Many have identified the Home Equity Conversion Mortgage (HECM) for Purchase product as an area of major growth potential for reverse mortgages. But only a handful of originators have reported ongoing success with the product; many of whom have established early relationships with real estate professionals as sources of referral business. Particularly in some areas, […]
Category: Products
The American Bankers Association has endorsed Reverse Mortgage Funding LLC’s reverse mortgage program, including its home equity conversion mortgage products. Endorsed through the ABA’s Corporation for American Banking subsidiary, RMF is the only reverse mortgage lender to gain backing by the Washington, D.C.-based organization — indicating a strong support of its lending solutions. “Bankers want a […]
Reverse Focus Weekly Podcast Episode #351 The Department of Housing and Urban Development (HUD) last week set a new implementation date for the reverse mortgage Financial Assessment after delaying the rule earlier last month, discusses Shannon Hicks in this week’s Reverse Focus podcast. The new effective date for the long-awaited Financial Assessment is now April […]
There may be some uncertainty ahead for reverse mortgage lenders, but that isn’t stopping Plano, Texas-based Willow Bend Mortgage from entering the reverse mortgage market. In fact, the company sees the upcoming Financial Assessment as an opportunity. The “forward” lender to date has launched a new reverse mortgage division and has plans to expand into […]
American Advisors Group will offer a new reverse mortgage product in the next two months, Bloomberg Businessweek writes in a recent article. The new product is being launched in addition to Urban Financial of America LLC’s “HomeSafe” product, which will be made available to borrowers Sept. 2. American Advisors Group and Urban Financial of America are two […]
Reverse mortgages are a must-have in traditional originators’ product mix, as they widen the broker’s offerings and largely evade the sensitivities of a volatile market, industry experts say in a recent Mortgage Professional America article. The reverse mortgage market has been booming with forward originators entering the space, as a result of the slowdown of […]
In case you missed it, here’s what happened in reverse mortgage news this week: Urban Launches New Private HomeSafe Reverse Mortgage—The new, fixed-rate reverse mortgage proprietary product will cater to borrowers who have high volumes, with a maximum loan amount just north of $2 million. Available to borrowers beginning in September, Urban plans to roll out […]
The Consumer Financial Protection Bureau (CFPB) is conducting consumer outreach urging that they create online accounts with the Social Security Administration. The notice followed the Aug. 17 kick off of National My Social Security Week, which ends Aug. 23. “Whether you’re one of the millions of workers who pay Social Security taxes or the 50 million retired […]
Urban Financial of America is rolling out a new, proprietary reverse mortgage that will be made available to borrowers beginning September 2. The new, fixed-rate loan, called the “HomeSafe,” will be focused on borrowers with high-value homes, with a maximum loan amount slightly more than $2 million. It will roll out initially in five states: […]
Mortgage Bankers Association (MBA) Chief Executive David H. Stevens recently went on the record about how some lenders are barring access to mortgages for certain borrowers, in a recent interview with The Washington Post. Access to credit is running at roughly one quarter of the pre-housing bubble rate of 2004, MBA says. “Lenders are applying […]
