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 […]
Making the decision about where and how to spend retirement can be difficult for many American seniors, often dictated by the amount of resources a retiree has access to. One of these decisions can involve either moving — into a new home or an assisted living facility at the appropriate time — or choosing to […]
The proprietary reverse mortgage market is still in relatively early days considering the amount of time in which multiple lenders have been competing in the space. While new products are likely to emerge in 2021, it may be unlikely for proprietary products to ever overtake the FHA-backed Home Equity Conversion Mortgage (HECM) offerings. Still, proprietary […]
The new Home Mortgage Disclosure Act (HMDA) data report released late last week by the Consumer Financial Protection Bureau (CFPB) includes origination volume data for proprietary reverse mortgage products during the 2019 calendar year. This is according to the report itself and independent verification by sources with knowledge of private product originations. The data offers […]
Two members of the United States House of Representatives who were each spearheading the creation of new reverse mortgage-centric legislation will not be returning to Capitol Hill in 2021, throwing the future of the proposed laws they each spearheaded into flux. This is based on the results of Tuesday night’s primary elections in the states […]
As the COVID-19 pandemic has created additional strain on the American financial system in addition to driving millions of working people out of employment, the Consumer Financial Protection Bureau (CFPB) has failed to adequately respond to the needs of working Americans at a time in which assistance is sorely needed. This was the contention that […]
Similarly to other companies across the reverse mortgage industry, the reverse division of Fairway Independent Mortgage Corporation has seen a noticeable rise in its volume since the onset of the COVID-19 coronavirus pandemic. That’s far from the only difference noted in the business during this unique time by Harlan Accola, Fairway’s national reverse mortgage director […]
A legislator in Montgomery County, New York recommended confronting an issue of lost tax revenue and foreclosure through the use of a little-used instrument: a reverse mortgage. During a meeting of the committees of the Montgomery County Legislature which took place on July 21, legislators discussed that the county recorded as much as $1.5 million […]
