Do You Want Higher HECM Loan Limits?

Today NRMLA sent out an urgent notice to all members about a major housing bill that includes important amendments to the HECM program, including establishing a single national loan limit, which is about to be brought to the Senate floor for consideration. It appears that this bill might raise the maximum FHA loan limit to […]

NY Times Tells Us Why You Should Not Expect an Inheritance

Reverse Mortgages gets a nice mention in the NY Times article 8 Reasons You Should Not Expect an Inheritance article published over the weekend.  The article discusses why many children shouldn’t be expecting any sort of inheritance from their parents. Below is a snapshot the reverse mortgage mention: It’s getting easier to drain a home’s […]

Broker Magazine Features Reverse Mortgage Roundtable

Broker Magazine has a feature a roundtable session from the MBA conference in San Diego.  The roundtable featured the following people and companies… ROUNDTABLE PARTICIPANTS: Norm Edwards, Mortgage Bankers Association; Marc Helm, Reverse Mortgage Solutions; Kris Kully, K&L Gates; John Lunde, Reverse Market Insight; Kenneth Peskin, Lender Lead Solutions; Jeffery S. Taylor, Wells Fargo Home […]

Two New Upcoming Reverse Mortgage Conferences

It turns out NRMLA and the Mortgage Bankers Association were listening to us when we asked them not to schedule their conferences the same week on different sides of the country like last time.  Below are the details: MBA’s Reverse Mortgage Lending Fall Conference 2008 Hyatt Regency Miami, October 2-3 Not to many details yet […]

Washington State Bill Could Hurt Reverse Mortgage Lending

Washington state recently passed legislation (SB 6471 ) that may impact non-depository lenders, as well as the correspondents, subsidiaries and affiliates of depository lenders who make reverse mortgage loans in that state. SB 6471 requires that all non-exempt lenders doing business in Washington be licensed by the Department of Financial Institutions under the Consumer Loan […]