Reverse Mortgage Funding, LLC (RMF) has announced changes to its Equity Elite proprietary reverse mortgage product, specifically on the “Equity Elite Term Payment” option. Now, the Term option will have one set of rates for all terms between 2 and 10 years (or 24 and 120 months), and the required upfront draw will decrease from […]
Reverse mortgage technology platform ReverseVision today announced that it has restructured its technology service plans and pricing matrix in an effort to streamline the entry of lenders into the reverse mortgage business space, while further aligning its offerings with a broader mission of allowing more adequate service to senior customers who use FHA lending programs. […]
The reverse mortgage division of Mutual of Omaha Mortgage has announced the launch of a mobile application (or app) specifically designed to serve potential reverse mortgage borrowers seeking either a Home Equity Conversion Mortgage (HECM), or a HECM for Purchase (H4P) transaction. The app features tools for a potential borrower to begin getting a reverse […]
Reverse mortgage technology platform ReverseVision today announced the promotion of Joe Langner to the joint position of president and chief executive officer (CEO), elevating the executive who has served as the company’s president since early last year. His new duties in this expanded role are designed to lead ReverseVision in its mission to introduce reverse […]
The increase of the Home Equity Conversion Mortgage (HECM) lending limit to $822,375 in 2021 will prove to be a boon to opportunities available in the industry, allowing for originators to serve borrowers with higher value properties while also giving the reverse mortgage product category more prominence in the lending space. However, lending limits higher […]
As a growing number of older Americans may find it difficult to maintain their lifestyles through traditional fixed income streams, the idea of “partial retirement” — where a senior could maintain one or more part-time jobs — should be further embraced by the financial world. To support this, a senior’s strategic use of a reverse […]
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 […]
