Fairway Independent Mortgage Corporation and financial software developer MoneyTrax have teamed up for a new initiative designed to allow for easier communication between reverse mortgage loan originators, financial advisors and clients to more efficiently communicate how home equity can be incorporated into a retirement planning strategy. Through new software, called “EquityTrax,” Fairway and MoneyTrax have […]
In response to the abrupt shift away from the London Interbank Offered Rate (LIBOR) index and toward the Constant Maturity Treasury (CMT) index, reverse mortgage loan origination system (LOS) software provider ReverseVision has updated all documents that reference an index to support both LIBOR and CMT indices. While the shift to a new rate index […]
New technology which allows older Americans to age in place in their own homes more easily is key to the proliferation of older citizens remaining in their homes of choice, and a ubiquitous digital assistant platform is adding a new feature which will allow certain family members to further assist their loved ones with staying […]
While likely only to work for wealthier individual retirement account (IRA) owners, using a source of nontaxable cash to fund an IRA conversion could be a viable choice for some retirees considering the currently low rate environment, and assistance handed down by the government to minimize the economic impact of the COVID-19 coronavirus pandemic. One […]
Property appraisals are an integral part of the process in getting a reverse mortgage loan closed, since the professionally-determined value of the property driving the loan determines a lot of the individual attributes. Completing appraisals for reverse mortgages is a crucial step that must be taken, but appraisals have been challenged by the ongoing effects […]
A lack of borrower awareness around continuing obligations, small debts and ongoing issues related to the COVID-19 pandemic could cause borrowers taking out a reverse mortgage to “backfire” for some retirees. This is according to an article published by retirement website NextAvenue, and republished by MarketWatch. Being aware of continuing obligations the borrower has after […]
Reverse Mortgage Funding announced on Monday the launch of a new Home Equity Conversion Mortgage (HECM) product to protect against future interest rate increases, while also preparing for the industry’s imminent switch from the London interbank Offered Rate (LIBOR) index to the Constant Maturity Treasury (CMT) index. The new product, the HECM “MAX5,” is described […]
Alternative equity tapping options – including products like sale leaseback or shared equity investments – do not typically have an age restriction similar to the ones which are active for reverse mortgage products. Nevertheless, for a senior who is looking to tap into the equity they’ve built up in their home, it is possible that […]
Home Equity Conversion Mortgage (HECM) for Purchase (H4P), a transaction in which a reverse mortgage can be used to fund the purchase of a new home, represents only a small share of the full activity of the larger reverse mortgage business, a figure pegged at 6.7% according to 2019 HMDA data. However, two lenders who […]
A reverse mortgage is a complex financial product that comes with a lot of necessary considerations for anyone who is contemplating getting such a loan, and these include potential benefits as well as risks that a prospective borrower should keep in mind. This is according to a new reverse mortgage overview column by mortgage reporter […]
