Over 80 percent of people aged 50 and over plan on living at home as they age, and 75 percent say that failing health would be a factor that would push them toward residence in an assisted living facility, followed by the loss of the ability to drive at 30 percent. This is according to […]
At the end of the 20th day of the partial United States government shutdown, the Democratically-controlled House of Representatives passed a standalone spending bill to fund and reopen both the Department of Housing and Urban Development (HUD) and the Department of Transportation, along with a handful of other agencies. According to The Hill, the House […]
In light of the changes made to the reverse mortgage product over the past 15 months, observers and originators in the reverse mortgage business find themselves at a crossroads. Some express frustration over opportunities having been affected by rule changes implemented to principal limit factors (PLFs) in October 2017, while others express encouragement by recent […]
Although there are still issues in the general reputation of reverse mortgage product offerings, more financial advisors and planners have shown signs of warming up to the product and how it could help their clients to fund retirement. This is according to a story found in Financial Advisor (FA). Still, even with progress having been […]
Compu-Link Corporation (Celink) has agreed to pay a $4.25 million civil settlement to the United States to resolve allegations made by the U.S. Justice Department relating to a False Claims Act violation related to its servicing of Home Equity Conversion Mortgage (HECM) products. This is according to a press release from the United States Attorney’s […]
Home Equity Conversion Mortgage insurance endorsements are being halted as a result of the partial U.S. government shutdown that began on Saturday, according to a notice sent by the Federal Housing Administration (FHA) on Wednesday morning. Due to a lapse in appropriations, the shutdown entered its fifth day on Wednesday. Until further notice, the FHA […]
With only days remaining until Christmas, the team here at Reverse Mortgage Daily wants to express warm wishes and happy holidays to all of our valued readers. In observance of Christmas and New Year’s Day, RMD’s Chicago headquarters will be closed from Monday, December 24 to Tuesday, January 1, with our normal posting schedule and […]
The earnings and wealth disparities between whites and minorities in the United States is highly pronounced, and proceeds through to general retirement preparedness, according to a new research brief released by the Center for Retirement Research at Boston College. Authored by three in-house researchers at Boston College, the report details 2016 statistics which show that […]
A forthcoming program aimed to stabilize retirees’ finances will help connect the dots for those striving to establish their post-working life’s income. The program is being established by Jack Guttentag, a.k.a. “The Mortgage Professor,” who has long been a proponent of reverse mortgage use. He identifies issues ranging from “defined contribution” 401K plans through “unmanaged […]
Along with new hurdles introduced to the reverse mortgage business in 2018 – like a potentially difficult rule concerning second appraisals and the prolonged FHA approval process for condominiums – there also came new opportunities. Among these are the increasing prevalence of proprietary jumbo loans, and another rise in the HECM lending limit from the […]
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