Reverse mortgages can present a good opportunity for someone at or near retirement, but the product category comes with some pitfalls that potential borrowers should keep in mind before they think of engaging in a reverse mortgage transaction. This is according to financial columnist Liz Weston in a new article at CNBC. “If you’re thinking […]
In terms of the available options that consumers have to tap into their home equity, so far the paths toward that goal are relatively isolated to something like a Home Equity Line of Credit (HELOC) or a reverse mortgage, either proprietary or a Federal Housing Administration (FHA)-backed Home Equity Conversion Mortgage (HECM). While that is […]
For many people who have seen their home values rise during this low rate environment and additional activity in some regional real estate markets, some may be asking questions about what they can do to take advantage of these changes if they own a home. Taking equity out of the home is one such option, […]
It’s important for everyone working in the reverse mortgage industry today to work as not only a brand ambassador for their own company, but as an ambassador for the reverse mortgage product category itself. This is one of the ways in which the word about reverse mortgages can be spread further, and how the share […]
The reverse mortgage industry is likely to be led by Home Equity Conversion Mortgage (HECM) business as opposed to proprietary products in the near future, owing to the value proposition and rate environment according to industry leaders at two different top ten lenders. This is according to the leaders themselves during panels at RMD’s HEQ […]
Alternative equity tapping company EasyKnock announced today the addition of a new product to its suite of offerings primarily designed to answer the additional needs of homeowners afflicted by financial difficulties stemming from the COVID-19 coronavirus pandemic, while also providing an update on its active partnerships with leading reverse mortgage lenders. The new product, called […]
Refinance transactions are commonplace in the broader world of mortgages, and they appear to be increasingly common for the reverse mortgage industry. As low interest rates continue to fuel mortgage production generally, many reverse mortgage borrowers have become interested in refinances to take advantage of the current low-rate environment. Interest in this kind of activity […]
HomeEquity Bank, the largest reverse mortgage lender in Canada, has launched a new product variation designed to offer Canadian seniors a short-term reverse mortgage product that they can use to cover specific tasks. “CHIP Open” is an alternative to the standard “CHIP Reverse Mortgage,” and is designed for Canadians aged 55 and older who are […]
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 […]
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 […]
