Though the onset of the COVID-19 coronavirus pandemic caused a great deal of turbulence and uncertainty in different parts of the reverse mortgage business, indications from lenders, brokers and originators signify that the economic situation created by the unique moment created additional interest in the reverse mortgage product category. For the new year, that has […]
While a retiree can begin claiming his or her Social Security benefits at age 62, payments at that age will be reduced for anyone seeking them before full retirement age. As of January 1, for many Americans full retirement age does not begin until someone reaches age 66, but also not right at the birthday, […]
The results from the November general election in the United States could have notable impacts on key issues relevant to the reverse mortgage industry including the selection of a new servicing contract for the Federal Housing Administration (FHA), the legislative priorities of the White House and Congress as it relates to matters of housing, the […]
One of the many consequences that come with a presidential transition is that all of the associated administration personnel leave office with the president that they serve under, as will be the case with the incumbent Secretary of the U.S. Department of Housing and Urban Development (HUD) Dr. Ben Carson. While Carson at different points […]
In a surprise late addition to the speaker lineup at the National Reverse Mortgage Lenders Association (NRMLA) Virtual Annual Meeting & Expo, association President Steve Irwin introduced Brian D. Montgomery, the deputy secretary of the U.S. Department of Housing and Urban Development (HUD) to address the attendees on the status of the Federal Housing Administration […]
Two weeks ago, the Federal Housing Administration (FHA) announced that in light of the ongoing COVID-19 coronavirus pandemic, appraisal relief will be extended through the end of 2020 which will allow the continued use of an exterior-only option in order to mitigate the spread of the virus. However, a previously-available desktop-only option was allowed to […]
Government-sponsored reverse mortgages in the nation of Australia have been increasing significantly ever since the economic impacts of the COVID-19 coronavirus pandemic began straining the finances of that nation’s retirees, with adoption of the so-called “Pension Loans Scheme” (PLS) outpacing the government’s expectations for the program that were introduced in the 2018-19 national budget. This […]
While the major players composing the top 10 reverse mortgage lenders has remained pretty consistent for the majority of 2020, the rankings within those top 10 have shifted as lenders have found themselves acclimating to a heightened business climate stemming from a low interest rate environment, and the additional pressure on seniors’ finances caused by […]
For a senior looking for additional cash flow in retirement, a reverse mortgage can help to provide a solution as long as the potential borrower’s situation is a good fit for the use of the product. Still, as some seniors are branching out during the COVID-19 pandemic to try and entertain other potential options, some […]
The concept of the reverse mortgage is active all over the world. While different countries see different levels of reverse mortgage success, analysts and researchers at institutions like the World Bank and the Brookings Institution see a greater potential for reverse mortgage products to provide solutions to increasingly cash-strapped seniors both within and beyond the […]
