Bank of New York HECM 100 Information (Update)

Yesterday I was sent some program guidelines for Bank of New York‘s new HECM 100* product that I had mentioned a few days ago.  There are two differences between the HECM 100 and the FHA HECM. 1.) Margin = 1.00% This is .5% lower than the standard FHA program.  What this means is the borrower has roughly about $8,000 more […]

Reverse Mortgages Across the Globe

The Korea Times just reported that senior citizens in Korea will be able to tap reverse mortgage from as early as August, according to officials from the Korea Housing Finance Corp. and other government officials.  Click below for the rest of the article Reverse Mortgages Available in August Will this really change anything here in […]

Bank of New York Cuts Reverse Mortgage Margin

Yesterday Bank of New York released that they are reducing the margin by half a percentage point on their reverse mortgage product.  This is the first change in margin that the reverse mortgage industry has seen since 2001.  Look for changes like these to start happening more often with the bigger players entering the market […]

Fitch’s Reverse Mortgage Report Criteria

A few days ago I posted that Ginnie Mae is looking to begin issuing reverse mortgage securities in the near future and to touch on this subject again I recently found that Fitch Ratings has posted a report on their reversemortgage criteria which goes over at length the pluses and minuses of issuing securities of these products. I found […]

More Competition Coming to The Reverse Mortgage Industry

In today’s Wall Street Journal an article was written about the costs that are associated with a reverse mortgage and some of the other pitfalls that can occur from a reverse mortgage.  They mentioned that Countrywide and Bank of America are planning to enter the reverse mortgage market and how this will create more competition […]