FHA Eases Requirements for HECM Claim Payments

In an effort to streamline the Home Equity Conversion Mortgage claim payment process, the Federal Housing Administration announced Monday that it has updated requirements for servicers assigning loans back to the FHA for processing. Effective upon release, Mortgagee Letter 2018-08 gives FHA-approved servicers more alternatives when it comes to required supporting documentation for their loans […]

FHA’s FAQs Clarify Latest Reverse Mortgage Appraisal Changes

To help clarify the latest changes to the Home Equity Conversion Mortgage appraisal process, the Federal Housing Authority has published new Frequently Asked Questions to help make the transition smoother. The FAQs touch on the expected time frames, property-flipping cases, financing, and other guidance around the new appraisal rule. This newest appraisal change put forth […]

Seeking Change, Reverse Mortgage Originators Run for Office

As originators determine their overarching plans in the midst of low volume and lower principal limit factors, two reverse mortgage originators have turned their sights to politics. Paul Dilks, a reverse mortgage specialist with Investors Home Mortgage, is running as the Republican candidate for the First Congressional District of New Jersey for the U.S. House […]

Reverse Mortgage Ban Lifted in More Sun City Communities

Just days after Arizona’s Sun City community announced that its residents could begin obtaining Home Equity Conversion Mortgages, more Sun City 55-and-over communities have gotten the reverse mortgage green light. Originator Michael Thomas, a reverse mortgage specialist with V.I.P Mortgage, Inc. in Peoria, Ariz., said he received a lender alert from Reverse Mortgage Funding on […]

HECM Originators Get Creative to Solve Short-to-Close Issues

As more Home Equity Conversion Mortgage borrowers are short to close since last year’s principal limit factor reductions, originators are getting creative with ways to help their clients who need to bring funds to closing. Most commonly, borrowers find out they are short to close when their mortgage balance is still too high, they must […]

HECM Endorsements Rise 9.8% in August; Recovery Still Slow

While recovery remains sluggish, Home Equity Conversion Mortgage endorsements continued to climb in August, rising 9.8% from July for a total of 3,191 loans, according to the latest data from Reverse Market Insight. The HECM Originators report shows the gains were spread across both retail and wholesale channels, with retail up 8.2% and wholesale up […]

Forbes: 5 Times to Beware a Reverse Mortgage

For those who are interested in opening a reverse mortgage, there are five specific scenarios when another solution might be a better idea, a recent Forbes column states. In her latest piece “5 Times Reverse Mortgages are a Bad Idea,” Forbes contributor Tara Mastroeni offers some caveats borrowers need to be aware of before opening a Home […]

FHA Lifts 2-Year Ban on Sun City Reverse Mortgages

After more than two years of waiting, residents at the Sun City retirement community in Arizona can once again open Home Equity Conversion Mortgages thanks to a new approval from the the Department of Housing and Urban Development. Michael Thomas, a reverse mortgage specialist with V.I.P Mortgage, Inc. in Peoria, Ariz., said he received word from his […]

Reverse Mortgage Veterans Join Ainsworth Advisors

Several mortgage industry veterans with ties to the reverse mortgage market joined corporate consultancy Ainsworth Advisors’ team this month. Among the new additions to Ainsworth’s panel of consultants are Marc Helm, former Reverse Mortgage Solutions, Inc. president and CEO, former Ginnie Mae president Joseph Murin. Additionally Managing Partner Mitch Kider of Weiner Brodsky Kider PC […]

Reverse Mortgage Counseling Fall Out Hovers Around 50%

For Home Equity Conversion Mortgage applicants, only about half of those who complete the required loan counseling go on to close a reverse mortgage loan, according to industry data. Numbers from Ibis Software, which tracks HECM counseling sessions, indicate that last year’s changes to the program have contributed to this trend. “Forty-eight percent of endorsements […]