New Home Equity Tapping Tools Not Seen as Threat to Reverse Mortgages

Alternative home equity tapping products are largely seen by reverse mortgage originators and an industry observer as uncompetitive with the product, according to outreach conducted by RMD. The concept of allowing equity-rich and cash-poor homeowners to tap the value in their homes in order to gain access to additional cash has been growing beyond more […]

Local Spotlight: Reverse Mortgages in Florida

Florida remains the retiree capital of the United States. No personal income tax, warm weather and plenty of sunshine drew nearly 78,000 retirees to the state in 2015 alone, according to the most recent U.S. Census migration data. That’s 50,000 more retirees than Arizona, the second state on the list. Regional Stats:Total FL Population: 21.3 […]

Canadian Reverse Mortgage Demand Reaches New High

Demand for reverse mortgages among citizens in Canada continues to grow, demonstrating a contrast to the trend of the business sector in the United States. As of October 2018, the annualized pace of reverse mortgage debt growth is now at $3.425 billion CAD (roughly $2.6 billion USD), the highest level it has been in nearly […]

iReverse Home Loans Acquired by Reverse Mortgage Industry Veteran

San Diego, Calif.-based reverse mortgage broker iReverse Home Loans Corporation has been acquired by longtime mortgage producer and manager Michael A. Mazursky, according to a press release from the company distributed on Monday. Terms of the acquisition deal were not publicly disclosed. “Mr. Mazursky has a proven eighteen-year track record in the mortgage industry and […]

Local Spotlight: Reverse Mortgages on Long Island

Home prices are on the rise on Long Island, New York. The Multiple Listing Service of Long Island reported in August that median prices increased annually by 3.8% in Nassau County to $540,000 and by 6.8% in Suffolk County to $390,000. These increases are creating an opportunity for reverse mortgage lenders, according to Tim Kennedy, […]

Moody’s Issues Rating on Finance of America Reverse

Moody’s issued its annual commentary on Finance of America Reverse, assigning the Tulsa, Okla.-based lender the middle of its five ratings. FAR received an “average” rating for its jumbo reverse mortgage offerings, based on a variety of criteria. For instance, FAR earned “above average” marks for property valuation, based on the company’s two required appraisals […]

Despite Latest HUD Ruling, H4P Hurdles Remain

Editor’s note: A previous version of this article misidentified Rob Cooper of Reverse Mortgage Funding as Jeff Cooper. RMD regrets the error.  In the eight years since it was first offered under the Home Equity Conversion Mortgage program, the HECM for Purchase (H4P) has failed to gain traction, despite the fact that many believe it […]

7 Must-Read Reverse Mortgage for Purchase Resources

Studies show that many older adults want to age in place during retirement. But others who aren’t yet ready to put down roots may choose to relocate, downsize or even upgrade to a new home during their non-working years. A reverse mortgage can help these older buyers in ways that few financial products can, and […]

U.S. News: Why Home-Buying Retirees Overlook Reverse Mortgages

Buying a new home with a reverse mortgage is an often overlooked strategy by retirees who could potentially benefit from borrowing against their home equity instead of raiding their savings to cover the purchase price with a traditional mortgage, according to a recent article from U.S. News & World Report. “Experts say the product can […]

Lessons Learned: Cracking the Reverse Mortgage for Purchase Code

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, […]