Report: Race, Ethnicity Have Bearing on Retirement Security

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 […]

‘Mortgage Professor’ to Launch ‘Retirement Income Stabilizer’

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 […]

Top 10 Reverse Mortgage Stories of 2018

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 […]

Aging in Place Top Preference, Community Care Gaining in Appeal

Six in 10 seniors among a random sample of National Health and Aging Trends Study participants far and away prefer to age in place at their own homes either with family or paid assistance, but three in 10 of those surveyed stated a preference to receive care in an assisted living or continuing care retirement […]

CFPB Will Not Proceed With Name Change, Says Kraninger

The Consumer Financial Protection Bureau (CFPB) will halt efforts made by the agency’s previous director to change its name to match the original designation it was given in 2010’s Dodd–Frank Wall Street Reform and Consumer Protection Act. This is according to an email sent by new CFPB director Kathleen L. Kraninger to agency employees on […]

Reverse Mortgage Originators Mixed on Borrower Outreach During the Holidays

Since the reverse mortgage product is primarily aimed at seniors that are at least at the age of 62, reverse mortgage originators that serve as a primary point of contact to guide their clients through the loan process often understand that their jobs come with special senior-specific sensitivities that often need to be catered to. […]

Urban Institute Makes Reverse Mortgage Suggestions Within 2019 FHA Trends

Because of losses that the Federal Housing Administration (FHA) estimates for the Home Equity Conversion Mortgage (HECM) program in 2019, FHA should release more loan-level data on the reverse program, as well as separate the HECM program from the forward mortgage program in the calculation of statutory minimum ratios. This is according to a blog […]

Senior Home Equity Reaches All-Time High at $6.97 Trillion

Senior homeowners saw an increase in their housing wealth of 1.4 percent between Q2 and Q3 2018. This, according to the National Reverse Mortgage Lenders Association’s quarterly release of the NRMLA/RiskSpan Reverse Mortgage Market Index (RMMI) on Tuesday. The 1.4 percent increase results in a gain of $97 billion to senior home wealth over the […]

Class Valuation Acquires Landmark Network, Plans to Expand

National appraisal management company Class Valuation has acquired Landmark Network as of Friday, the companies have announced. Landmark, based in Van Nuys, California, has long been a leader in the reverse mortgage space through its real estate appraisal offerings, and Class identified the opportunity in Landmark based on its presence in the growing baby boomer […]

Reverse Mortgage Business Welcomes Increased 2019 HECM Lending Limits

Late last week, the U.S. Department of Housing and Urban Development (HUD) announced changes in the lending limit for federally-backed reverse mortgages, with the new maximum claim amount for 2019 set at $726,525. This represents both an increase for a third consecutive year, and a welcome development for many reverse mortgage originators who have contended […]