Coronavirus Crisis Leads to Borrowers Using Standby Reverse Mortgage

An increase in reverse mortgage draw activity by borrowers in March is illustrative of the reliability of drawing on home equity in times of crisis, while also carrying implications for how reverse mortgage products may be perceived on the other side of the COVID-19 coronavirus pandemic. This is according to two financial professionals, based on […]

FAR Releases HomeSafe Product Changes in Light of Pandemic

Finance of America Reverse (FAR) on Monday announced to its partners a series of changes to its line of proprietary reverse mortgage products, called “HomeSafe.” Among these changes is a reduction in the lending limit from $4 million to $3 million, suspension of availability to borrowers aged 60 and 61, and a temporary suspension of […]

Nationwide Expands EquityPower Private Reverse Mortgage to Wholesale Channel

Mahwah, N.J.-based top-20 reverse mortgage lender Nationwide Equities is expanding the reach of its proprietary EquityPower reverse mortgage offering to all qualified broker partners, after a successful February roll-out to its retail division and select brokers. EquityPower is a fixed-rate, lump-sum product which allows borrowers to access greater proceeds than the traditional Home Equity Conversion […]

Liberty, RMF Suspend Private Reverse Mortgages Over Pricing Volatility

Two proprietary reverse mortgage products – EquityIQ from Liberty Reverse Mortgage and Equity Elite from Reverse Mortgage Funding (RMF) – have been ‘temporarily suspended’ by the lenders due to current levels of volatility in financial markets caused by the COVID-19 coronavirus pandemic. This is according to communications that both lenders separately issued to their partners, […]

FAR Enters Into Total Expert Partnership, Launches New Wholesale Portal

Finance of America Reverse (FAR) announced Thursday that it is entering into a new, exclusive partnership with widespread mortgage marketing platform Total Expert to provide third-party originators access to a dedicated platform aimed at improving originators’ reverse mortgage marketing expertise. The company is also launching Xcelerate, a new online portal of educational resources and sales […]

Financial Planners More Receptive to Reverse Mortgages During Crisis

A survey of approximately 230 financial planners during a Mutual of Omaha Mortgage and International Retirement Resource Center webinar hosted by Dr. Wade Pfau late last week revealed that 77% of financial planner respondents are more receptive to offering reverse mortgages to their clients in light of the stock market volatility introduced by the ongoing […]

How Has Your Business Changed Due to Coronavirus?

Reverse Mortgage Daily is calling on its readers to provide insight on how the coronavirus pandemic has affected the way that reverse mortgage professionals are doing business. Periodically, RMD will aim to take the “pulse” of the current reverse mortgage business climate by asking a short series of 3-to-5 questions about current issues facing the […]

ReverseVision Names Former Ellie Mae Exec Langner as President

Reverse mortgage technology platform ReverseVision today announced the appointment of a new President, naming Joe Langner, former executive vice president and chief sales officer at Ellie Mae, to the position. Langner plans to lead the company to fulfill its goals of establishing Home Equity Conversion Mortgage (HECM) and private reverse mortgages as viable options for […]

Forbes: Private Reverse Mortgages No Longer Just for ‘Very Expensive’ Homes

Private reverse mortgages that do not involve the Federal Housing Administration (FHA) Home Equity Conversion Mortgage (HECM) program used to be used primarily for those with very high value homes. However, those products have evolved to encompass more utility for homes of lower values, particularly as rules governing HECM proceeds have changed. This is according […]

CNBC: Reverse Mortgages Can Buffer Coronavirus’s Economic Shock

COVID-19, the so-called coronavirus which has sparked concerns of a global epidemic after spreading into multiple countries, has introduced additional volatility to the U.S. stock market as investors raise concerns over the effects the spread of the virus might have on the American economy. For retirees, there are steps that can be taken to try […]