As reverse mortgage counselors adapt to shifting levels of volume since the October rule changes, they are also adjusting to the types of borrowers seeking counseling. For the first two to three months after the lower principal limit factors took effect, Cambridge Credit Counseling Corp. saw more needs-based inquiries nationwide, but that is changing, said […]

President Trump’s budget request for the Department of Housing and Urban Development showed a dedication to the reverse mortgage program — but a cut in housing counseling spending. The proposed fiscal year 2019 HUD spending plan would set aside $45 million for the Housing Counseling Program, a drop of $9.6 million or about 18% from […]

Last fall, reverse mortgage counselors stepped up their operations to handle the influx of borrowers looking to secure loans before the implementation of new rules on October 2. Now, several months later, demand is naturally down — but the numbers aren’t completely grim. “We have definitely seen less demand for counseling since the October 2 […]

The Department of Housing and Urban Development this week released a new resource for homeowners facing foreclosure. While it doesn’t specifically mention reverse mortgages, the guide — titled “Homeowner’s Guide to Success” — offers pointed advice that still applies to holders of Home Equity Conversion Mortgages. For instance, the document advises struggling homeowners to contact […]

Demand for reverse mortgage counseling services — a key indicator of demand for the product in general — spiked 62% between August and September, according to new data from Ibis Software Corporation. Followers of the Home Equity Conversion Mortgage industry had predicted a spike in demand after the August 29 release of Mortgagee Letter 2017-12, […]

As the deadline for major reverse mortgage changes came and went Monday, originators across the country exhaled — sometimes for the first time in a month. “Last week was finals week of your senior year in college, or right before your finals when you’re working on your master’s or something,” reverse mortgage specialist Laurie MacNaughton […]

With less than a week before lower principal limit factors go into effect, reverse mortgage counseling sessions are difficult to come by. But a select few answered the Department of Housing and Urban Development’s call for agencies with availability, and could potentially provide a last-minute option for Home Equity Conversion Mortgage applicants. The list, obtained […]